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.
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I can see this being EXACTLY what's going to happen with bitcoin. (because of convoluted storage and safe keeping?) Cycles repeat.
Thus the importance of full nodes (validate money for yourself, don't outsource it) and "not your keys, not your Bitcoin".
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I think people will be as motivated to learn self sovereignty, as future circumstances force them to be. When things get bad enough, people can be very motivated.
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Wonder what percentage of all bitcoin is held by people who believe“not your keys, not your bitcoin”?
@woonomic - 1 more reply
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A node doesn't get "full" by not mining. It gets degraded to an impotent observer. If you want to verify a transaction, just use SPV. No need for everyone to verify everyone's transactions. We have proof of work for that. Bitcoin is growing up, and the ticker is BSV.
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