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February 03, 2019, 07:19:44 PM
Merited by Dabs (1)


Based on history, you can assert that nobody needs bitcoin; however, we are living in a new world in which the computer and the internet has become a staple of modern human living.  Within these modern changes, bitcoin has the potential to serve a very central role in terms of individual sovereignty and ability to control some of his/her value holdings and transfers.  

You may be having difficulties understanding any "need for bitcoin" because you are trying to downplay the importance of modern living and perhaps you envision a world without modern communications.... perhaps a world in which gold and silver has a role, but since we are moving to a different kind of world and bitcoin has accomplished a kind of paradigm shift in what it is able to provide and likely to provide, you are deluded into thinking that no one needs it, merely because it had not existed before 2009, and really, has not achieved, so far, any kind of significant levels of adoption.

So, yeah, currently, we have a world in which less than  1% of the world has adopted bitcoin in any kind of tangible way, and that level of adoption still remains quite superficial.  Part of the reason to invest into bitcoin continues to be recognizing a vision in which its adoption increases and also it's value and utility will increase along with that.  If you do not hedge into bitcoin in any kind of way, then you will merely have to run after this bitcoin train at a higher price...

Nice write up, merited.

I wonder a little what would happen if a major bitcoin adoption happens through a gigantic LN hub, made by Square, or a few hubs like this.
Perhaps, Square is waiting on bakkt to become operational for the seamless exchange of $ (and other fiat) and bitcoin.

It is possible, but not very likely (considering the the fact that J. Dorsey "likes" bitcoin) that companies like Square will use btc (in LN form) as an underlying transactional mechanism, yet the user would not notice that they actually use bitcoin. In my opinion, this would be detrimental to the cause.

I still think that prioritizing the use of bitcoin in saving/store of value is likelier to result in bitcoin becoming that first (instead of being a transactional unit).