Would you agree that the most important conclusion to draw from your assessment of the incentives is the following?
"Store of value (SoV) is the most important goal/property.
SoV is more important t...
I'd say both SoV and MoE are important.
Storing the value part needs to be decentralized and secure, otherwise, we're just doing fiat 2.0.
I like the idea of the architecture (minimal L1), but the execution is terrible.
For the vast majority of users, Bitcoin's L2s are centralized, insecure, and fully KYC'ed . For the remaining small minority, they are extremely inconvenient.
So for most, L2s are similar to using a credit card (not real Bitcoin).
Adoption of real Bitcoin as MoE hasn't materialized because the UX isn't there, usage is taxed and inconvenient, and all of the drama that comes with constant external and internal attacks.
We are here:
Storing the value part needs to be decentralized and secure, otherwise, we're just doing fiat 2.0.
I like the idea of the architecture (minimal L1), but the execution is terrible.
For the vast majority of users, Bitcoin's L2s are centralized, insecure, and fully KYC'ed . For the remaining small minority, they are extremely inconvenient.
So for most, L2s are similar to using a credit card (not real Bitcoin).
Adoption of real Bitcoin as MoE hasn't materialized because the UX isn't there, usage is taxed and inconvenient, and all of the drama that comes with constant external and internal attacks.
We are here: