George Pence on Nostr: I see constant talk about how Bitcoin is the way of the future, how it's the answer, ...
I see constant talk about how Bitcoin is the way of the future, how it's the answer, the solution to the corrupt and mismanaged fiat system, a revolution, a way to put the power back in the hands of the people, digital capital, how it has so much utility, how it is the perfect money...
But I never
ever
ever
see anyone talking about how we'll actually value it in a future where it has achieved the goal that everyone idolizes. Why? Why does it feel like there's no true long-term plan?
Lots of people say "don't value your Bitcoin in fiat", but they just stop there. They don't even bother with trying to extend that thought. I feel like this is a mistake to not take it further.
Imagine a future where Bitcoin has become our new primary store of value and we no longer value Bitcoin in fiat. How will we value it at that point? What will one BTC be representative of?
How will we determine this new system of value? How will we arrive at a consensus for it? Will this somehow naturally and organically grow out of the decentralized nature as the system becomes more and more widespread and adopted and used, similar to the dynamics involved in the emergence of the first currencies? Or will there need to be some form of committee formed to make a decision about how we value BTC? Will governments play a role in this?
All the talk of "0.1 BTC is all you need" and "whole coiners" is all purely based on fiat, and doesn't address anything about the long term future of Bitcoin.
I was wondering if people can tell me if any thought is actually being put towards this. I'd like to read about any progress towards this, or about thought experiments for it, or see videos or listen to podcasts that discuss it. So any kind of recommendation of reading materials or other information would be greatly welcome.
Memes and pithy hype quotes aren't going to do shit for us. If this truly is a revolution, we need plans, and we need to ask the hard questions and deal with the tough discussions and start to think about the goal we all dream of actually being realized. Memes and parroting "stack sats" are the lowest of the low hanging fruit.
#Bitcoin
But I never
ever
ever
see anyone talking about how we'll actually value it in a future where it has achieved the goal that everyone idolizes. Why? Why does it feel like there's no true long-term plan?
Lots of people say "don't value your Bitcoin in fiat", but they just stop there. They don't even bother with trying to extend that thought. I feel like this is a mistake to not take it further.
Imagine a future where Bitcoin has become our new primary store of value and we no longer value Bitcoin in fiat. How will we value it at that point? What will one BTC be representative of?
How will we determine this new system of value? How will we arrive at a consensus for it? Will this somehow naturally and organically grow out of the decentralized nature as the system becomes more and more widespread and adopted and used, similar to the dynamics involved in the emergence of the first currencies? Or will there need to be some form of committee formed to make a decision about how we value BTC? Will governments play a role in this?
All the talk of "0.1 BTC is all you need" and "whole coiners" is all purely based on fiat, and doesn't address anything about the long term future of Bitcoin.
I was wondering if people can tell me if any thought is actually being put towards this. I'd like to read about any progress towards this, or about thought experiments for it, or see videos or listen to podcasts that discuss it. So any kind of recommendation of reading materials or other information would be greatly welcome.
Memes and pithy hype quotes aren't going to do shit for us. If this truly is a revolution, we need plans, and we need to ask the hard questions and deal with the tough discussions and start to think about the goal we all dream of actually being realized. Memes and parroting "stack sats" are the lowest of the low hanging fruit.
#Bitcoin