@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?
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Replying to @Startup_Dreams
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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Replying to @MustStopMurad @Startup_Dreams
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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Replying to @MustStopMurad @Startup_Dreams
...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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Replying to @MustStopMurad @Startup_Dreams
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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Replying to @MustStopMurad
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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Replying to @Startup_Dreams
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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