After listening to Shinobi a while back on a podcast, I came to understand that covenants allow denser use of block space (sharing UTXOs) and that without this, people holding keys on chain would necessarily be a minority of users.
In such a world, as more people want to use Bitcoin, they’ll have to fall back on custodial solutions. I heard Francis of Bull Bitcoin talking on a pod about Liquid being a possible solution. I’ve heard Livera talk about fedimints. I’ve seen people using eCash lately. People buying into ETFs. etc. etc.
We must not give up on peer-to-peer cash. If we cede to banks, we’re guaranteed to get diluted by IOUs and risk centralization (as happened with fiat currency).
We can’t stop people from using custodians. But if we don’t continue to densify, we guarantee that they will.
jimbocoin / jimbocoin 🃏
npub1v9…x9q3h
2024-04-05 17:29:59
in reply to nevent1q…0mmc
Author Public Key
npub1v9qy0ry6uyh36z65pe790qrxfye84ydsgzc877armmwr2l9tpkjsdx9q3hPublished at
2024-04-05 17:29:59Event JSON
{
"id": "01b84173c60aadff8547a40b2ea20596ab91b38156558c35baed08f2b69a7d69",
"pubkey": "6140478c9ae12f1d0b540e7c57806649327a91b040b07f7ba3dedc357cab0da5",
"created_at": 1712338199,
"kind": 1,
"tags": [
[
"e",
"f9ae88a27b766ca13f3210ecf2b2951234c0e355622fd75c33dcea5f4ab8004a",
"",
"reply"
],
[
"p",
"c7bc2b2f6cf6ea9d5330e7ccc23ef9f2caa6e994b42f7b500bf6c98644af65c2"
],
[
"e",
"28e7f5ee25e48dadffb112d7c92bcff8a7fb3564975c2039cfb59c2490d6411c",
"",
"root"
]
],
"content": "After listening to Shinobi a while back on a podcast, I came to understand that covenants allow denser use of block space (sharing UTXOs) and that without this, people holding keys on chain would necessarily be a minority of users.\n\nIn such a world, as more people want to use Bitcoin, they’ll have to fall back on custodial solutions. I heard Francis of Bull Bitcoin talking on a pod about Liquid being a possible solution. I’ve heard Livera talk about fedimints. I’ve seen people using eCash lately. People buying into ETFs. etc. etc.\n\nWe must not give up on peer-to-peer cash. If we cede to banks, we’re guaranteed to get diluted by IOUs and risk centralization (as happened with fiat currency).\n\nWe can’t stop people from using custodians. But if we don’t continue to densify, we guarantee that they will.",
"sig": "6338c6ce6062f57fc248429959cdc8579df89f3e6d9a8f31a25633a31d78ef3937623b3dc10d841b66ff6824d2764123206933132c0b0ebfaca8970983fd54be"
}