Yup, LN or some sidechain: Yes I am a fan of the '1:1 Smart Contract-backing & redeemability property with BTC' in order to get fast & instant payments. If it could be done without the Centralized LN hubs I would be even more of a fan, but maybe that's the only way it can work.
But money expansion devalues existing holders of currency which I believe is unethical, and only works under a government monopoly on money. If money was chosen organically and voluntarily by the free market, it would very likely be a fixed-supply money, not an inflationary one.
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>If money was chosen organically by the free market, it would very likely be a fixed-supply money, not an inflationary one. I agree for the time before BTC solved the double-spend problem. That's bc u would always have to trust politicians to not devalue your money 'too much'
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Now that we can program our money (and solve the double-spend problem), I think people would be happy to have programmed inflation (probably tied to birth rates). Would never need to trust a politician, and they could still have easy access to loans/credit that they enjoy today.
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I respectfully disagree. Why would anyone in their right mind choose an inflationary coin over a fixed supply coin? Fixed-supply is Sound Money. Picking an inflationary coin goes against everyone’s *individual* self-interests. Market would never choose it *naturally*.
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That's a Great point. It would come down to scalability & ease-of-use. Scalability: Fiat money backed/not backed by Gold always made it faster to price & buy goods with. (compared to weighing gold on a scale) Ease-of-use: Fiat currencies are always easier to carry in our pocket.
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So the 'Scalability' &' Ease-of-Use' Properties of Fiat over Gold were enough of a 'positive' to outweigh the negatives of 'trusting politicians to not devalue the fiat *too much*'. And that has worked.
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So what is that 'Scalability' & 'Ease-of-Use' for BTC? Scalability: L2 Token backed 1:1 with BTC that allows 0.5s Instant Confirmation payments. Ease-of-Use: L2 Token lives on Digital eWallet with your BTC. At the expense of: easy access to loans/credit for personal or business
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What is the 'Scalability' & 'Ease-of-Use' for Programmed Inflationary Digital Fiat? Scalability: 0.5s Instant Confirmation payments. Ease-of-Use: Lives on Digital eWallet with your BTC. At the expense of: dealing with inflation (loss of Purchase Power)
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SO, since the 'Scalability' and 'Ease-of-Use' values for our 2 options (BTC or Programmed Inflationary Digital Fiat) are the same, the only differentiator is:
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