vic on Nostr: Aaron Herbst bitcoinlimit as time goes on, bitcoin gets destroyed through various ...
Aaron Herbst (nprofile…g2sl) bitcoinlimit (nprofile…8jl5) as time goes on, bitcoin gets destroyed through various forms of attrition
people lose keys or die
people send money to the inactive/inaccessible addresses
this effectively destroys currency, which cannot be replaced (yes, bitcoin is still being mined but at an exponentially lower rate, with a hard cap on its total supply)
so the remaining bitcoin becomes more valuable, in theory anyway
it discourages spending, because holding it is more beneficial
so everyone holds and doesn't spend
it discourages use in real life and ends up being nothing more than a speculation toy, which is what it is today
but if you are under the bitcoin spell and watch "line go up" all day then none of this will make sense to you, because you are still addicted to the US dollar and can't admit it
people lose keys or die
people send money to the inactive/inaccessible addresses
this effectively destroys currency, which cannot be replaced (yes, bitcoin is still being mined but at an exponentially lower rate, with a hard cap on its total supply)
so the remaining bitcoin becomes more valuable, in theory anyway
it discourages spending, because holding it is more beneficial
so everyone holds and doesn't spend
it discourages use in real life and ends up being nothing more than a speculation toy, which is what it is today
but if you are under the bitcoin spell and watch "line go up" all day then none of this will make sense to you, because you are still addicted to the US dollar and can't admit it