3 ms·
> Clearly not, with slow settlement and high transaction costs The secondary and tertiary layers are still not worked out yet. I don't follow lightning closel
by tejohnso 4y ago
> Clearly not, with slow settlement and high transaction costs
The secondary and tertiary layers are still not worked out yet. I don't follow lightning closely and I'll take your word that it is in a miserable state, however I don't see a fundamental problem. But even now I'm pretty sure Bitcoin is faster and cheaper than anything else for settling high value irreversible, remote transactions.
I think Bitcoin has plenty of potential but right now it's at a point where speculators are vastly outnumbering any other uses. So its potential non speculative uses are invisible or even hindered. It's also hindered because it doesn't have the backing of a powerful government forcing its use upon its citizens. The fundamentals are all still valid and nothing you mentioned proves that it cannot ever work as a currency. One that isn't controlled by a central bank and fractional reserve system that continually erodes the currency's purchasing power.
- lern_too_spel 4y ago> But even now I'm pretty sure Bitcoin is faster and cheaper than anything else for settling high value irreversible, remote transactions. Only if you ignore money transfer laws. If your transfer is legal, the alternatives are easier, cheaper, and faster. If you're willing to ignore the law, you might as well set up a bank that ignores the law and have that bank do the transfer orders of magnitude cheaper and quicker than Bitcoin.