I agree although I's day smart contract functionality software mixed with decentralized oracle functionality software will trump pure digital scarcity software.
Bitcoin is not just money. It’s the invention of an Internet-native digital scarcity. And with that breakthrough, software will eat the financial world.https://twitter.com/TuurDemeester/status/1055948722574708736 …
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Digital scarcity = only one genuine version online. Smart contracts = source code that is embedded as the one genuine version.
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Yeah I guess digital scarcity would be one of the ways to monetize the protocol while the other is functionality. Store of value through scarcity + payment for physical resources used in the computing process
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All I’m saying is the concensus rules that brings scarcity is the same that brings functionality you see in smart contacts. They two expression of the same tech. If you have a digital scarcity you can create a smart contract. The former is the breakthrough.
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Scarcity make the economics work well, but functionality make it actually usable. Scarcity doesn't inherently make something valuable.
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This is tough to rely to others, I try to explain as best as I can and about 75% of the time I get laughed at.
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I’d suggest making a small change in your pitch. Spin up a multi billion dollar VC firm that invests in emerging tech, say it, walk away with a wink. ;)
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Fiat is the real Ponzi. Bitcoin is sound money.
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Fiat is a pyramid scheme. Please don’t give ponzis a bad name.
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@TuurDemeester is one of the leading minds in#fintech. -
He is. But in this case, I was not riffing off Tuur, but the other leading mind in Fintech. Satoshi.
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Yes,
@AriDavidPaul &@TuurDemeester understand how Bitcoin needs to scale its linear, slow, but decentralised ledger to serve billions of people. It will need to clear huge values with high fees between layer 2s. High fees will secure the network as block reward diminishes. -
Which one do you pick for Bitcoin? A- Process 50,000 TXs per block Charge 1 satoshi per byte fixed Earn 0.25 bitcoins per block B- Process 2,000 TXs per block Charge 20 satoshi (on avg) per byte Earn 0.2 bitcoins per block
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Let me make it easy for you: A- process more transactions, earn more and charge users lower fees B- process lot less transactions, earn less and charge users higher fees
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just add the lower decentralization trade off from higher bandwidth requirement to the A/B comparison and you got it.
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So $300 extra every 10 minutes doesn’t pay for externality costs in BTC?
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Does it pay or no?
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