Oddbean new post about login | logout I've been operating on the idea that using the base chain will eventually become somewhat similar to buying a home. ie it's something the average person will do once, twice, or perhaps three times, across the entirety of their lifespan. perhaps i'm seeing the world through orange tinted glasses, but it's possible that even this becomes unreachable, for the average everyday person.
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It is absolutely the case that most people will never touch on chain BTC in the not too distant future imo
i generally favour optimisim, however it seems like the more likely best-case outcome for Bitcoin is that the world gets to operate on a sound money standard, albeit that the average Joe will interact with the asset through some semi-to-non custodial mechanism. all 8 billion people being able to participate, without permission, is a definite win. as too is the lack of friction, across borders. a small minority no longer being able to self finance, by way of currency debasement, is also a wonderful victory. self custody for all should remain firmly within our sights, however if only the aspects above come to pass, the battle will still have been worth it. by a large margin.
They're all going to be Cash App/LSP based wallet users. They won't deal with onchain.
Winner. 95% of adoption will be custodial until some protocol innovation occurs that enhances custody for sats users (less than 1 btc) nostr:nevent1qqsfz4uyy9rvrjj9fyen0w38hnlef777cjl59ck85nnp4f9gvy6syacppemhxue69uhkummn9ekx7mp0qgsd5qm53m6pvsuz62nnslx7rn7m6ehexreyyrlcd4j777ya7ej0uvqrqsqqqqqprs68f2
Bitcoin self-custody for all is not possible. Why do people keep saying that it should be the goal?
the concept of streaming 4k video over the internet was viewed by many to be impossible, at a particular point in time. it's important to remain cognisant of our ideals and goals, as new innovations may re-shape what is possible, through time.
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That's a bad analogy. Bitcoin has a block size limit and an average 10 min block creation hard coded in the protocol. The internet would have been very different today had a maximum bandwidth been hard coded in 1989. There are about 1,000,000 active bitcoin addresses. Let say each address is own by a different person, which is not the case, that's 0.0125% of the world population. Blocks are full and there are currently over 290,000 unconfirmed transactions. Self-custody for everyone is not possible. It is mathematically impossible.
i'm simply articulating why it's important to remain cognisant of ones ideals. thanks for the lesson on bitcoin.
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