Thread by @jimmysong

Bad Money Fragilizes and stories from this past week

#Bitcoin Tech Talk #280

Fiat money puts a lot of pressure on efficiency because of sticky prices. People don't like paying more money even when inflation makes their money worth less.

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As a result, businesses tend to get huge to get the cost savings of large scale. This has the effect of making everything really fragile. Instead of a lot of competition, we end up with only a few that can achieve that level of efficiency.

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That fragility is exacerbated by inflation, which causes disruptions everywhere in the economy. Because everything is so efficient and interconnected, even a small disruption in money tends to create giant ripple effects like we saw with the supply chain.

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In other words, bad money fragilizes the economy and the cumulative effect will eventually destroy it. This is the reality that we'll have to deal with as we wait for hyperbitcoinization.

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Bitcoin
zman proposes OP_EVICT as an alternative to OP_TLUV
a paper gives a solid counter to the selfish-mining attack
@voltage_cloud allows crowdfunding campaigns without a platform

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Lightning
@SimpleLightning explains payment channels
Severin Buhler examines LN payment speeds
@benthecarman has a tool to open channels straight from coinjoins
@StephenDeLorme critiques CashApp's UI

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Econ, Etc
@lopp explores the demographics of the users coming in to BTC
Well Ordered Wiki shows how Nostr works
@hodlhodl explains why they don't require KYC
@coinbase patches a massive exploit

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This and much more in

#Bitcoin Tech Talk #280

jimmysong.substack.com/p/bad-money-fr…

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read-through here: