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I still find lightning incredibly ironic. To me, it looks like: * Gold =~ Bitcoin (2009) * Gold Standard =~ Lightning Network (2018) * Fiat Currency

• gruez 9y ago
  > * Gold Standard =~ Lightning Network (2018) the crucial difference is that nothing is held in reserve. ie. you don't have to trust that the bank is going to run away with your deposits.
  • bunderbunder 9y ago
    Savings and loan banking, and the risks associated with it, is a separate thing from the basis of the currency. If Bitcoin-as-a-currency ever develops to the point that you can have a bitcoin-denominated savings account that earns interest, your bitcoin-denominated assets that you place into such an account will be just as susceptible to bank insolvency as any other kind of money you can deposit in a bank. That, and, I think you have the analogy backwards. It's not that nothing is held in reserve - that would be Tether ;) - it's that everything is held in reserve.
• tim333 9y ago
  Fiat currency would probably be something like Fiat = Cardano (2019) or one of the other proof of stake non mining coins. (Or Credits tokens - buy those! I'm long them.)