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20 sats \ 5 replies \ @028559d218 OP 13 Nov \ parent \ on: Bitcoin as Global Property: TL;DR Bitcoin should be 400-600,000$ / Bitcoin Today bitcoin
I would agree with you.
But I also believe that Bitcoin should be much 'bigger', 'well adopted' and people much better educated on 'what Bitcoin is' before any of that can happen.
I haven't found a single other person who even knows what lightning is. Not one.
Zero. And I ask the Uber driver every day if I can tip them in lightning and they just look confused.
And read the comments from most major newspapers (at least in the United States) there is only a scant mention of Bitcoin except to conflate it with crypto and think it's a scam.
It's not that people 'don't want to use Bitcoin'.
They simply don't know what it is yet, and they have never even heard of lightning.
Has Bitcoin been obstructed? Yes maybe but I think education around what Bitcoin is needs to improve drastically for anything to change. Education is absolutely key and it's what, in my opinion, people need for Bitcoin to be used MoE.
Yes and now could be the time for use as a MoE to take off- LN is now quite user friendly but the whole media focus has become around fiat denominated price.
I only recently really started to use LN again after trying a few years ago and struggling with the whole thing as Im not a tech minded person- but its now possible for a non tech like me to simply open a LN wallet and use it.
Stacker News also motivated me to get LN wallet set up. It just requires a push to get people moving toward using Bitcoin as a MoE.
And it does require, as you say for people to be made aware of it, and for the regulatory obstacles (CG) to be removed.
That may be possible with the new US government, and if it can happen in the US then much wider MoE use could follow globally.
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I love using Lightning. And for that reason I also love using Stacker News.
But I don't think the 'price discovery' of Bitcoin has really happened yet. It's still on-going.
When people figure out 'what Bitcoin is' and price discovery takes place then and only then will people be able to use Bitcoin MoE on a widespread basis.
Until then I think it's unclear to people what Bitcoin even is.
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Unless Bitcoin is used for MoE it will become a purely speculative commodity plaything.
It will not be an alternative payment protocol to the fiat monopoly.
This is largely the case already.
Bitcoin will have failed in its primary objective and ultimately have zero sustainable value...because it will be controlled by fiat market makers. Bankers.
Control the narrative and you control the market.
P2P censorship resistant payments protocol - should be encrypted into every sat!
But they have slyly worked around it.
How much Bitcoin is not now KYCed?
How much of the total market has already been acquired or held by institutional custodians where it cannot be used as a P2P MoE?
ETF funds fine print explicitly states the fund managers shall decide which fork, if any, they shall accept. It does not preclude them from initiating one either! Think about it...and these ETF operators are the bankers whose power and wealth is based upon their fiat monopoly.
If they can maintain the delusion that it is a speculative commodity then it will have been captured and controlled and it will never pose a threat to their fiat MoE monopoly.
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I respectfully, completely disagree.
Don't let the perfect... be the enemy of the good.
Bitcoin is already, albeit slowly, demonitizing other assets and doing quite well.
Is it a MoE on a daily basis? No it isn't and I wish it were. But I believe it needs to be a store of value first then MoE. It is still undergoing price discovery (which could take a while) and that also needs to run its course.
In the meantime, use lightning, buy things with Bitcoin reasonably speaking when you can and enjoy being 'early' to a new technology that the vast majority of the world isn't using yet.
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If the perception of Bitcoin as a speculative commodity is even further entrenched then it will be a small step to impose a ban on private custody and require only authorised institutions manage its custody.
Even if a ban is not imposed the effect will be the same- used as a speculative commodity by the majority of hodlers Bitcoin poses very little real threat to the fiat MoE monopoly.
MoE monopoly is the basis of fiat monetary power- take a look at SWIFT.
You have not thought through the vested interests of the fiat legacy system and how they have already shifted the narrative and gained control over the market.
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