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and the cycle would re-commence.
Only if people don't improve their UTXO management, somehow. My hope is that after they get an opportunity to fix their temporary UTXO issue, they also adopt some sort of approach that won't lead to it again.
it's possible that the thing creaks forward into some semi-functional eternal state
That strikes me as the most serious concern.
Only if people don't improve their UTXO management, somehow.
It's possible, but a lot of work is being done by "somehow" in that sentence. I would like to not pretend that a flotilla of btc personalities haven't spent the last x years beating their chests like Spartans and talking about the sacred duty of orange pilling Zimbabwean dirt farmers and god knows who else, people for whom $100 is years of savings. If btc is super successful, under the current tech and social institutions, those people are fucked and their sats are stranded.
We can (and should!) expand sovereignty into something functional for the actual world, and build the infra to support those definitions, so those people really can benefit from btc. But it will be a giant lift. It's not even in sight, as far as I can tell. So if that's what you mean by somehow I am fully with you -- it can happen and I suppose it will, eventually. But I would like to acknowledge the issue and accelerate eventually.
Or I'd like to be convinced that I'm missing something crucial and that this is all fine. That would be the most pleasant route, but I don't see a way atm.
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I would also like to be convinced that you're missing something crucial. Let me know if that happens.
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