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techfeudalist
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Blessed by tech; working to bring the benefits to everyone. Freedom, incorruptible money, privacy.

That could be. It’s Gresham’s Law. People spend their worse monies first and hoard their best money. It’s the reason that, if I have both fiat and BTC, I prefer to spend fiat first. You always keep the money that preserves your purchasing power the best.

The ETFs are recent. For years monero has been destroying the value of your savings. Don’t get mad at me.

Replying to Avatar mister_monster

Bitcoin is not a better long term store of value than Monero. This is actually a much more interesting one than most arguments on this topic so I'll go in depth as to why.

In game theory, there's a problem called tragedy of the commons, and within that concept there's the idea of the "free rider", I don't know how in depth you dive into game theory stuff but you should understand it intimately because all networks involving multiple agents are pure game theory and you can't understand peer to peer networks without it.

Anyway, in Bitcoin, there's a cost to maintaining the network, without which a sat has no value whatsoever. This cost is entirely borne by those transacting in it, ultimately *the recipients* of it (just like how business taxes are borne ultimately by the clients of said business), and in this game, hodlers are free riders. This is, of course, assuming a capped supply of just under 21 million coins. And so, the incentive pressure is for everyone to become hodlers, you get to store your value at the expense of more frequent users, and the logical conclusion of course being that very few people transact and those that do pay for maintaining the security on behalf of those who don't.

The only possible outcome of such a scheme is that nobody transacts, miners don't get paid, they quit, security drops and the network, and therefore your holdings, lose value. This is, of course, entirely a consequence of the hard cap, and Monero on the other hand with it's tail emission means that hodlers pay through debasement of their holdings for their share of the security of the network that gives their coins value, and since it's debasement, they pay in proportion to the value they get from the network. In the long term, Monero is the better store of value counterintuitively precisely due to the tail emission, the thing that is cited as the reason it is inferior as such.

As far as the anonymity set (reducing Monero's privacy because you have a smaller group to hide in) this is not really a problem because of the fixed ring size, but it can be exploited in certain ways, but with full chain membership proofs which are Coming Soon™ to Monero, it will no longer be an issue.

Bitcoin doesn’t need monetary debasement to be a better store of value.

Even if everyone were a hodler, there would still be transactions because hodlers need to eat too. (And businesses would need to buy supplies and pay workers. Etc.)

It strikes me as this line of thinking is looking to solve a problem that doesn’t yet exist. The mining industry is growing nicely and bitcoin is already the best long term store of value in the way it has protected people’s saving compared to everything else.

If there is a crisis with the core team I hope it is at least open and visible. It would be worse if an infection grows silently and unnoticed for a while. That might cause greater damage.

Apparently the secret service is supposed to secure all nearby sniper perches. Did that sniper know that the rooftop closest to Trump would be not secured? 🤔

If I were Trump, I would use my own security from now on.

Surprised that the dems are not using the opportunity to call for more gun control…

Those silly people will find another way to hurt themselves like destroying another working nuclear plant.

Replying to Avatar OceanSlim

My lovely wife nostr:nprofile1qqsfg2spq35fak0xfwjn5lfumpn59h0ka4n8n3yux3d9fnlegyq9pxspr9mhxue69uhhyetvv9ujuumwdae8gtnnda3kjctv9ucg730w has just had an abysmal experience with lightning and nostr. She had ln.tips set up a long time ago, which she was unable to access because when signing in to telegram she was prompted to use her number, which did not being her to her old account. Luckily I set up lndhub with nostr:nprofile1qqsrf5h4ya83jk8u6t9jgc76h6kalz3plp9vusjpm2ygqgalqhxgp9gpr3mhxue69uhkummnw3ezumt4w35ku7thv9kxcet59e3k7mgpzemhxue69uhkkmr0vd4k2mn8vyh8xmmrd9skcqguwaehxw309ahx7um5wghxy6t5vdhkjmn9wgh8xmmrd9skctylktc and was able to access her old ln.tips account. I told her to get primal on my way out the door to head back to work. Naturally she downloaded and made a new account on primal because she was unaware it was even a nostr client and thought it was just a wallet. Then she transferred her sats there. Although she had to leave around 500 sats behind in ln.tips because... Lightning architecture. Then texting back and forth I explained she should have used her existing key to sign into primal. So I said just send me your sats and sign it and you can sign in with your existing nsec. She did, but again had to leave 100 sats behind.... Except now, her email is associated with a primal wallet that's not her actual account. This whole experience involves several apps, friction, pain points, terrible UI/UX , lost time, lost sats. This shit has GOT to improve. Adoption is going nowhere until it does. Can someone help associate her current email with her actual nostr account?

It’s another good reminder that we’re all beta testers and we need to keep that in mind when inviting others.

I suspect that, long term, most users will gravitate to custodial solutions because there will be folks like Milan who can assist. Sovereign lightning is frustrating but it still exists in consumer apps because we want to believe it’s for everyone.

Just like how we no longer use the L1 chain for everyday payments, I suspect that over time we’ll no longer use self-sovereign lightning and instead use custodial lightning and federated ecash. Probably only exchanges and federations will use sovereign lightning.

It feels a bit like we’re in this in-between place because federated ecash isn’t yet a viable mainstream service.