Do people in Bitcoin really understand Bitcion?
Some people that buy bitcoin, leave it on an exchange, don't understand what it is at all. They think it's just a Ponzi scheme and they can make some money out of it.
Other people understand the digital gold concept, the fact that it's 21 million. There can't be more than 21m, so it is a good store of value.
Some people out there actually understand that the fiat system is going to fail, but they don't believe that Bitcoin is a solution. They're either gold bugs or they just believe some other new form of government currency has to be created. They think that because they can't see out of walled garden and they think that the only way you can have a currency, is if it is controlled by the government.
But then there are a smaller number of us, and I've got to say, I've only joined this band in the last couple of years since I've seen lightning working, that know that this is actually the payment system of the future and lightning makes all the difference. I think Nostr as an application that uses lightning for exchange of value for Internet media, that's a really good use case that proves Bitcoin. That's what this really evolves into, is fundamentally a payment system that we can all use in a fast and cheap way more securely than anything we have ever had before. The added advantage is that the base layer can't be over inflated. It is like the invention of paper notes that operated as a faster and cheaper layer 2 that runs on top of the gold base layer.
We used to have because paper notes were faster and cheaper to transact than gold. With lightning, you've got your base layer, which is the bitcoin, and instead of being held in a single vault controlled by the government or by multiple governments, you've got this decentralized storage of the digital gold because it can be in multiple multisig wallets around the world. No one really knows where they all are, so it can't be seized. It's enforcing democracy in terms of money. The lightning is sound money because the payment layer programatically and securerly represents the base asset.
ShortFiat / Short Fiat
npub1md…pctp9
2023-10-24 16:37:42
Author Public Key
npub1md39ua3h2s7204a7v5p9sdxmxx9qc7m4kr3r6naeuwfznad6d7nsxpctp9Published at
2023-10-24 16:37:42Event JSON
{
"id": "a716e07ef6f3312a73d21c303802442dbfc7972ed4124403d7a3fc9e78236c59",
"pubkey": "db625e7637543ca7d7be65025834db318a0c7b75b0e23d4fb9e39229f5ba6fa7",
"created_at": 1698165462,
"kind": 1,
"tags": [],
"content": "Do people in Bitcoin really understand Bitcion?\n\nSome people that buy bitcoin, leave it on an exchange, don't understand what it is at all. They think it's just a Ponzi scheme and they can make some money out of it. \n\nOther people understand the digital gold concept, the fact that it's 21 million. There can't be more than 21m, so it is a good store of value. \n\nSome people out there actually understand that the fiat system is going to fail, but they don't believe that Bitcoin is a solution. They're either gold bugs or they just believe some other new form of government currency has to be created. They think that because they can't see out of walled garden and they think that the only way you can have a currency, is if it is controlled by the government.\n\nBut then there are a smaller number of us, and I've got to say, I've only joined this band in the last couple of years since I've seen lightning working, that know that this is actually the payment system of the future and lightning makes all the difference. I think Nostr as an application that uses lightning for exchange of value for Internet media, that's a really good use case that proves Bitcoin. That's what this really evolves into, is fundamentally a payment system that we can all use in a fast and cheap way more securely than anything we have ever had before. The added advantage is that the base layer can't be over inflated. It is like the invention of paper notes that operated as a faster and cheaper layer 2 that runs on top of the gold base layer.\n\nWe used to have because paper notes were faster and cheaper to transact than gold. With lightning, you've got your base layer, which is the bitcoin, and instead of being held in a single vault controlled by the government or by multiple governments, you've got this decentralized storage of the digital gold because it can be in multiple multisig wallets around the world. No one really knows where they all are, so it can't be seized. It's enforcing democracy in terms of money. The lightning is sound money because the payment layer programatically and securerly represents the base asset.",
"sig": "efc91aa734d153bfa0775ecbdbf0c917390e905933de1df8264164ff37b98905cb14fc6d8013883b909b60a72d4c0021d5d2f5d1a7fd80aa5fed00c9140ee809"
}