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I never said "lightning network" won't work. I said that it doesn't matter. If bitcoin someday becomes a thing, it will just behave like dollar, nothing less. W
by owebmaster 9y ago
I never said "lightning network" won't work. I said that it doesn't matter. If bitcoin someday becomes a thing, it will just behave like dollar, nothing less. With more technology, someone or some corporation will find a way to concentrate more power. Then someone will come up with an idea of a new way to do transactions. Algorithms don't fix social issues. People fix social issues.
- vertex-four 9y agoIn response to my message saying that Lightning Network is only a year or so away, you said: > But it may probably not be a solution or take a couple of decades, like the scalability of Elon Musk's projects. But OK, if you meant something other than what you actually said, fine.
- owebmaster 9y ago> Bitcoin will never become the "world wide common digital currency": it's deflationary in the long term, very volatile int he short term, and transactions are expensive and slow. Maybe some other cryptocurrency could, but not bitcoin. You said that Lightning network would drop transaction costs thus making bitcoin workable. I said it would do nothing because the problem is not technical but social. But I don't mind if you understood a different thing.
- vertex-four 9y agoBitcoin could be workable, and be a world wide common digital currency, without starting a revolution, you realise. A dollar that I can send to people without a bank being involved is still a useful concept.
- owebmaster 9y agoI agree with you. I just don't think the banks and their private governmental armies will allow it to happen freely. And yes they can stop it. They probably are behing its creation, not a fake japanese alter-ego.