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I think this article kind of misses the point. The best thing that came out of Bitcoin isn't Bitcoin itself, it's that it's the progenitor and catalyst to more
by jschrf 5y ago
I think this article kind of misses the point.
The best thing that came out of Bitcoin isn't Bitcoin itself, it's that it's the progenitor and catalyst to more useful and interesting things like DeFi, smart contracts, distributed governance, and all sorts of ideas and future tech.
Simply saying that Bitcoin is garbage and should fail is a bit like looking back at the tree of life at some goopy half fish, half land creature, and saying "look at this crappy thing, I hope it fails".
- wmf 5y agoYou could apply very similar analysis to DeFi, smart contracts, etc. In practice they appear to be second-order gambling systems for people who find L1 gambling not exciting enough.
- ash 5y agoWhat's L1?
- kharak 5y agoL1 = Layer 1. Example of how I understand it with gold: L1 is gold itself. L2 would be currencies with gold backing. L3 would be bank / credit card services based on that currency. Bitcoin: L1 is Bitcoin itself. L2 are certain technologies, like the Lightning Network, that allow for bundling of transactions. L3 would be service providers who use L1 and L2 Bitcoin technologies in the background. Someone correct me if I'm wrong.