4 ms·

My questions are: * why Bitcoin, versus a cryptocurrency with low latency? * why not a stablecoin?

by baby 4y ago

varajelle 4y ago
* Using the lightning network, which the official app use, there is no latency. * Because the whole point is to be independent from foreign currency
- kzrdude 4y ago
  We hear very little about lightning. Is it used much? Works well?
  - randomhodler84 4y ago
    Yeah, it rocks!! Love Lightning. I send sats to friends and family who can exchange them for goods and services in their local currencies. It’s almost instant and very low or zero fees. I recommend checking out BTCPay server, it is a full BTC node, LN node and payment invoicing system. Integrated into e-commerce platforms and apps.
    - baby 4y ago
      But you're using it through a service that uses lightning and custodies your funds? Or you are managing your own channel?
      - randomhodler84 4y ago
        Uh, it’s me. Of course I’m running my own node and managing my own channels!! BTCPay is sweet man, check it out. Ride the Lightning is a nice webui for LN
- rmac 4y ago
  i just decompiled the most recent android chivo app. It does not have a lnd client on it. It looks like the government ARE running a lightning node as part of the service, however: https://davidgerard.co.uk/blockchain/2021/08/24/el-salvador-chivo-network-back-end-leaked-200-atms-bitcoin-trust-fund-law/ https://davidgerard.co.uk/blockchain/2021/08/24/el-salvador-...
  - baby 4y ago
    I'm wondering about the Strike app also that twitter is using. My guess is that none of these apps actually handle keys, and the backend is an exchange using lightning network. I've always seen the lighting network as a not great solution unless it is used between exchanges (think Coinbase <-> Binance). If it were to be used by users directly, you'd still have to pay the user-cost of receiving enough (takes time) and then establishing a channel.
ArtWomb 4y ago
>>> why not a stablecoin? Berkeley Labs hypothesizes a "thermodynamically" stablecoin. If that experiment fails, there may be no hope for defi ;) ‘Holy grail’: Researchers create physics-based cryptocurrency https://www.dailycal.org/2022/06/20/holy-grail-researchers-create-physics-based-cryptocurrency/ https://www.dailycal.org/2022/06/20/holy-grail-researchers-c...
- jkepler 4y ago
  Bitcoin is already thermodynamically secured by proof-of-work, as miners burn electricity for the right to add new blocks of transactions to the blockchain. The ESG crowd can criticize energy use, but human civilization flourished with abundant energy (and that energy allows building of wealth to be able to afford a clean environment for all creatures); energy use secures bitcoin.
  - baby 4y ago
    can we please stop posting bullshit comments like this
    - randomhodler84 4y ago
      It’s not bullshit comment, and the fact you are still saying this means you don’t get it! How you can be so deep in the shitcoin game and still not understand is troubling to me for a man of such intelligence.

My questions are: * why Bitcoin, versus a cryptocurrency with low latency? * why not a stablecoin?

by baby 4y ago

My questions are: * why Bitcoin, versus a cryptocurrency with low latency? * why not a stablecoin?

* Using the lightning network, which the official app use, there is no latency. * Because the whole point is to be independent from foreign currency

kzrdude 4y ago
We hear very little about lightning. Is it used much? Works well?
- randomhodler84 4y ago
  Yeah, it rocks!! Love Lightning. I send sats to friends and family who can exchange them for goods and services in their local currencies. It’s almost instant and very low or zero fees. I recommend checking out BTCPay server, it is a full BTC node, LN node and payment invoicing system. Integrated into e-commerce platforms and apps.
  - baby 4y ago
    But you're using it through a service that uses lightning and custodies your funds? Or you are managing your own channel?
    - randomhodler84 4y ago
      Uh, it’s me. Of course I’m running my own node and managing my own channels!! BTCPay is sweet man, check it out. Ride the Lightning is a nice webui for LN
rmac 4y ago
i just decompiled the most recent android chivo app. It does not have a lnd client on it. It looks like the government ARE running a lightning node as part of the service, however: https://davidgerard.co.uk/blockchain/2021/08/24/el-salvador-chivo-network-back-end-leaked-200-atms-bitcoin-trust-fund-law/ https://davidgerard.co.uk/blockchain/2021/08/24/el-salvador-...
- baby 4y ago
  I'm wondering about the Strike app also that twitter is using. My guess is that none of these apps actually handle keys, and the backend is an exchange using lightning network. I've always seen the lighting network as a not great solution unless it is used between exchanges (think Coinbase <-> Binance). If it were to be used by users directly, you'd still have to pay the user-cost of receiving enough (takes time) and then establishing a channel.

ArtWomb 4y ago

>>> why not a stablecoin? Berkeley Labs hypothesizes a "thermodynamically" stablecoin. If that experiment fails, there may be no hope for defi ;) ‘Holy grail’: Researchers create physics-based cryptocurrency https://www.dailycal.org/2022/06/20/holy-grail-researchers-create-physics-based-cryptocurrency/ https://www.dailycal.org/2022/06/20/holy-grail-researchers-c...

jkepler 4y ago
Bitcoin is already thermodynamically secured by proof-of-work, as miners burn electricity for the right to add new blocks of transactions to the blockchain. The ESG crowd can criticize energy use, but human civilization flourished with abundant energy (and that energy allows building of wealth to be able to afford a clean environment for all creatures); energy use secures bitcoin.
- baby 4y ago
  can we please stop posting bullshit comments like this
  - randomhodler84 4y ago
    It’s not bullshit comment, and the fact you are still saying this means you don’t get it! How you can be so deep in the shitcoin game and still not understand is troubling to me for a man of such intelligence.