[serhei]

> After a lot of lunacy including running around in the backyard and driveway looking for a spot of coverage, we finally settled on a system of handwritten IOU notes, and most people had to buy in twice and have an appointed stranger promise to send them BTC later. > > I would argue that there were few people savvier than our group when it came to Bitcoin, and we were having this experience? I realized I was maybe a little too immersed in the hype to see where Bitcoin was falling short in usability.

Ironically, this is not too different from how the financial industry solved the problem of having trouble moving large quantities of precious metals. Lots and lots of IOU notes. Eventually, the IOU notes were so ubiquitous that the underlying precious metals could be dispensed with entirely, and we got fiat.