@MustStopMurad A couple Q's.
Since 2009, what's the biggest accomplishments for btc?
What's the biggest milestones in regard to a fully peer to peer system?
At what point will btc transactions for value exchange (purchase of goods & services) be more prominent?
It’s accomplishment is that it is a system which started with 1 node, 1 miner, 1 user, 1 owner and $0 market capitalization to where it is today, in less than 10 years. It is the first non-government, uncaptured currency that we have that is successful.
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BTC is already moving hundreds of billions to low single-sigit trillions of value per year. *BASE LAYER* is about huge financial settlement, not buying chips at a grocery store. (“Containers not Parcels”). Small tx’s, which are fine to sacrifice security for speed & convenience..
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...will come from layer-2 systems. More importantly, I believe in the free market money *roughly* evolves like: 1. collectible 2. Store of Value 3. Medium of exchange 4. Unit of account Spending it right now unless you have to makes no sense, wait until higher ‘monetary premium’
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I believe people prefer their day-to-day currency, i.e there MoE, to be more stable in purchasing power. For that BTC market cap needs to increase a lot, into the trillions. That will also reduce disincentives to spend, as no one wants to be the “pizza boy”
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Thanks for taking the time. Can you speak more about base layer, financial settlements & what you mean by that? Particularly how that works in practice?
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I strongly recommend you read this book which explains it step-by-step in great detail.https://www.amazon.com/Bitcoin-Standard-Decentralized-Alternative-Central/dp/1119473861 …
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The short answer is that Bitcoin isn't competing with commercial banks or Visa/Venmo/Paypal, but rather with Central Banks (currency issuance) and Bank of International Settlements (Central bank for Central Banks) which manages the large settlements between enormous institutions
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btc isnt money though when are you going to understand that?its a commodity/property. if you're rooting for it to be currency it has very little asset appreciation in its future. currency doesnt go to the moon. assets like real estate, art,collectibles, go up in value over time
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what you wrote makes sense for currencies that are fully monetized. BTC is still undergoing monetization. BTC is money.
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https://medium.com/@vijayboyapati/the-bullish-case-for-bitcoin-6ecc8bdecc1 … read this for more details
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Much appreciated. interested in seeing what the catalyst would be to make btc the reserve.
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every government and fiat currency would have to topple and there would literally be no other options for barter. gold,silver would have to be unattainable as well
End of conversation
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