Oddbean new post about login | logout #Bitcoin as a Medium of Exchange cannot be ignored. Without the ability to transact Bitcoin permissionlessly, it will end up captured and neutered like gold is.
Enjoyed your interview with Peter McComack a lot, thanks!
Not your keys, not your transaction 🫡
Based
I don't see BTC in widespread use as a medium of exchange on the base layer. I know it is being used that way in some places right now and that is great. IMO, we are currently in the Store of Value stage of this new asset. Next will come widespread use as a Medium of Exchange on other BTC layers (will be too expensive on base layer as time goes on) and finally as THE Unit of Account.
Serious note, is it being ignored? Or are some people just focusing on store of value number one, fix that shit first, stop the rot. Printing money is the first god we have to slay. There are plenty of folks working on MoE but it’s secondary to establishing a proper means to store value for the whole system. Individuals unfortunately are mostly going to be downstream of that, unless they put the work in early
Saylor storing his bitcoin on Coinbase is not helping store of value tech. He also doesn't spend a dime on bitcoin development
I assume the argument is that there are only 21million so start there. Sure, lots of issues with trusted third parties, as with the ETFs, but as long as they all stick to 21million it should work.and even with a bit of fuckery it’s gotta be better than the printed trillions we have now?
Saylor can't use private keys for his publicly traded company. It would have to be in a custodian account, with multiple keys, verifications, to serve the corporate interests. But does that really matter? Also, Microstratagies is just starting to develop around Bitcoin. We are so early yet on corporate adoption it's insane.
PEER TO PEER ELECTRONIC PROPERTY https://image.nostr.build/8f1ee9edc531a01b845550ff1cf256696973eb85870fe92409af099395b1c91a.jpg
I'm stealing this. :)
Property is seizeable under force. Don't think it fits. Also, property taxes aren't going away soon so fuck this frame of mind.
Property doesn’t inherently mean “land and/or building.” There’s a century of fiat bullshit that’s fucking with the semantics. Ex. your body is your property. Although, perhaps Bitcoin is the discovery of property…👀
You can still sell a Roman Aureus gold coin. I think the challenge of the future will be penetrating centralized controlled financial systems and governments to educate people how to transact permissionless. The economies that just started their decline in 2018 and were previously in decline tend to be the ones people have the hardest time learning how to stop participating in. New and emerging economies will have these advantages instinctively, But the society they live in will still need centralized development. I think this issue comes to a personal education perspective. A centralized government can educate its employees how to deter free thought towards this pristine asset much easier than an unorganized decentralized mass of people.
Saylor made those comments on CNBC, so one could make the argument he was pandering to his audience. He didn’t make those comment a few days prior in Madeira, as he knows they’re not going over well there. Will be interesting to see if he sticks with this narrative going forward.
What happened to boating accidents? People instead are bragging about their holdings today for some reason. What happened? Is it a cultural change in the space? Boating accidents are more useful than bragging about holding size.
Yeah, but people who have kyc'd bitcoin are still in the rigged system. I don't think "I lost it in a boating accident" holds much weight with the state.
Better than bragging about holdings still. Also it is a meme from old days, thus funny to remember.
💯
Yeah, this "property only" idea is ridiculous. I hope our culture is cult of personality resistant, but I'm not so sure. I like how you compared Saylor to Ver in the latest What Bitcoin Did pod.
how do you mean? it's not possible to stop private networks from trading
Most likely it would not, as gold was only susceptible to fiat because of the lack of ability to settle quickly across borders. Fiat currency stepped in to fill that gap, which in turn ended up being concentrated with custodians who were forced to relinquish it (as it is easier to enforce the law on a few entities). Coming to #Bitcoin, its capability for instant settlement solves the above issue immediately. Once the volatility subsides, the use case for #Bitcoin as a medium of exchange will fully emerge. Currently, this is being observed in countries experiencing double to triple-digit inflation. The Lightning Network conducts transactions at volumes 10 times greater than what was possible just a few years ago, despite the capacity being the same. Maybe in another 10-15 years, it might become commonplace for #Bitcoin payments to be accepted as an alternative payment method alongside the dollar.
