3 ms·

You are correct on the Bitcoin-is-easy-to-trace point but transactions in the Bitcoin Lightning Network are instant and very cheap. Bitcoin is the only cryptoc

You are correct on the Bitcoin-is-easy-to-trace point but transactions in the Bitcoin Lightning Network are instant and very cheap. Bitcoin is the only cryptocurrency with guaranteed-not-to-change monetary policy and supply cap. That's because Bitcoin as a whole is uniquely hard to change. Monero is great but easy to change and so not a reliable store of value. Bitcoin and Monero need each other badly.

tromp 5y ago
In a few decades, when the block subsidy dwindles to insignificance, Bitcoin relies on a constant backlog of high fee paying transactions to provide security. If that cannot be maintained and Bitcoin becomes prone to 51% attacks, then one can imagine Bitcoin adding a tail emission. A cryptocurrency with a fixed emission of 1 coin per second forever is more guaranteed never to change, as it is already as simple, non-arbitrary and fair as possible.
- New_California 5y ago
  No, Bitcoin will never add tail emission, because 21m cap is the very definition of Bitcoin. If enough transaction fees won't come then Bitcoin would have failed. Monero is changing (hard-forking) regularly, so your point is broken on arrival - and I am saying this as Monero proponent. I love Monero but it is easy to change.
  - rtkwe 5y ago
    Then question is who/what will be providing the large number of paid on chain transactions required to maintain mining operations if Lightning takes over the majority of transactions? Your answer is kind of having it both ways Lightning makes transactions instant for users but there’s still enough transactions and thus fees on chain to provide enough mining revenue to protect against 51% attacks.
UncleMeat 5y ago
> Bitcoin is the only cryptocurrency with guaranteed-not-to-change monetary policy and supply cap. BCH didn't win, but it could have. It is not clear to me that BTC will never change monetary policy.
- New_California 5y ago
  BTC is monetary policy. People can hard-fork away with any monetary policy but that simply won't be Bitcoin. Would Bitcoin remain dominant over altcoin with changed monetary policy - that is another matter - and indeed not 100% certain.
lawn 5y ago
> Bitcoin is the only cryptocurrency with guaranteed-not-to-change monetary policy and supply cap. That's because Bitcoin as a whole is uniquely hard to change. This is the kind of crap Bitcoin maximalists love to push, but there's nothing unique about Bitcoin.
- New_California 5y ago
  Community is unique. You can't clone the community.
  - lawn 5y ago
    Said community changed the focus from digital cash to speculation first, and celebrate it as a success because "it makes it hard to change". And it's now celebrating centralized solutions as some sort of progress. Some community.
thesz 5y ago
For lightning network to serve more or less realistic amount of people and businesses, it needs to either have inordinate amount of channels (one-to-one) or it will have routing and fees may go up then, several times up. Lightning network transactions may end up not as cheap as they are right now.

tromp 5y ago

In a few decades, when the block subsidy dwindles to insignificance, Bitcoin relies on a constant backlog of high fee paying transactions to provide security. If that cannot be maintained and Bitcoin becomes prone to 51% attacks, then one can imagine Bitcoin adding a tail emission. A cryptocurrency with a fixed emission of 1 coin per second forever is more guaranteed never to change, as it is already as simple, non-arbitrary and fair as possible.

New_California 5y ago
No, Bitcoin will never add tail emission, because 21m cap is the very definition of Bitcoin. If enough transaction fees won't come then Bitcoin would have failed. Monero is changing (hard-forking) regularly, so your point is broken on arrival - and I am saying this as Monero proponent. I love Monero but it is easy to change.
- rtkwe 5y ago
  Then question is who/what will be providing the large number of paid on chain transactions required to maintain mining operations if Lightning takes over the majority of transactions? Your answer is kind of having it both ways Lightning makes transactions instant for users but there’s still enough transactions and thus fees on chain to provide enough mining revenue to protect against 51% attacks.

UncleMeat 5y ago

> Bitcoin is the only cryptocurrency with guaranteed-not-to-change monetary policy and supply cap. BCH didn't win, but it could have. It is not clear to me that BTC will never change monetary policy.

New_California 5y ago
BTC is monetary policy. People can hard-fork away with any monetary policy but that simply won't be Bitcoin. Would Bitcoin remain dominant over altcoin with changed monetary policy - that is another matter - and indeed not 100% certain.

lawn 5y ago

> Bitcoin is the only cryptocurrency with guaranteed-not-to-change monetary policy and supply cap. That's because Bitcoin as a whole is uniquely hard to change. This is the kind of crap Bitcoin maximalists love to push, but there's nothing unique about Bitcoin.

New_California 5y ago
Community is unique. You can't clone the community.
- lawn 5y ago
  Said community changed the focus from digital cash to speculation first, and celebrate it as a success because "it makes it hard to change". And it's now celebrating centralized solutions as some sort of progress. Some community.

thesz 5y ago

For lightning network to serve more or less realistic amount of people and businesses, it needs to either have inordinate amount of channels (one-to-one) or it will have routing and fees may go up then, several times up. Lightning network transactions may end up not as cheap as they are right now.