Rusty Russell on nostr

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@Rusty Russell 1722290739

I'm disappointed that @Peter McCormack never got an answer to his question about what Bitcoin looks like to those who can't afford a UTXO.

This is an important question, maybe *the* important question. But it also underscores how much he diverged from his "pleb everyman" origins: this is very much not a newcomer question!

Guess I won't be on WBD to answer it, either!*

*Spoiler: I don't know the answer, but I can describe the possibilities and issues people can (and are!) exploring...

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nostrich · 87w

“I see Bitcoin as ultimately becoming a reserve currency for banks, playing much the same role as gold did in the early days of banking. Banks could issue digital cash with greater anonymity and lighter weight, more efficient transactions.” Hal Finney from 2010

My original thesis was that as the bitcoin prices goes up, transaction cost in terms of sats/vB goes down. In the year 2116, when the block rewards is 37sats/vB, I don’t think people will pay 100 sats/vB for fee. And if you look at Saylor’s base case we will be at 13M$/btc. So maybe 1sats/vB. ...

One idgit’s opinion Not everyone will own a utxo…altho every able bodied productive person can purchase one now…BTC is not a secret…those who choose not to (and their descendents) may well work to earn utxo’s from those who own them. Some will prolly share utxos in federations…capital...

I can’t with this question.

If we can get the cost down on an open dime type product similar to what an 2GB USB costs now (~$5) we can have small change exchanging hands without using the time chain.

and also those that can't afford to wait out the volatility swings

MCBitcoin · 87w

The vast majority of individuals and firms won't interact with L1 of the bitcoin network. Most will use a service provider like and ecash mint etc. BTC opens the door for new financial innovators to build on it without permission, as opposed to the tradfi system which has insanely high barriers to...

Less technical but more first principles: What does the world look like for people who can't afford a house? They rent a house, or an apartment.... Extreme freedom, sovereignty, and responsibility doesn't appear to be universal. It's far more common in men. Subtract 4 billion right off the top,...