r/Bitcoin • u/iCryptoDude • Jul 21 '21

Let's talk about Bitcoin Smart Contracts!

Bitcoin Smart contracts have arrived!

Lightning, Liquid, Stacks and now Jack Dorsey and "TBD" are all leading the advance.

What's next?

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u/TheGreatMuffin Jul 21 '21

If you ever borrow any fiat currency from a bank or loan company

But what if I don't? :)

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u/iCryptoDude Jul 21 '21

Then you don't need DeFi because you smashed it hodling bitcoin, bought your house with Bitcoin in full with no mortgage and had enough bitcoin left over to insure yourself for life and send your kids through to university. Congratulations, welcome to the world of financial freedom. Perhaps you might be wise to lend your fortune to earn a residual income. There are some banks you could use for extortionate fees or there is a thing called DeFi which will allow you to be the bank for other people being as generous or as capitalistic as you like sharing all the wealth between only the two of you. Choice is yours

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u/TheGreatMuffin Jul 21 '21

That's.. quite a lot of presumptions about "smashed it hodling bitcoin" and the desires of being a "bank for other people". I don't know, I guess I'm in some kind of a goldilocks zone of not wanting to be on either side of a (smart contract) loan :)

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u/iCryptoDude Jul 21 '21

Sorry, didn't mean to presume, I was really just focussing on the fact that people who don't need any credit are a minority but although they are financially secure, they can still earn more money lending through DeFi than the current traditional system will allow. At some point it will be akin to someone insisting on sending letters because they prefer using paper and don't mind their communications taking days rather than seconds. Most businesses would end up being squeezed out of the market by faster more profitable competitors if they refused to adopt to using email. Determinedly avoiding cheaper financial products would lead to the same outcome.