In this light and based on monetary history, creating an ever-growing army of hodlers is the optimal strategy to bring about bitcoin's future as money, not by encouraging payments or sacrificing security for utility.https://twitter.com/NickSzabo4/status/954225789129469952 …
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To idealize the settlement between large value holders would thus prevent layer one usage by normal people, and
@SoakerPatoshi brings up this section from a version of Nash’s proposal to justify this behavior. https://medium.com/@rextar4444/a-neo-gold-standard-bitcoins-optimal-use-case-62d7fbb2f76f … http://fermatslibrary.com/p/b0ce2e03 pic.twitter.com/tV7S627es7
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I could see several different behaviors emerge from this nature pre-tipping and post-tipping point if the block space were to becomes available only for settlement between large value players.
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(a) Holders with a large amount of bitcoins could bootstrap banks themselves, as they would be able to afford transaction fees post-tipping point
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(b) Pre-tipping point small holders would be forced to either sell their small amounts of bitcoins to large holders when they can still get transactions through, or move bitcoins to upper layers. By failing to do so, their txs could later end up forever frozen in the mempool.
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Adam Taché 🎑 Retweeted Chiefy
(c) Actual central banks would need to purchase large amounts of bitcoins pre-tipping point, hence
@chiefyx’s suggestions.https://twitter.com/chiefyx/status/946903899197313024 …Adam Taché 🎑 added,
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Adam Taché 🎑 Retweeted Shinobi, CEO of Bitcoin
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Adam Taché 🎑 Retweeted Adam Taché 🎑
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Adam Taché 🎑 Retweeted Marty Bent
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Adam Taché 🎑 Retweeted Adam Taché 🎑
Clarification: onboarding to upper layers could be done through other coins eventually if this plays out with limited block space on
$btc, and atomic swaps would come into play.https://twitter.com/adam_tache/status/981523830832336897 …Adam Taché 🎑 added,
Adam Taché 🎑 @Adam_TacheThis is also extremely interesting because upholding bitcoin as purely digital gold to achieve these means would necessitate restricting utility of the chain to exactly what it does now (even to keep block size the same, which may prove impossible with L2/L3 onboarding).Show this thread3 replies 0 retweets 1 likeShow this thread
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