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0 sats \ 0 replies \ @yo2xncv0 16 Mar \ parent \ on: Rachel Maddow missing the forrest for the trees bitcoin
"The greatest demand for Bitcoin TODAY and for most people is protection against government debt and inflation, the big picture problem"
  • Vast majority of people are holding their Bitcoin on centralized exchanges so aren't protected against this. The CEX or government can confiscate and fractionally reserve their Bitcoin. Too many examples to even list of rugs happening intentionally and unintentionally.
  • If government says "You owe us periodic taxes/unrealized gains" that will offset Bitcoins value preservation or they executive order 6102 2.0 your Bitcoin what are your choices? The only way to escape inflation or confiscation is by not complying AKA black markets. Bitcoins ability to do what you are saying is completely dependent on non-compliance AKA black market activity. There is no way around it.
"It is not about 'payments' for most... because for that you could just use paypal or venmo and the vast majority don't use 'black markets'."
  • 100% agree for white markets and those that have access to fiat payment apps.
"If any cryptocurrency is forever limited to 'dark markets' (mostly buying drugs) and not 'white markets' or 'big monetary markets' then it will fail."
  • On the contrary, black markets are the only place you can enforce Bitcoins value propositions. It's not about being able to "buy drugs". It means being able to do something that is not allowed/a central authority restricts). Without it Bitcoin is worthless for the reasons I described above. It's not a prescription or value judgement it's just a description of facts about the white market.
"but for people trying to save there is an obvious, clear winner so far. 9 times out of 10 people choose the better store-of-value first then they'll figure out way to spend as it benefits their network (which I believe is Lightning eventually)."
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