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100 sats \ 0 replies \ @027067d654 14 Nov 2023 \ on: Will gold be used alongside Bitcoin in a hyperbitcoinized world? bitcoin
No, more and more commerce is conducted over the internet. Gold bars were a pain to use centuries ago - how exactly do you think they will be used in the future - to pay for API access, to stream value for value, to buy video games and music?
Gold has a large monetary premium and its supply increases every year with no practical upper bound. If the price rises more, more gold mines become economically viable increasing the supply faster.
Gold used to be the densest metal available, but now tungsten is cheap and widely available, making fakes that are harder to detect.
Gold's time has clearly passed - it will be relegated to the same role as silver, platinum, etc.
keep a copy of the private key, give them written instructions on how to move the bitcoin to their own sovereign custody. and make sure it says in huge letters a deadline to move the bitcoin before they are swept back into your own wallet to gift to someone else who will appreciate them.
I've given bitcoin to friends, family, and strangers and many of them simply lost/forgot about it.
Some people are more inclined to learn about bitcoin once they have financial exposure to bitcoin. And an ETF lets them get that financial exposure without a painful lesson in private key management. And once they learn about bitcoin, they will learn why self-custody and take the time to do it right.
Advocating for the acceleration of money printing to hasten the decline of the USD.
Saying that paper money is just little pieces of paper.
Saying that fixed income and pensions won't be enough to afford food in the future.
Suggesting taking out massive loans to buy and hold bitcoin (speculative attack).
It's more than people think given that there is no risk free yield on bitcoin and that bitcoin can face long bear markets with 80% drawdowns. You also have to consider taxes and unforeseen expenses.
People want to assume that bitcoin will appreciate by X percent a year but that isn't a guarantee you can retire on.
And it wouldn't feel good to have your net worth in BTC constantly declining.
Tail emissions can help stabilize block production. Currently fees are very volatile, and going from almost no fees to very high fees and back doesn't lead to stable block production once the subsidy subsides. Will lead to reorgs and intermittent huge gaps between blocks.
But we must keep the 21 million limit.
So UTXOs should have an expiration date. UTXOs expire after 50 years, and they are added to the emissions schedule over the following 50 years. Thus the block reward doesn't go to zero and we stay under 21 million limit. You just have to move your BTC every 50 years.
I simply got tired of the flavor of the week, the crypto silliness, the nonsensical "use cases", the hype, and the disregard for security, sovereignty, privacy, and commerce.
Bitcoin is the only the serious project, the only one left standing when the dust clears. The signal amongst the noise.
564 sats \ 0 replies \ @027067d654 29 Apr 2023 freebie \ parent \ on: BTC++ Discussion Thread bitcoin
Come to the next one!
This is a high signal event.
GENESIS