52 sats \ 0 replies \ @DiedOnTitan 17 Jun \ parent \ on: Bitcoin Circular Economy - a hard to achieve goal for many people bitcoin
Agreed. The thesis I am mentally working out before writing up a post on this topic is that there is a chicken and egg paradox preventing retailers from adopting Bitcoin. Retailers don't want to trouble themselves with Bitcoin until there is mass adoption, and people won't adopt Bitcoin until there is ubiquitous retailers accepting it. It is wasted energy trying to get retailers to accept Bitcoin.
What will happen are use cases where fiat simply cannot compete for specific types of economic activity. Bitcoin, Lightning, NOSTR, and eCash, the "stack", enable new economic functions that fiat simply cannot compete with, like zapping pennies or even fractions of a penny right here on @sn. And the IoT universe will use the stack for transacting in purely automated and digital ways. KYC regulations will be the ball and chain that doom centralized entities like Visa/Mastercard from competing in the IoT space.
We think of Bitcoin as a layer on top of the Internet. I argue that we can rebuild the Internet on top Bitcoin. Imagine remaking email so that it costs 1 sat to send. Spam is immediately eliminated. And the quality of each email just went up by several orders of magnitude. Free email is not free for the recipient to waste their time with.
And digital advertising, the bane of the Internet, enriching a few centralized entities like Google and Facebook, while sucking time and resources from billions of people can be flipped and inverted. Companies that want us to look at ads can zap us for our valuable time directly, disintermediating the middle men and removing fiat from the equation as per Brian Harrington's first video and distribute the trillion dollar ad revenue in sats back to the people. If everyone is getting zapped, adoption will skyrocket. And retailers will capitulate. Thanks @darthcoin for posting these 2 videos. And @jimmysong FIAT DELENDA EST indeed!