[Introduction] "What is needed is an electronic payment system based on cryptographic proof instead of trust,
allowing any two willing parties to transact directly with each other without the need for a trusted
third party."
Does that sound like $BTC to you? Sounds like it to me
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Layer 1 - Savings Layer 2 - Checking If you believe in the potential of LN, which I do at this point in time, its a fair argument to make that when you take your BTC off L1-->L2 to spend you are essentially moving wealth from savings-->checking. Not 1:1 comparison, but helps IMO
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When you truly have it rationalized, you will never consider the idea of "spending" Bitcoin. You're on the right track in many regards, IMHO.
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Bitcoin is useless if you can't spend it. It is quite literally for storing and spending. Why do people store value? To spend it.
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I think his point has some merit in the short term. If I am of the belief that
$BTC will continue to accrue value at a rapid pace, as it has not yet become a unified money, I am disincentivized to spending it. I go into why I think we should spend it here:https://twitter.com/ArcaChemist/status/1156409635466649606 … -
Given a choice, all societies will spend in a soft currency and save in a hard one. This is at the crux of what we are trying to do. The tipping point where all realize that an exit of inflationary & arbitrarily printed currencies is not only inevitable, but required for survival
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That presumes it is easy and very low cost to convert between the two currencies, but it may often not be.
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Well, currently you can use a BitPay or some other form of payment processor that lets you spend BTC, uses a PoS terminal to convert to USD, and output to receiver as USD. You hold BTC and spend BTC the whole time, but the other side accepts fiat. Not perfect, but not terrible.
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Those are fragile trusted third parties, not things we can reliably expect to be around in bad legal or political environments.
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The tech is ready but I am not sure we are ready for it. People don’t want to spend bitcoins nor does the tax implications make it easy.
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Noticed the use of an ‘big B’, then ‘small b’.. is that deliberate? Makes sense if so.
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If bitcoin layer 1&2 are both matured in future, do you think is there any demand left on other cryptos : Litecoin or dogecoin or Monero ... etc. ?
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World's scarcest asset Censorship-resistant wealth Your starbucks can wait.
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The controlled demolition project, for profit:https://twitter.com/berengerdcl/status/1157670336189673472 …
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Layer 2 is the friends/network you make along the way. Meatspace never gets enough credit here.
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Cant be Layer 1 and Layer 2, ?
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