Plot twist to bitcoin scaling:
After all other currencies are destroyed, all bitcoins end up on billions of opendimes and on-chain transactions are only used for replacing each @opendime with a new one once in a century.
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Scaling Bitcoin with
@opendime differs from gold in an important respect: identical opendimes can carry any quantity of Bitcoin. Gold was too small to carry at small values & too heavy & conspicuous to carry at large values, so it needed silver & very centralized banking to scale6 replies 18 retweets 118 likesShow this thread -
Replying to @saifedean @OPENDIME
Gold coins had the two problems you identify, but gold-denominated banknotes and account balances had neither. Banknotes made full-bodied silver coins obsolete. Clearing was economically centralized (in clearinghouse assns), but no central bank was needed.
1 reply 1 retweet 5 likes -
Trusted third parties are security holes, h/t
@NickSzabo42 replies 0 retweets 8 likes
When the political climate became less than ideal, the trust people necessarily had to place in these IOUs came to be heavily abused.
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