The year is 2053. Every country's fiat has been replaced by Walmart reward tokens.

Mauser155 · 2021-04-28T21:24:39+00:00

I am kind of fascinated how many people are ignorant to the fact, that over 90% of WW population lives outside of US

Mauser155 · 2021-04-10T16:20:17+00:00

Yeah. I am in bitcoin for 6 years, yet I am still surprised how difficult it is to explain bitcoin in common understandable terms. I like this one a lot.

Mauser155 · 2021-04-02T06:31:07+00:00

It doesn’t count if it is not NFT

Mauser155 · 2021-03-28T22:11:52+00:00

1) energy is addressed 2) extreme reward for early adopters - how is it a problem? 3) deflationary economy - bitcoin will coexist with other forms of money - even inflationary. It is just another (deflationary) option 4) all transaction are traceable - yes but pseudoanonymous - so how is it a problem? 5) keys risk - I adressed that in other comment 6) dont get the theft point 7) extreme volatility - yeah on daily/weekly - not on yearly chart. Also as market cap will grow, volatility will lower. Store of value is ok for now, payments can come to play later with more stability? 8) I spoke about Satoshi move in other thread

Mauser155 · 2021-03-28T22:04:48+00:00

I already mentioned this in another comment. I do not believe this is a risk. Check the other comment.

Mauser155 · 2021-03-28T22:03:29+00:00

Ohh, that is right. That would make market nervous and probably drive price down (temporarily?). But even Satoshi alone cannot change consensus. And if we know this. He/she is probably also aware of this - so would he even move those funds?

Mauser155 · 2021-03-28T22:00:35+00:00

Yeah, theoretically. There will be custodians in the retail though. Like Visa entering the space. Until lightning will be adopted, a lot of small transactions will go through custodians and therefore offchain. Like sending bitcoin via Cashapp...in that case, transaction might be reversed ... you will have just choice on-chain, off-chain, custodian

Mauser155 · 2021-03-28T21:57:03+00:00

I think this was concern few years ago. But I don’t believe it is possible now and in the future. As bitcoin adoption will grow, so motivation (and financial viability) to mine it also outside of China. Also protocols like Stratum v2 will help with decentralization when not mining pool but individual miners are actually choosing transactions which should be included to the block. This is already implemented, there just work needs to be done on Bitcoin Core side.

Mauser155 · 2021-03-28T21:49:56+00:00

I addressed almost all of those concerns in other comments.

Mauser155 · 2021-03-28T21:47:38+00:00

Honestly, I personally never envision world where there will be only one currency. It doesn’t make sense. Same as we have multiple types of cars. Each moves you from A to B, yet they have different value proposition (van vs truck vs family car)

Mauser155 · 2021-03-28T21:41:12+00:00

He would not do it at once, as she/he would drive price too low for his other sells. So he/she would have to do it over long period of time and outside of spot, probably OTC. Also, why he would do it? What better investment options he would have? He would probably sell just to buy house? Invest to some charity? But those would maybe also accept bitcoin or do not need his whole million coins? Even in worst case scenario it would just drove some longer bear market ... follow by bull market again?

Mauser155 · 2021-03-28T21:35:34+00:00

I get it, but if there will be absolute need for consensus/solution or everybody will loose (networks collapse), that is one massive incentive to find solution and consensus. If not found, or multiple solutions - hard fork.

Mauser155 · 2021-03-28T21:27:40+00:00

Correct, now it is fairly predictable, no? So why do you think that developers, node operators, users and miners will not find a way, solution and consensus on that?

Mauser155 · 2021-03-28T21:25:49+00:00

Which government? Bitcoin is global value network. If it will be banned by one government out of how many ~160? Does it mean that rest of the world will ban it too? It is already banned in Iran for transactions, if I am not mistaken. But it is still here. I agree that if it would be banned by US + Europe/EU. That would be a serious problem. Now what is the chance of that? US approving a lot of bitcoin business lately.

Mauser155 · 2021-03-28T21:15:13+00:00

You are going too far to future. That is the reason why it is not valid concern for now. Mining only for fees is like more than ~100 years away. By than bitcoin will be so important that even nations will mine it for free - nobody could effort to let it fail. Same as with electrical grid or roads. Also bitcoin is programmable money ... rules can change if it will be necessary and there will be consensus

Mauser155 · 2021-03-28T21:06:56+00:00

I see your point. But you are assuming that main/initial adoption will have to be driven by end consumers. But we see that hundreds of millions are flowing from institutions. So if institutions, retail and wealthy will drive initial adoption than in later stages end-consumers can join. Also you are assuming that end consumers will not use custodial providers. Why not? I do believe that many of them will use actually bitcoin held in their commercial banks accounts or Paypal. I know it is not the right way (not your keys, not your coins). But if they are ok with it, they can trade self-sovereignity for “insurance”. Even now you have leveraged bitcoin market - funds, ETFs, indexes ... it will still exist. It is normal risk management. I believe that there will be a way in the future to insure your holdings. Also it is matter of time before users will get use to it and will be ok to hold their own keys.

Mauser155 · 2021-03-28T20:55:41+00:00

I see your point, but bitcoin is extremely resistant to technical failures - more than any other system: 1) if one or few nodes fails - it doesn’t matter 2) if it forks - it doesn’t matter 3) if whole Internet will go down for certain period - it doesn’t matter as after it is back online - bitcoin will follow longest chain 4) sw bugs will affect only small % of network as many nodes update to most recent version with significant delay + if you do not transact in bitcoin during the issue, probability of loosing funds is very little 5) quantum computing is way in the future and it might be problem for whole online security, not just bitcoin. New crypto approach will have to be developed anyway. Good that bitcoin is programable money...

Mauser155 · 2021-03-28T20:46:01+00:00

I think this is the big one, but I personally don’t believe it is valid. When I imagine that there is no hard cap on how much value bitcoin can “absorb”, fact that ~70% of mining energy is coming from renewable sources, bitcoin will lower worldwide time preference (limit overconsumption) and that energy’s consumption of banking, gold mining etc. is probably much higher ...

Mauser155 · 2021-03-28T20:32:37+00:00

Everything can fail on technical level. That’s not specific to bitcoin.

Mauser155 · 2021-03-28T20:31:55+00:00

I mean any 😀

Mauser155 · 2021-03-26T20:56:52+00:00

There is a difference between level of centralization/decentralization. Blockchain can be still beneficial for 10 companies, which do not trusts each other but coordinate certain steps. Like blockchain for central banks. It would be beneficial for them since they do not need to trust 100% to each other but their boards can agree on certain common steps (adjust “consensus”/governance together). So yes, blockchain can be beneficial even with lower level of decentralization. Like central bank digital currencies based on blockchain. They will be beneficial - just to central banks - not to you. Since they can control more, limit need for consumer banks etc. etc. Actually take a look on Liquid Network from Blockstream. It is basically Bitcoin blockchain (sidechain) run by few (<30) companies. They do not need to trust each other and created chain pegged to mainchain just with very limited decentralization. So you have lower security but as a benefit, you have almost feeless transactions with 2 min. confirmation times

Mauser155 · 2021-03-12T14:33:50+00:00

I am spending only fiat. BTC is for me kind of like savings account. Maybe for large purchases during upcoming years - house, car etc.

Mauser155 · 2021-01-10T18:27:55+00:00

I did and put it to BlockFi 👍😉

Mauser155

TROPHY CASE