338 sats \ 1 reply \ @Scoresby 9h \ on: On Bitcoin "Scaling" and the need for "Changes" bitcoin
The benefit of saving in Bitcoin becomes apparent to the public when number goes up.
The benefit of holding your own keys becomes apparent when exchanges rug and banks tell you how to use your money.
NGU may be happening, but most nocoiners seem fine with an ETF or MSTR. I wonder how many new Bitcoin holders have been minted this time around.
The FTX and Celsius rugs of the last bear market should have convinced a lot of people to hold their own keys. I wonder how many.
It is possible that a tool of Bitcoin adoption stronger than the carrot of NGU and stronger than the stick of getting rugged is simply convenience.
Right now Bitcoin does not easily solve problems in most (western) people's lives. The most obvious problem it solves is being a better means of savings and that message doesn't seem to have gotten through. But as far as other problems, I don't think it is obvious to Normie's what it does to make life better and so it isn't something they are interested in.
Which brings me to soft-fork proposals: is it the case that some combination of changes to Bitcoin will tip it into the obviously useful category for the masses? In the same way that there was a point where smart phones suddenly became essential to daily life. There may be an argument for changing Bitcoin a little if it gets us closer to undeniably useful (and doesn't degrade censorship resistance). Thoughts?
If it meaningfully helps I'm all for changes...
But like my write-up suggests, I'm not sure that 'changes' (soft-forks) will actually help adoption.
With new soft-forks and new 'tools' who will actually use them? My guess is that it's the same people who use Bitcoin now... who would use Bitcoin with or without a soft-fork.
I went to a cafe a few months ago that according to BTCMap took Bitcoin... and they didn't. They said it had been over a year since anyone wanted to pay in Bitcoin, and so their employees didn't know how to accept it. How would a soft-fork change this? What, a better implementation of Phoenix Wallet (with soft-forks) would somehow change this? I am very skeptical.
As far as Westerners are concerned... Bitcoin is an imperfect, but obvious improvement on current government money. It's not perfect... but it is a huge improvement and that's why I'm here. I don't know what else to say other than that.
reply