Gildong.Hong on Nostr: Not pseudo self custody. Just IOU. ...

Not pseudo self custody. Just IOU.

quoting
note1x04…swjk

If only fractional reserve banking is a problem and 100% reserve banking is fine, then why was EO6102 executed and why did the Nixon Shock happen?

These events were caused by the physical limitation of gold. They happened because people owned gold IOUs, not gold. We don't say gold IOUs are the solution to the gold scalability problem. They are results of the physical limitation of gold. And they made all problems which would be fixed by #Bitcoin.

And now we can apply this to #Bitcoin.

To say that #sidechain will solve #Bitcoin's scalability problem is a annoying pun. #Sidechain is a problem, not a solution.

Blockchain only makes sense if you can actually run a node, and it has to be sufficiently distributed. The tradeoffs that the #sidechains are claiming is unacceptable tradeoffs. If you don't own your money, history will eventually repeat itself.

Don't let the pun fool you.