A valid concern for me as well. Trusted third-party solutions seem like the only way bitcoin scales for everyday payments. If that's the case, the goal would be figuring out how to make the trust required to be as miniscule as possible and or distributed across many custodians.
I'm keeping an eye on the Liquid federated security model and also on eCash ideas where multiple mints back the tokens. I'm hopeful that this problem can be solved. It is also why I see a possible future where physical silver and gold can return as a daily, in-person Medium of Exchange (trustless bearer assets) and bitcoin captures the Store of Value role.
With that said, we may just end up with trusted, third-party custodians for small payments, and real, on-chain bitcoin for Store of Value meaning 99% of global population does not have enough savings to justify real, on-chain bitcoin and has to trust someone to custody their bitcoin. They didn't refer to silver as "poor man's gold" for no reason. Silver and gold could become "poor man's bitcoin."
Minnaar
npub137…6375k
2024-04-11 15:01:39
in reply to nevent1q…c27z
Author Public Key
npub13700uhjmtvfl49n4drcr0qg7rk863m8rzqdgceddpfwh2ejlumdqn6375kPublished at
2024-04-11 15:01:39Event JSON
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"content": "A valid concern for me as well. Trusted third-party solutions seem like the only way bitcoin scales for everyday payments. If that's the case, the goal would be figuring out how to make the trust required to be as miniscule as possible and or distributed across many custodians.\n\nI'm keeping an eye on the Liquid federated security model and also on eCash ideas where multiple mints back the tokens. I'm hopeful that this problem can be solved. It is also why I see a possible future where physical silver and gold can return as a daily, in-person Medium of Exchange (trustless bearer assets) and bitcoin captures the Store of Value role. \n\nWith that said, we may just end up with trusted, third-party custodians for small payments, and real, on-chain bitcoin for Store of Value meaning 99% of global population does not have enough savings to justify real, on-chain bitcoin and has to trust someone to custody their bitcoin. They didn't refer to silver as \"poor man's gold\" for no reason. Silver and gold could become \"poor man's bitcoin.\"",
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