Subnostr

Why do I claim ₿itcoin is money 1.0, and that humanity didn’t have money before ₿itcoin?

₿ecause the MOST important thing about ₿itcoin is the hard cap of 21 million. It could have been any number, but the cap is key.

Absolute scarcity could ONLY have been achieved digitally. Think about that. In the physical universe there can always be more of something.

Few understand that ₿itcoin is the only money we’ve ever had or ever will have. Period.

That’s right, you don’t have enough.

nobody 2y ago

And absolute scarcity can only be discovered or invented once. There will never be another Bitcoin. That’s an important distinction as well.

Something the BSV, ETH, Cardano, Monero chuds just don’t understand.

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Discussion

Saberhagen The Nameless 2y ago

Ideal money needs to be fungible not just scarce.

Obviously bitcoin is scarcer. That isn't the issue.

A cash-like digital money that has tiny predictable inflation that asymptotically approaches 0% is not too shabby.

Don't save in it if that is your fear. Use as cash.

If bitcoin becomes scare AND fungible Monero will no longer be needed.

Paul 2y ago

Bitcoin is fungible now. Monero is a shitcoin. Not needed. Privacy and scalability were sacrificed for security and reliability. Lightning is addressing scalability and Fediment is addressing privacy. More innovation will keep trickling in to ₿itcoin, money 1.0.

Saberhagen The Nameless 2y ago

Sorry, you call Monero a shitcoin all you want, but wont change that Bitcoin is not fungible. How can money with unique histories be fungble? Keyword in the definition of fungibility is "indistinguishable"

>"Privacy and scalability were sacrificed for security and reliability."

I understand and that is fine, but that is the tradeoff it makes.

Fedimint privacy/funigbility is good, but is custodial so is not a full replacement for Monero. Also a rehypothecation risk from the mint. Although I hear El Sirion is working on something to address that.

Paul 2y ago

Fungible just means interchangeable for equal value, not indistinguishable. For example, a crisp one dollar fiat cuckcoin and a dirty house of ill repute spattered one dollar Fiat cuckcoin are interchangeable but NOT indistinguishable.

I agree Fediment is early days and could have issues. But the best and the brightest are working on things we aren’t even aware of yet. Privacy will happen.

What we needed all along was the rock solid bedrock of ₿itcoin to build on. That’s all I’m really saying. Monero, like all shitcoins, is a distraction.

Saberhagen The Nameless 2y ago

"In economics, fungibility is the property of a good or a commodity whose individual units are essentially interchangeable, and each of whose parts are ***indistinguishable*** from any other part"

"A fungible asset is interchangeable and ***indistinguishable*** from another asset of the same type"

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Since the transparency and immutability aspects of Bitcoin are foundational and mutually exclusive to privacy and fungibility, I don't see L1 ever changing that. You can build those things on L2 /L3 but **not without** compromising L1 core value props. And we see that with things like Fedimint, Liquid, and Lightning.

That is fine I hope Bitcoin succeeds, because ultimately all I care about is freedom money, but until then Monero will be useful for filling the gap currently missing from it.