@Momud
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Lighting IS great for small payments. But it you really think it's that secure, why not keep your BTC there instead? Running an LN node is a pain in the ass, I would never do it again. Do you run one?...
I don't have my own node right now, but with an Alby subscription, they provide you with a wallet that works for you 24/7 in the cloud, but you still have control over it (they also give you a permanent payment address). Actually if the balance in your Lightning wallet gets too big, it can easily be transferred to the mainnet wallet, the larger amount will be safe.
So what do you think about Zcash?
So what do you think about Zcash?
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There's a third option - adopt existing networks like the ones I mentioned.
"We should build L2's" - I've been hearing this for the past decade. How's that going? The problem is the L1 keeps getting...
Regarding L2, let's consider Lightning. I think the Lightning network is currently the fastest and cheapest payment network for everyday use. Moreover, as long as you don't leave the Lightning network, it offers Tor-like anonymity. Furthermore, everyone has the chance to run their own node, ensuring complete security. So, the Lightning network is currently very fast, private and secure. I think it's successful. It's also always open to technological advancement. Technically, there's nothing preventing me from making a Bitcoin Lightning payment with a QR code at credit card speed in a bar. It just needs to become widespread and adopted. Don't you think that's good?
By the way, I really respect Monero's level of privacy. My point is wouldn't it be better for everyone to build a Bitcoin L2 with a technology similar to Monero? Because you know, Monero has been delisted from many exchanges. But they can't delist BTC.
By the way, I really respect Monero's level of privacy. My point is wouldn't it be better for everyone to build a Bitcoin L2 with a technology similar to Monero? Because you know, Monero has been delisted from many exchanges. But they can't delist BTC.
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Sidenets don't have the security that Bitcoin L1 provides.
Yes, but none of them have the security of Bitcoin L1. Therefore, we have two options: creating a new networks or developing L2. Both options require creating a centralized networks. But if we choose L2, at least we use the L1 unit of value and are therefore secure. In the other networks, neither the network itself nor the unit of value is secure. Now the question is: Should the cryptocurrency community spend its energy constantly creating new networks and new forks, or should it build L2 networks that remain true to Bitcoin's vision of digital capital?
Why is the idea of creating an altcoin or a different mainnet failing? Simply put...
The idea of Bitcoin wasn't new. There were previous ideas for cryptocurrencies like ecash or similar, and the reason they failed or didn't work at all was their centralized structure. Therefore, Bitcoin's success seems to be fundamentally based on its decentralization. For this reason, making the network more centralized in the name of scalability and functionality is an existential threat to a cryptocurrency. However, creating more centralized second layers without interfering with the mainnet is more logical to solve scalability and functionality issues, and ultimately, we see that it is more successful today. Furthermore, the idea of creating a new mainnet inherently leads to an endless cycle, causing another one to be created, and then another... This essentially moves away from the goal of a "single network with limited supply" creating many networks with unlimited supply, like other fiat currencies.
The idea of Bitcoin wasn't new. There were previous ideas for cryptocurrencies like ecash or similar, and the reason they failed or didn't work at all was their centralized structure. Therefore, Bitcoin's success seems to be fundamentally based on its decentralization. For this reason, making the network more centralized in the name of scalability and functionality is an existential threat to a cryptocurrency. However, creating more centralized second layers without interfering with the mainnet is more logical to solve scalability and functionality issues, and ultimately, we see that it is more successful today. Furthermore, the idea of creating a new mainnet inherently leads to an endless cycle, causing another one to be created, and then another... This essentially moves away from the goal of a "single network with limited supply" creating many networks with unlimited supply, like other fiat currencies.
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Bitcoin will probably continue to increase in value, but that's just one half of the equation. This isn't a monolith, it needs to be adopted for day-to-day use, and if the base layer is trending towar...
In your opinion, over the next 20 years, will it make more sense for people and companies to rely on sidenets based on the security of Bitcoin's mainnet, or to use altcoins, which have weaker decentralization and constantly see new competitors emerging?
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And never forget, people who talk about "investing" in Bitcoin are either retarded or scammers.
Bitcoin is currency, not an investment.
I think you need to learn the definitions before expressing an opinion on a subject. Any instrument that you expect to protect you from inflation and earn you more money than inflation is an investment.
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There are many cryptocurrencies. But to beat Bitcoin, you don't need a better technology, you need a better idea. That is the point: Bitcoin is a combination of a philosophy, a community that embraces that philosophy, and a technology that makes it possible.
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Thinking about Bitcoin is very enjoyable.
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Bitcoin was originally a philosophy. It was about conserving capital or economic energy... For the first time in history Satoshi developed the technology that made it possible.
Bitcoin is something that belongs to all of us. Not a country, not a company, not a ceo... and that's its real power.
I don’t even know a whole BCH
But of Bitcoin Cash turns out to become the dominant version of Bitcoin, I really wouldn’t mind
Because these guys are actually shipping improvements to Satoshi’s...
If you create a new fork for every new feature "digital capital with limited supply" becomes meaningless because you'll be producing new coins every time. You can create more scalable, more faster, more anonymous (or something like that) features in the second layers. For someone who understands this fact, there is no investment vehicle other than Bitcoin.
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With a great system like Bitcoin Lightning available, why are platforms like Brave Browser and Odysee Video using their own cryptocurrencies as payment systems? They didn't even include Bitcoin as an option. Can someone explain a logical reason for this? However, they can run their own Lightning network, like many Nostr apps. Unfortunately, neither of those apps works well as payments (even though they're both Web3 apps I like). I guess they thought they'd make more money with their own cryptocurrencies, but right now their systems aren't even working properly.