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"Bitcoin is savings technology, not payments technology"
The inverse mistake of the big blockers. Sad to see how normal this perspective is now. People really do think 21 million is a law of physics rather than something that must be rigorously enforced by uncompromising participation. The more trusted third parties move fake Bitcoins around in permissioned systems the less of an innovation Bitcoin ends up being. Just a reinvention of gold with an amazing, short monetization period where the early participants made a fortune. The difference is gold doesn't unravel if no one uses it as a MoE, it has been a decent store of value for basically ever thanks to the laws of physics maintaining themselves without us needing to do anything. Bitcoin doesn't magically remain scarce. It remains scarce as a by product of it being a payment technology. You cannot have one without the other. The permissionless-payments-only big blockers finally gave up and forked away 8 years ago. They were more misguided than the people who only understand Bitcoin as savings today, but their blindness will result in the same thing - the softening of what we've gotten used to being the hardest money know to man. submitted by /u/Conscious-Bag-5134 [link] [comments]
The inverse mistake of the big blockers.
Sad to see how normal this perspective is now.
People really do think 21 million is a law of physics rather than something that must be rigorously enforced by uncompromising participation.
The more trusted third parties move fake Bitcoins around in permissioned systems the less of an innovation Bitcoin ends up being. Just a reinvention of gold with an amazing, short monetization period where the early participants made a fortune.
The difference is gold doesn't unravel if no one uses it as a MoE, it has been a decent store of value for basically ever thanks to the laws of physics maintaining themselves without us needing to do anything.
Bitcoin doesn't magically remain scarce. It remains scarce as a by product of it being a payment technology.
You cannot have one without the other. The permissionless-payments-only big blockers finally gave up and forked away 8 years ago.
They were more misguided than the people who only understand Bitcoin as savings today, but their blindness will result in the same thing - the softening of what we've gotten used to being the hardest money know to man.
[link] [comments]
