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0 sats \ 3 replies \ @k00b OP 16 Jan \ parent \ on: @k00b's bio bitcoin
You mean, why don't we accept arbitrary ERC-20 tokens? Mostly because SN prefers bitcoin as an MoE, UoA, and SoV, so we'd have to exchange your tokens for bitcoin on our end and assume exchange rate risk. Hopefully more exchanges will support lightning going forward and ERC-20 people will have an easier time onboarding to lightning apps.
Excellent! If you've been in the ecosystem a long time, and you've avoided using bitcoin somehow, it's probably worth getting acquainted. It's a whole other world and the world us stackers prefer.
I don't want to distract you, but if you have a minute, write your answer to the question: Don't the ERC-20 tokens, the same ETHer, perform the same functions you specified and are more common (user friendly, as for me)? I am sure that the choice of bitcoin was not accidental on your part. Thank you!
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Don't the ERC-20 tokens, the same ETHer, perform the same functions you specified and are more common?
They do not provide those functions sufficiently for SN to depend on them. Hypothetically, we can use pots and pans as money but I wouldn't. We choose to use the best money available as a matter of taste and we expect others would prefer to do the same regardless of the other assets they are speculating on at any given moment (whether that's Apple stock or Solana tokens).
are more common?
They are certainly more plentiful, and unpredictably so, if that's what you mean.
The bottom line is really that we aren't an exchange and we aren't a broker. We are a social economy and efficient economies have a preferred money and ours is bitcoin.
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Great answer, thank you 🙏
Of course I still have a lot of questions, but somehow I'll figure it out on my own,
have a nice day Keyan!
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