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I'd suggest doing more research before commenting about things you don't understand. Layered Money by Nik Bhatia would be a good place to start. The concept o

I'd suggest doing more research before commenting about things you don't understand. Layered Money by Nik Bhatia would be a good place to start. The concept of layered system design, especially in money and technology, is not new. Ethereum is an inherently flawed system.

jrm4 4y ago
I'd suggest providing actual ideas, or better yet practice, instead of reading assignments? The reason I know more about Ethereum than Layered Bitcoin stuff is that that is what more people (myself included) are actually using today to do cutting-edge stuff on. Moreover, it's pretty easy to first-principle your way into why it's probably better; layered Bitcoin saddles you with a particular kind of technical debt -- you're literally trying to hack Bitcoin into something it wasn't intended for, and the Bitcoin code is of course mostly immutable. Ethereum, on the other hand,is built for it. Sure, all software has problems, but a car built from the ground up is likely going to be better than a Model-T with addons. (edit) Bahaha, I checked out the guys book. He's a Bitcoin Maxi who apparently quotes -- Nassim Taleb aka the guy who thinks that BTC will go to zero. Not looking like a worthwhile thing.
- djschnei 4y ago
  Calling Lightning a "hack" is like calling TCP a hack of IP. First principles of protocol design literally dictate layered modular stacks. Actual ideas: Bitcoin is layer 1 of the internet of value. It only needs to be secure, decentralized, and stable. It has one job; enforce digital property rights while maintaining the above characteristics (Think the internet layer: IP) Layer 2 (lightning, liquid, etc) build on top of the secure, decentralized, stable foundation of L1 Bitcoin and create standards/protocols for application/user comms (think the transportation layer: TCP, UDP) Layer 3 (Strike, TBD, Sphinx, CashApp, etc) applications to fulfill specific use cases built on top of layer 2 (think the application layer: all the things you do on the internet)

jrm4 4y ago

I'd suggest providing actual ideas, or better yet practice, instead of reading assignments? The reason I know more about Ethereum than Layered Bitcoin stuff is that that is what more people (myself included) are actually using today to do cutting-edge stuff on. Moreover, it's pretty easy to first-principle your way into why it's probably better; layered Bitcoin saddles you with a particular kind of technical debt -- you're literally trying to hack Bitcoin into something it wasn't intended for, and the Bitcoin code is of course mostly immutable. Ethereum, on the other hand,is built for it. Sure, all software has problems, but a car built from the ground up is likely going to be better than a Model-T with addons. (edit) Bahaha, I checked out the guys book. He's a Bitcoin Maxi who apparently quotes -- Nassim Taleb aka the guy who thinks that BTC will go to zero. Not looking like a worthwhile thing.

djschnei 4y ago
Calling Lightning a "hack" is like calling TCP a hack of IP. First principles of protocol design literally dictate layered modular stacks. Actual ideas: Bitcoin is layer 1 of the internet of value. It only needs to be secure, decentralized, and stable. It has one job; enforce digital property rights while maintaining the above characteristics (Think the internet layer: IP) Layer 2 (lightning, liquid, etc) build on top of the secure, decentralized, stable foundation of L1 Bitcoin and create standards/protocols for application/user comms (think the transportation layer: TCP, UDP) Layer 3 (Strike, TBD, Sphinx, CashApp, etc) applications to fulfill specific use cases built on top of layer 2 (think the application layer: all the things you do on the internet)