Lightning Network Purpose
Mars and Cars
During the first week of the event I've read all sorts of comments, some saying I'll never download this scam app from the erep dev that wants to pump his startup, or wtf is this fake internet money, whats the point of playing 3 weeks and spending so much resourses on something worth 5$ all together its just such waste.
So lets address these allegations. Firstly, the tech and sats we are using here isnt exclusive. Many wallets are operated off-chain and are used for different purposes. Our current event is just a simple extremely basic introduction of how money can be send peer-to-peer, even with amounts smaller than a cent, anonymously, for free, worldwide and INSTANTLY, without any middle man or third party needing to verify my transaction.
The "fake internet money" comes mostly from people unwilling to do some research and choosing to be oblivious to most of the worlds problems. Jack Dorsey for example has been talking about native internet currency for over a decade, because it is just so important to have digital economy.
And I would like to mention the biggest point. Since most of us here live in 1st and 2nd world countries, most people dont think about what problems could 3rd world countries have, and how could this technology fix real life issues and save millions of lives.
Let mi give you an example with Zimbabwe. Did you know they actually have a 100 000 000 000 000 dollar bill - meaning 100 trillion dollars in 1 bank note. How could this happen? Are they all filthy rich? Exact opposite unfortunately, because their central bank is printing so much new currency, devaluating people's life savings almost overnight. Currently the infamous 100 trillion dollar bill is worth 0.4$ USD cents.
Lets think about how adoption in 3rd world countries would play out. People there are too poor, they dont have ID card, not to speak of banks and such. How about everyone gets a simple smartphone for 100$ or less, the country reserve opens an off-chain wallet and supplies everyone with some satoshis, just like erep is doing, and implements BTC as legal tender, just like El Salvador did last year. That way you are giving an extremey simple and inexpensive alternative that can work anywhere on the world with internet, breaking news Starlink is and will supply so many countries with space satelite internet, no wires needed, just a receiver. That way we will take billions of people out of poverty, give them a deflationary asset that they could actually save in, and appreciate over time.
At the end of the day the country can settle its transactions if needed on the base layer or just choose not to for certain amount of time.
Now imagine something that you couldnt print more, even if there was the need for it, what would happen? Its price will go up, since supply demand rule the market. Let's think about 6-7-8 years ago when Erepublik was actually giving BTC for some event, unfortunately then I was too young and uneducated, had no idea of monetary policy and properties of money. If they gave you the same amount, lets say 10 000 satoshis 8 years ago, they'd be worth over 100 times less.
Not an investment advice of course, but how about in 10 years btc isnt used and adopted only by 200mil people like today, but is used by billions of people and has solved hundreds of problems, even creating new industries. What do you think the price of 10 000 sats will be then, certainly not 5$ in my opinion 😉
Ask me questions, I'm willing to explain if you need anything 🙂
Comments
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Search "El Salvador Bitcoin" in Google. Go!!!! They have a lot of Ferraris now.
How Zimbabwe will get bitcoin?
Yes many BTC holders have impairments, like Mictrostrategy, Block,Tesla, thats fine. When people say Bitcoin crashed its dead, how about you buy one? Its only 20k$ if its dead maybe you can afford one, unfortunately you cant ,and definetely it hasnt crashed. How Zimbabwe will get Bitcoins? Extremely easy, instead of stupidly printing quadrilions and quintilions of dollars for nothing, you can use the government money to buy Bitcoin, that wont inflate away like your previous currency, also it will appreciate since its deflationary, also no country can forsefully take it from you, Like USA took 600 BILLION DOLLARS OF RUSSIAN RESERVES DURING WAR. Pretty much all countries have internet nowadays you know that right? You can buy it from an exchange, from any platform stock or crypto, and take it off the exchange, putting it into a safe cold wallet that cannot be hacked. You were commenting on my previous article as well, I believe its quite obvious to everyone reading you have absolutely no idea what you are talking about and are super shallow minded, My goal is not to change your mind, but help those who want to learn more.
I knew that you would tell me that Zimbabwe should print money to buy Bitcoin. And that tells everything.
Zimbabwe print money to pay debt. And buying Crypto will not solve nothing. They will still need to pay that debt.
I dont know much about Crypto. But you dont know the basics of "real economy" too.
What I see since the beggining its talking BTC like its money but all players want just trade it like a simple asset, buying low and selling high. And put the "real money" in "real Banks".
What you are completely oblivious to is history. You havent read a single page of any economy crash depression, monetary policy or debt issuance. Have you heard that the US is printing shitton of money to pay their debt too, but what happens then? The currency loses value, meaning the debt is worth much less when you inflate the currency supply. Meaning the money you print have less and less value, and in the case of buying BTC you are buying the hardest asset that cannot be inflated or printed away. You can produce more of anything with higher demand, only Bitcoin is scarce. You are completely oblivious to how banks operate and how fractional reserve banking has destroyed trillions of value. You just dont get it, but you can say I DONT GET IT, not just trash anyone that is Bitcoin proponent. You arent giving a solution, on the other side I am giving solutions to many problems. Maybe some day you will finally read a page or watch an educational video.
I never said the system is perfect. And I dont know a lot of history.
You are telling that Im not able to say "I dont get it" but at the same time you'r telling me that your truth its undeniable, the universal One. The solution that will give prosperity for all but just a group of people can see it.
And its not my intention trash the Bitcoin proponents. I want to trash the Crypto itself.
1 s = 23 cc.
Fundamentally I find it mindblowing that you can convert In game currency to actual real life money and use it to purchase something, send it to someone or hold it for appreciation. Currently yes, 1sat is 23cc, which is insane. Maybe in the future 1 sat will be 2300cc, meaning it 100x, wouldnt you have wanted to buy some more 😃