0 sats \ 3 replies \ @cliftonbride 3 Apr 2022 \ parent \ on: I'm John Carvalho, AKA BitcoinErrorLog, CEO at Synonym AMA bitcoin
Thank you for your response, John.
every Bitcoin transaction is an abstraction of unknown value
The only value that matters (as the block subsidy fades) as far as miners are concerned is transaction fees, which is why I’m not really worried about bitcoin in exchanges, etc.
You make an argument that bitcoin has always had stablecoins so it’s a non issue, but that totally neglects the dwindling block subsidy. Things that may not have seemed like a problem could very well become a problem when miners solely subsist off fees.
Lastly, I admit that i cannot decide how you use the blockchain.
People seem to think that bitcoin is immortal or “inevitable” and nothing they do can fuck it up.
Imagine tether on bitcoin/lightning is so wildly successful that the majority of usd settles on bitcoin. Do you really think bitcoin (as a censorship resistant money) survives that?
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21 sats \ 2 replies \ @BitcoinErrorLog OP 3 Apr 2022
You have it backwards. More people using Bitcoin for more purposes supports the block rewards in fees. You can't use Bitcoin without paying fees, even if you use it for tokens. Tokens add txns.
If you want to be concerned about fees being taken offchain, why don't you hate Lightning itself?
Yes, I think Bitcoin would not only "survive" your scenario, but thrive in it.
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0 sats \ 1 reply \ @cliftonbride 3 Apr 2022
Well I’m sorry you might be delusional then. Think on it more and I will as well. Thank you for your time.
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21 sats \ 0 replies \ @BitcoinErrorLog OP 3 Apr 2022
That is not an argument, it is an insult.
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