LN too must be used in a self custodial manner right?
Non custodial LN is also an IOU I assume?
1. They should naturally go high with more and more use as an international settlement layer and decreasing block rewards should be compensated too.
2. Nefarious state actors can nationalise mining and make bogus transactions just to keep the fees from falling. All the extra transaction fee goes to the miner but that is state controlled.
#asknostr
Someone smart I know was arguing against #Bitcoin and said this. Not sure how to respond. Seems like a credible threat. Help me out..
"Lol...I'll tell you how bailouts will eventually happen even on a bitcoin standard.
It'll start with tx fees gng through the roof as banks, govts and big businesses start settling onchain.
All normies will have to deposit their btc in the banks, as all small utxo (ie. 99% of population's stash will become dust utxo, and self custody on L1 will become a luxury only top 0.0001% could afford)
All normies now transact on L2's where banks provide their IoU's. Initially banks will happily provide proof of reserves to lure to in and make you trust them, but eventually they'll stop doing so, as they start inflating the IoU's.
At one point, the IoU's floating around will be too much and ppl will start questioning the banks, but even then what could you do, since you can't self custody on L1 due to high tx fees.
Even if ppl start withdrawing from banks somehow, the banks will stop withdrawals pretty quickly and central banks / govts instead of taking action on the banks for inflating the IoU's, will simply make fractional reserve legal for BTC too.
So now for each 1 BTC, banks would be allowed to issue 10 BTC IoU's on L2, that too legally (which they would already be doing for a long time, and even after getting caught it will just become a legal practice instead)
Welcome back to Gold 2.0 system, where Fiat was the L2 for gold, and we all know how. that turned out.
But you do you I guess, and continue to believe there'll be no bailouts, censorship, draconian level surveillance and taxation on L2."
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Hey I like it too, dont see a market for it.
There's something special about the colour orange!!
#Bitcoin
It won't scale. Its only for freedom loving circle jerk which is pretty small.
Fantastic read
nostr:nprofile1qqsdylt40yqjllr78qmsdlttm2qvsq9utvaat5mvzfgc2ax7tlcgpkgpzamhxue69uhhyetvv9ujumn0wd68ytnzv9hxgtcc26c37
Great Guys take nostr:nprofile1qqstnem9g6aqv3tw6vqaneftcj06frns56lj9q470gdww228vysz8hqpzdmhxue69uhkzmr8duh82arcduhx7mn9qy2hwumn8ghj7etyv4hzumn0wd68ytnvv9hxgqgdwaehxw309ahx7uewd3hkcam28zl
Need more discussion on this..
Check out Read_875 - Against Allowing Quantum Recovery of Bitcoin from Bitcoin Audible on Amazon Music.
Hello Nostriches.
#bitcoin
L1 doesn't scale for small payments for everyone.
There is no propaganda here.
Look at the earliest replies to Satoshi after the whitepaper release. Read this.
Diminishing returns...
#Bitcoin is replacing the $..
Bitcoiners need to stop talking about ETH/BTC chart. Its irrelevant. Nobody cares. Please stop..👊
Very close to crossing!!
nostr:nprofile1qqstzt0wugc7sklvr8e7fcl7ukyn63ym3ns4nmf2mnk0vqnz4l9x65qpp4mhxue69uhkummn9ekx7mqpr4mhxue69uhkummnw3ezumtfv3jxc6twvuhx67tydeeju6nsqythwumn8ghj7mn0wd68ytn5dacx2arg9e5kuen0te28kw Did you check this JAMA study?
Breaking? What happened?
Reminder No. 42069 - Not your keys, not your #Bitcoin.
Inflation defined as CPI always lags Bitcoin rip.
But if you define inflation as M2, it goes up with Bitcoin.