/biz/ - Business & Finance

Let’s look at two more quotes to be sure Satoshi and Szabo don’t agree.

Szabo: “…we can have multiple protocol layers instead of separate kinds of physical objects. Bitcoin the settlement & large payments layer is the “gold”; layer 2s or 3s used for retail are the “silver” and “copper”, smaller but pegged to layer 1.”

Satoshi: “Gold mining is a waste, but that waste is far less than the utility of having gold available as a medium of exchange. I think the case will be the same for Bitcoin. The utility of the exchanges made possible by Bitcoin will far exceed the cost of electricity used.”

Satoshi and Szabo both refer to gold, but while Szabo called gold a settlement too, Satoshi specifically calls it a medium of exchange in his comparison to Bitcoin. In other words, Szabo thinks Bitcoin is for settlement while Satoshi thought Bitcoin was for payments. Szabo is a small-blocker, Satoshi was a big-blocker.