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I'm worried about #Bitcoin and it's got little to do with price. I'm going to lay out what I'm thinking and I'm hoping someone can point me towards facts that invalidate my concerns, so I can go back to stacking sats in peace.
RISK: #BTC is trending towards centralisation and may eventually recreate the same system we're on now, but with less transparency.
Assumption: BTC is meant to be a decentralised medium of exchange protecting it's users against monetary debasement while supporting self sovereignty and peer-to-peer transactions. BTC is "money for enemies" allowing us to transact without the need for trusted parties or intermediaries.
Background: With the recent spike in the fees collected due to influx in ordinals, it became clear that the base layer is going to get too expensive for most transactions, pretty quickly if adoption continues at the rate it's going.
Problem: Outside of the developed world where we have the luxury to pay higher fees, BTC is becoming less and less accessible and affordable. As fees rise on the main chain, users are pushed out to L2 solutions like #Lightning @lightning and #fedimint @fedimint . Unfortunately these solutions require some form or centralisation to work at scale. In the case of Lightning you can open your own channel, but the cost of opening and closing that channel is not yet practical or cost-efficient to do on a small scale and as such we are trending towards larger and more centralised node operators, which open the door to censorship.
This is problematic because the people who need it MOST are the people across the world who are outside the top 10% of global wealth. Whether you refer to them as developing nations or the "global south" these are the people who need Bitcoin the MOST. They are the ones who need #Decentralization the MOST. They are the ones who need protection from monetary debasement, authoritarian regimes and imperialistic western nations squeezing them for resources. And that is BTC's BIGGEST pool of opportunity for growth and adoption. We seem to be VERY quickly trending away from that. We as a community seem to be more focused on number go up technology that we're losing sight of why Bitcoin is important in the first place.
If as #Bitcoiners our response is basically... 'Meh. Oh well' or some derivative thereof, then we're knowingly excluding the population that needs Bitcoin the MOST.
Gratitude: Thank you for reading this far and I hope you understand that my concern is because I want to see the continued use and adoption of Bitcoin in the long term, not just in the next halving cycle.
“It is difficult to get a man to understand something, when his salary depends upon his not understanding it!”
Request: I'm happy to be wrong in what I see and how I'm extrapolating this risk. Please let me know where I'm wrong, and if I'm not wrong let me know what we're doing to address this. I'd love to hear from the #bitcoindeveloper community as well.
What I DO NOT want is to be shilled other coins, tokens, protocols, etc. The goal here is to address these concerns using #Bitcoin I've already been through the world of "altcoins" and POW stuff and have the scars to prove it. Lets keep it to Bitcoin please.
@gladstein @LukeGromen @FossGregfoss @PrestonPysh @saylor @LynAldenContact @WhatBitcoinDid @PeterMcCormack @QuestioningBTC @JeffBooth @VailshireCap @saifedean @jack @jackmallers @adam3us @coryswan @lnbits @JoeNakamoto @Boomstick44 @FumbleBTC @rickjanmolanus @BitcoinPierre @dylanleclair @LawrenceLepard @cryptoquick @scottmelker @wclemente @Dennis_Porter_ @lopp @jameslavish
Feel free to tag and retweet anyone or any entity that might be able to speak intelligently on this topic.
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