Calls to Action. Thoughts on Ensuring Success of Peer-to-Peer Cash
Let's define terms
16 years have passed since Genesis block, Bitcoin is ticking in two branches of BTC and Bitcoin Cash. Bitcoin Cash is a Bitcoin, it's more elegant chain, but has lesser network effect. ASERT and ABLA are important improvements. I consider Segwit and RBF sand in the Bitcoin machine. By p2p cash on this forum I mean the crypto iteration, Bitcoin 2015 and BCH, if you will. By network effect of a given crypto I mean amount of people engage with protocol in various manner, in concentric circles: being aware, talking, having coins, running a business, creating infrastructure of hardware and software
My estimation is that network effect of BTC is much greater that this of DOGE, BCH, XMR, LTC (other biggest open blockchains) and ETH (most decentralized private money, closed in 2022)
I don't agree that custodianship trend is caused by higher fees on BTC, p2p cash is the problem, so to speak. I think it's due to level of sophistication that is needed to securely manage one's private keys. BIP39 was important step there long ago. But nothing significant happened since. Managing keys with Electon Cash or Selene on BCH is fundamentally the same as doing so on Electrum back in 2015 over unified Bitcoin chain - from operational security standpoint. This is my perspective: while both operating coins and teaching willing people - technical barrier is just too high
User DangerHighVoltage111 (now deleted for some reason) was responding to me in several threads about importance of p2p cash philosophy. And he created a thread with a call to action of not listening to sirens, presumably myself included - and to teach people
My post is a call to action as well:
education: as DangerHighVoltage111 called, I also call for teaching willing people whenever possible, maybe I am simply wrong about severity of key management problem and growth of network effect of BCH would take care of everything
uncensorable speech: there is tremendous unrealized value of uncensorable speech, potential to overlay all content on the Internet with built-in monetization and user-moderated rating system and commentary, serverless, as hashes on chain (BitTorrent seems the best fit) and well-thought UI unwrapping it: allowing users to bootstrap from zero, without DNS-dependence, locally follow and engage in monetization, donate to content providers. Something, that Memo fell short off, extremely unfortunately. I'm calling for smarter people than myself to develop it (meanwhile, I need capital, and hopefully will have extra at some point - to sponsor it)
PoW, low fees, UTXO system and improvements in OP_RETURN make BCH the best posed open blockchain for this
Hopefully, shattering god-awful ad-based data mining Internet of 2025 to pieces. Admittedly, a big ask
- key management: I call for capable people to think about jump to BIP39 and standing still since then, maybe software solution exists which could turn crypto p2p cash into a tool that is as easy to manage as physical cash - which is life saving for poorest productive people across the world
I stand for maximizing economic freedom, and I also stand for not being blind about dynamics in the real world. I'm both heavily allocated in BTC and not giving up on BCH for a reason
Hit me with your thoughts, Bitcoin and Bitcoin Cash proponents
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