Let's ignore price/ROI for a minute and think purely about the desired end state for crypto technology and what sort of requirements we have for it to receive mass adoption. For a system to improve on the existing banking infrastructure, is it your opinion that layer one must be fully trustless? And is it your opinion that being able to buy coffee using layer one (meaning it is fast and inexpensive for mass amounts of users to simultaneously transact peer to peer on chain) is critical?
A lot of new layer one are going be worthless when all the products built on top can switch chains so easily. Value accrue on dapps not chains
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When I think about adoption, I think about guarantees and invariants. I think about fundamental improvements over existing systems. I think about trying to motivate people to move away from their traditional banks and credit cards into using an entirely new system by providing *real* utility, utility not found in legacy systems. In my view, the benefit of cryptocurrency in its most pure form is guaranteed liquidity. No state or non-state actor can lock your wealth up or devalue it without your consent. Traditional banks do not provide that guarantee for a plethora of reasons. You need to trust the state that controls the currency, the bank that holds it and the individuals that are behind the wheel of both of those institutions. A "perfect" cryptocurrency, one that is scalable and guarantees liquidity, in my view, must be trustless. It must also have high throughput and low latency. I do not see any existing cryptocurrency that is fully trustless and scalable right now. I had hope that DAGLabs was going to work their magic, but they seem to have failed and pivoted. I am still on the search for something that delivers on the mission of the Bitcoin white paper, but all I see are asshats circlejerking about price. If cryptocurrency is to ever gain adoption (which will then *lead* to a high price due to demand), it must be BETTER than traditional banking. Merely recreating the same pitfalls of legacy infrastructure is not going to convince Billionaires to divest from fiat. It hasn't before and it won't in the future. Crypto must actually be, at the fundamental level, better. If you have to trust a third party with a layer two solution just to buy coffee, you aren't providing a system which is fundamentally better. It may be incrementally better, but incremental improvement without guarantees does not create the right incentives for fiat divestment.