Nick Szabo 🔑 on Twitter: "Those are fragile trusted third parties, not things we can reliably expect to be around in bad legal or political environments.… https://t.co/2wCSPUQKt8"

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Replying to @_RyanCalder @ArcaChemist and

Layer 1 is a settlement layer, its trust minimization akin to gold but able to be settled online. Layer 2 is retail cash (among other applications). This falls out of the computer science and trust minimization being the essential top priority for a seamlessly global currency.

18 replies 98 retweets 415 likes

NYCPunter‏ @NYCPunter Aug 2

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Replying to @NickSzabo4 @saifedean and

Amazing that most people in the space haven't figured this out already, as many prominent figures have posited this for quite some time now. Bitcoin has a greater destiny than buying Starbucks. That narrative died in dec 2017.

2 replies 0 retweets 19 likes

Nick Szabo ‏ @NickSzabo4 Aug 2

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Replying to @NYCPunter @saifedean and

Bitcoin is to protect your wealth, bitcoin (layer 2) is for the coffee.

13 replies 100 retweets 506 likes

Sasha Fleyshman‏ @ArcaChemist Aug 2

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Replying to @NickSzabo4 @NYCPunter and

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

8 replies 1 retweet 35 likes

NYCPunter‏ @NYCPunter Aug 2

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Replying to @ArcaChemist @NickSzabo4 and

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.

1 reply 0 retweets 1 like

John Carvalho‏ @BitcoinErrorLog Aug 2

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Replying to @NYCPunter @ArcaChemist and

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.

3 replies 0 retweets 6 likes

Sasha Fleyshman‏ @ArcaChemist Aug 2

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Replying to @BitcoinErrorLog @NYCPunter and

Sasha Fleyshman Retweeted Sasha Fleyshman

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 …

Sasha Fleyshman added,

Sasha Fleyshman @ArcaChemist

What would be one product that is currently missing from the #cryptocurrency space that you would love to see? For me, it would be @Trezor partnering with a Visa/Mastercard provider that allows me to spend #Bitcoin I think HODL is a nice idea, but there is a bigger picture 1/x

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2 replies 0 retweets 3 likes

NYCPunter‏ @NYCPunter Aug 2

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Replying to @ArcaChemist @BitcoinErrorLog and

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

1 reply 0 retweets 5 likes

Nick Szabo ‏ @NickSzabo4 Aug 2

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Replying to @NYCPunter @ArcaChemist and

That presumes it is easy and very low cost to convert between the two currencies, but it may often not be.

2 replies 0 retweets 7 likes

Sasha Fleyshman‏ @ArcaChemist Aug 2

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Replying to @NickSzabo4 @NYCPunter and

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.

2 replies 0 retweets 1 like

Nick Szabo ‏ @NickSzabo4 Aug 2

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Replying to @ArcaChemist @NYCPunter and

Those are fragile trusted third parties, not things we can reliably expect to be around in bad legal or political environments.

10:40 PM - 2 Aug 2019

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14 Likes

1 reply 1 retweet 14 likes

1. Sasha Fleyshman‏ @ArcaChemist Aug 2
  
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  Replying to @NickSzabo4 @NYCPunter and
  
  Yep - not perfect. But for now, it is what is offered. The whole taxable event dilemma also throws a wrench in the mix (if you're in the US). Too many hoops to jump through currently. The space is young - it will evolve as it sees fit. Natural order of things.
  
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