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Bogdan Zurac
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🇪🇺 #bitcoin ⚡️

I was thinking about the possibility of having a network distribution of apps instead of a centralized, company controlled app store. But I don't think we're quite there yet. Either from an implementation perspective, as well as the world not being ready for such a thing. Yet.

Get the Jarvis. It's pretty good with enough warranty.

Except.. It does matter if the rest of the world joins in on both things. The network effect is what gives both of them value. Otherwise how much worth is an asset or a social network used by only a few?

What worked for me is to check out the following list of other people from my feed. Also checking my existing Twitter contacts if they have a Nostr account and getting their npub.

That account hasn't been active in 4 months though it seems.

Replying to Avatar Lyn Alden

I spoke at a big bitcoin-adjacent company this week and one of the best questions was from someone who asked what the downsides of bitcoin adoption might be.

I always do appreciate these steelman questions, the skeptical questions, the ones where we challenge ourselves. Only when we can answer those types of questions do we understand the concept that we are promoting.

So the classic example is that in modern economic literature, "deflation is bad". This, however, is only the case in a highly indebted system. Normally, deflation is good. Money appreciates, technology improves, and goods and services get cheaper over time as they should. Price of Tomorrow covers this well. My book touches on this too, etc. The "deflation is bad" meme is still alive in modern economic discourse and thus is worth countering, but I think in the bitcoin spectrum of communities, people get that deflation is fine and good.

My answer to the question was in two parts.

The first part was technological determinism. In other words, if we were to re-run humanity multiple times, there are certain rare accidents that might not replicate, and other commonalities that probably would. Much like steam engines, internal combustion engines, electricity, and nuclear power, I think a decentralized network of money is something we would eventually come across. In our case, Bitcoin came into existence as soon as the bandwidth and encryption tech allowed it to. In other universes or simulations it might look a bit different (e.g. might not be 21 million or ten minute block times exactly), but I think decentralized real-time settlement would become apparent as readily as electricity does, for any civilization that reaches this point. So ethics aside, it just is what it is. It exists, and thus we must deal with it.

The second part was that in my view, transparency and individual empowerment is rarely a bad thing. Half of the world is autocratic. And half of the world (not quite the same half) deals with massive structural inflation. A decentralized spreadsheet that allows individuals to store and send value can't possibly be a bad thing, unless humanity itself is totally corrupted. I then went into more detail with examples about historical war financing, and all sorts of tangible stuff. In other words, a whole chapter full of stuff. I've addressed this in some articles to.

In your view, if you had to steelman the argument as best as you could, what are the scenarios where bitcoin is *BAD* for humanity rather than good for it, on net?

The only thing always worth considering (not that Bitcoin is bad) is what happens when we *do* get to 21 million. Because then you have neither inflation, nor deflation. How will the economy work in a fixed monetary supply, where the entire supply has already been mined?

nostr:npub1a2cww4kn9wqte4ry70vyfwqyqvpswksna27rtxd8vty6c74era8sdcw83a I'd love to hear your answer on this btw.

If it doesn't have a USB-C wireless dongle, it's useless. Aka most, if not all of them.

The same thing happens if you lose your password, so that's not really any different.

As for the public key issue, just like I mentioned initially, the metadata is being exposed, but again, is that such big of a problem? It's like having your followers list set to public instead of private. I personally don't think that's such a big issue.

Furthermore, there is currently some progress being made in this direction in trying to anonymize this data as well. So even this last hurdle could be fixed.

I still think Nostr DMs are a better solution overall than either Simplex or Keet. Both of which lack the option of sharing the chat between multiple devices (as chats are not long lived on a server) and the overall UX is horrendous (for Simplex you need to start a conversation with the other person while being physically in the same place, since you don't have a long lived unique identifier).

This is so well put.. nostr:note1fkzsv6ujn3yhqgtvxe3s5t0jcyfp5za3x08r68dz8dvstp9mu3ds820rgy

This is a *very* good question. I would also throw in Nostr DMs into that comparison as well, as I believe one of these 3 have the best chance of being the global communication protocol in the future.

I've looked at all 3 and tbh I think that Nostr is still the best choice, even though some people don't like that in it's current form, it exposes chat metadata.