[nybble41]

> Now, an L2 service could go lower but then they're taking on more risk which they'll want to be paid for and it's basically reinventing Venmo or Square Cash.

It feels like there is a subtle misunderstanding here: Credit cards are at least L2 systems, not L1. Physical cash, the foundational raw-unit-of-account layer most comparable to Bitcoin or Etherium, is the L1. Something like Venmo or Square Cash would be L3, built on top of the credit networks or electronic bank transfers which are themselves a layer of abstraction over transacting in cash.