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0 sats \ 7 replies \ @justin_shocknet 23 Jul \ on: Tim Niemeyer here! President of IBC, author of History Echoes Bitcoin, etc. AMA! AMA
If fiat is gold's legacy due to it being imperfect money, what will Bitcoin's legacy be?
Bruh, imma need some time on that one lol
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If fiat is gold's legacy, LN and other layered solutions (which embody Bitcoin's properties) will be Bitcoin's legacy.
Not a super sexy answer, but...
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What are your thoughts on this, @justin_shocknet?
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That's a fair take, though I would nit that LN is Bitcoin, but everything else being fake layers are fiat analogous. These fake layer 2s will be Bitcoin's legacy if they aren't smothered in the cradle culturally.
I find it interesting that gold's relevance is almost purely cultural
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Agreed, but I'd say the relevance of gold is more historical than cultural; humanity was trying to express the properties Bitcoin embodies (i.e., scarcity, immutability, etc) with the tools and resources they had at their time in history; they were doing the best they could with what they had.
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Yea and I think they terms can be used interchangeably, history influences culture and vice-versa. We can see Bitcoin layering on to that culture not just scarcity and durability, but a desire for portability and verifiability, given how gold failed at these and paved the way for fiat.
Whether Bitcoin does enough to close the door to fiat (fake layer 2's) culturally can be judged only by history I guess...