Damus
John Carvalho profile picture
John Carvalho
@bitcoinerrorlog
You're still conflating money, payments, settlement, and credit. This is why your replying with weird hot-air "fallacies" and metaphors.

Bitcoin does not need to scale (it could never) for every economic interaction on-chain. Layers, altcoins, stablecoins, etc, already concede that.

Bitcoin only needs to be censorship-resistant sovereign money with large-enough proof of work.

Lightning "scales" payments by reusing liquidity and delaying final settlement ... thanks to trusted unconfirmed transactions, not amazing protocol design.

Atomicity scales further by digitizing trust explicitly, so obligations can be routed, netted, and settled incidentally instead of pretending every meaningful economic act must be immediate final settlement. It's a mutual credit system. It coordinates trust where it exists, not as a last resort.

An occasional block increase does not solve for global retail, commerce, or finance. It just moves the bottleneck while increasing centralization pressure on validation and propagation.

The real fallacy is thinking Bitcoin failed because finance cannot be made fully trustless. Trust is not a bug in finance, nor for massively scalable payments. It is a requirement. Trust is the subject.

The gap is whether trust is explicit, contextual, and user-controlled, or, managed by institutions and platforms.

The next step is not pretending the base layer or LN should become Visa. The next step is building open payment and credit systems that preserves Bitcoin as the settlement anchor, to the degree its users require, not a crusade for Bitcoin domination.

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nostrich · 3d
Horizontal scaling on chain is perfectly possible. The only thing one needs to give up is Bitcoin maximalism. Meaning, I choose BTC for large settlement where I don't care about my privacy, while I use bcash or Litecoin or Nano or (you name it) for everything else. Their security assumptions are wa...
Rakan | راكان · 3d
trustless was never mentioned in the white paper, it was invented later and it is very inaccurate... bitcoin doesn't eliminate trust, it magically shifts it to a seemingly incorruptible ledger. as for open credit systems, im not sure how would that look like, but if it happens it will be not less i...
moonsettler · 3d
"You're still conflating money, payments, settlement, and credit. " no. i never make that mistake. what a weird claim. "Bitcoin does not need to scale (it could never) for every economic interaction on-chain. " that's a strawman. it's not my crusade at all. bitcoin fails if the vast majority of ...