who defines efficiency? does the definition change over time? how might that cause the cycle to shift and distort?
Kinda like Xitter, no?
Historically, block space is most valuable only when the price of the token also starts to go exponential.
As the #bitcoin ledger is increasingly used to store information other than just bitcoin transactions, will we see fees paid for block space decouple and increase faster than bitcoinās price?
In other words, will the networkās value proposition shift from āmonetaryā scarcity to ādata storageā more broadly?
High time preference + scarcity = expensive. Like watching a financial train wreck.
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Maybe Saif is a victim. But I doubt it. He is smarter than that. Follow the incentives.
Thanks for your passion and efforts
Beware of so-called "bitcoin" companies and influencers, attracted to the #bitcoin network's growing power, only to enrich themselves at the expense of you and the ideals of freedom.
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Terrific discussion. Really appreciate the brain stretch, connecting dots and identifying trends.
Not a surprise that the ruling elite are leaning into bitcoin. I often analogize the bitcoin protocol to the US Constitution. Both are constructs for freedom. Both are powerful ideas with huge network effect and emotional pull.
The smartest fraudsters and scammers project alignment with these ideals (whether it be the ruling class/politicians/ institutions, or various "bitcoin companies" or influencers on X, etc), while really just acting to exploit and gain control and wealth at the expense of freedom.
"Let's hope you've built a sufficient peer to peer network, because it will become your underground railroad." -Smolenski.
(Just wish Swan and Natalie wouldn't trust this message to the captured and walled garden of X!)
It is because you don't want it, that you are perfect for it.
Stay humble, our friend and freak.
Our timelines are similar. I am class of 2017, just in time for the block size wars, and initially spiraled down the rabbit hole with the help of the Magical Crypto Friends, etc! Ahh, glory days. Time flies, and amazing to think how much I've learned since then. If not for Bitcoin, I'd be viewing the macro landscape very differently at present -- and I'd have missed much of what is true and real. š
Just imagine if you knew the truth when you were younger.
The unfortunate reality of monetary debasement: normies struggle.to climb the greasy pole of fiat life.
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Iran is just another excuse for more monetary debasement.