Author: Kree Love 2023-04-20 23:06:17
Published on: 2023-04-20T23:06:17+00:00
The author discusses their personal involvement with Bitcoin from late 2010, when it was closer to their definition of money as an electronic cash system. They express concern about the current state of Bitcoin, which they consider more of an electronic asset than a peer-to-peer cash system due to regulation and the artificially rate-limited block size causing network congestion and high fees. The author also notes the challenges facing attempts to improve fungibility, such as regulatory hostility towards protocols like CoinJoin. They emphasize the importance of practical applications and global usability for Bitcoin to remain a global currency, despite pressure from governments, industrial lobbies, and cartels. The author believes NFTs distract from the hard work being done to ensure the safety of Bitcoin as a reserve currency. In a related email thread, another participant argues that inscribed satoshis do not affect the fungibility of Bitcoin, and suggests letting people do what they want with Bitcoin without changing consensus rules.
Updated on: 2023-06-16T17:11:25.660495+00:00