Trying to practice my "intro to bitcoin" questions that will most certainly be coming tmrw.
Let's say every person had 10k dollars and there was only one bitcoin as the finite supply.
If one person wanted to represent their entire wealth in bitcoin then 1 btc would represent 10k dollars of purchasing power. If two people wanted Bitcoin to represent their wealth then they would each get .5 bitcoin and the total value per coin would be 20k, so on and so forth.
Note the amount of bitcoin doesn't change and the dollar doesn't even need to inflate to increase Bitcoins adoption, which increases its purchasing power for real world goods. Or put simply bitcoins price is the ratio of workers/value to goods/services.
Your sats are a percentage of the total gross output of human production and collaboration.
Eventually we will just skip the dollar reference and price goods directly in sats, which again will continue to go up regardless of anything the dollar or fiat does.
Not well informed sounds exactly like the market we have today 🤣. I like the idea of open banking (non central bank) credit systems. I recently rewatched Ip man about the legend who trained Bruce Lee. Before the war he was a wealthy man in his community and lent money to people in his town to start businesses and grow capital. I imagine ecash mints like that.
I'm sorry for your loss Eshara 💜. I feel that we carry our loved ones with us, so we're never alone even when they're not here. If you end up living in an opera house I'm coming with you.
Good night dear.
Hot take; If the U.S. doesn't cut its bureaucracy and spending there won't be enough bitcoin for them to steal in the entire country to keep them afloat.
I don't think ecash is trying to solve custody, it's trying to be the best form of custody. Any custodial service is just a credit system. I think it's well established that some form of credit system will have to exist in a bitcoin world since not enough utxo or block space for the whole world.
Privacy aside, the credit system that is the most decentralized, or allows the most amount of people to manage small communities of credit on top of their bitcoin would be preferred over a centralized issuer of that credit imo.
That's how I view cashu and fedimint, it allows many small Bitcoin community banks (custodians) to exist and issue credit that's interchangeable. (Not to diminish the privacy and cost savings benefits also)
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