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0 sats \ 1 reply \ @cointastical OP 2 Feb 2023 \ on: Lightning network is a lifesaver for the economy when more of us have no savings bitcoin
In the title I had wanted to use the words "could be a lifesaver" instead of "is a lifesaver", as I am not certain of this, and certainly haven't studied it. But the title would have then exceeded the maximum length allowed on SN.
Some things I found in trying to understand more about how bitcoin relates to the velocity of money.
BTC010: Bitcoin & Layered Money W/ Nik Bhatia (Thoughts on the Velocity of Money segment begins at 0:32:25) https://www.youtube.com/watch?v=FkW31xHP95o&t=1945s
Bitcoin mitigates the inherent limitations of traditionally sound stores of value while also harboring the potential to meet today’s monetary velocity needs as a medium of exchange. For this reason it has entered the contemporary financial whirlwind as a great decomplexifier. It introduces a natively digital token with immediate cash finality, while simultaneously assuring holders of a fixed supply by way of a decentralized ledger. BTC is also the first ever digital bearer asset, and it can be self custodied with no counterparty risk.
https://lookingglasseducation.com/fixing-broken-fiat-plumbing
The technology of bitcoin allows you to build a system, peer-to-peer, that doesn't require debt for velocity of money. And what I just said is probably the most important thing about bitcoin.
https://twitter.com/Blue_CollarBTC/status/1533468408217587713 [Nitter]
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0 sats \ 0 replies \ @cointastical OP 3 Feb 2023
Even fiat has kind of slow settlement times.
Lyn Alden in BCB091, Solving The Money Velocity Problem | Blue Collar Bitcoin 📺 #123659
In the last Tweet of this Twttter thread is:
Broad Summary: Settlement intermediates create time delay and require debt to function.
Because bitcoin can settle “physically” at the speed of light, money velocity is no longer constrained by debt.
https://twitter.com/lylepratt/status/1533609704244629507 [Nitter]
Here's a paper that looks at velocity of money for "crypto", but I didn't do much more than skim it.
Cryptocurrencies and the Velocity of Money https://cryptoeconomicsystems.pubpub.org/pub/pernice-cryptocurrencies-velocity/release/9
Another paper that I didn't do much more than skimming for nuggets:
MicroVelocity: rethinking the Velocity of Money for digital currencies https://arxiv.org/pdf/2201.13416.pdf
This following Reddit post (and concepts) is describing a somewhat related concept. It was interesting. Just thought I'ld share.
nobody seems to be discussing this (money theory and lightning network) https://reddit.com/r/BitcoinMarkets/comments/8qtwvd [Teddit]
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