399 sats \ 0 replies \ @nerd2ninja 27 Feb \ on: ❓ Would You Still Consider Bitcoin a Success If ... bitcoin
Yes? Wealth concentration was never a fail condition in my mind. The fail conditions for me are more about whether we shake custodians or not.
There's actually 3 fail conditions I think of specifically (because people have gone and made very complex things that I've had to explain my disdain with)
- Rehypothecation risk If we can fail due to rehypothecation and move and learn from it, then we take a temporary fail (hopefully limited in scope fail) and turn it into a win long term.
- Theft risk (as a constant normal part of using the protocol) It was weird how I had to separate rehypothecation from theft risk, but it became necessary in explaining my distain for certain things people built. Again this can be limited in scope (individuals being at a loss for how to protect themselves) or at scale (entire countries using custodians and being at risk of being rugged) which means individuals can fail or entire countries can fail.
- Censorship risk If you can't send to someone you want to send to, and you can only send to people, as an example, who would give you a bad deal, that's a fail.
If these failures are systemic and impossible to correct with effort no matter how long that may take for either technical or social/cultural reasons, then that in my mind is an absolute and total failure.