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To use your phrase, all cryptos are shitcoin casinos. The difference between bitcoin and all the others are just one more shitcoin. The Lightning Network is fun
by hnthrow1010 4y ago
To use your phrase, all cryptos are shitcoin casinos. The difference between bitcoin and all the others are just one more shitcoin. The Lightning Network is fundamentally flawed and broken anyway [1]. If it actually did work in any capacity, it would still be nothing more than a poor bandaid on top of a broken system. The bitcoin developers have the ability to fix scaling problems by taking various measures (like increasing the block size limit) but refused to do so because doing so cuts into the profits of the miners. They don't want it to be a usable payment system. The community has shown repeatedly that they'll resist all efforts to do that because it reduces the amount of money they can make. Actually the design of bitcoin means that the miners profit much more from forcing people to continuously make useless transactions, not payments.
To be honest, payment systems are well-known for being a difficult, risky and low-margin business that are the front-lines of defense against fraud and malicious bots trying to take advantage of any tiny bug they can to swipe someone's funds. It's really not surprising that the crypto promoters have washed their hands of any responsibility about this, passing it around like a big game of musical chairs to whatever project makes the most empty promises it can about being a scalable solution (but still having no answer to the problem of massive fraud and bot attacks).
As for your second item, illegally circumventing capital controls in favor of a risky, unregulated offshore bank (that repeatedly denies they are a bank in order to avoid being shut down, because they couldn't possibly comply with banking regulations) is not actually helping anyone store or accumulate wealth in a developing economy.
[1]: https://blog.dshr.org/2020/01/bitcoins-lightning-network.html https://blog.dshr.org/2020/01/bitcoins-lightning-network.htm...
- rufusroflpunch 4y agoYour post demonstrates a clear lack of understanding about how Bitcoin works. 1) The Lightning Network is fine and stronger than ever. That >2 year old outdated post is meaningless. There are MANY more routing nodes than ever, and markets have sprung up that allow nodes to make profit around selling liquidity to other nodes. Lightning is bigger, better, easier and more private than ever, and it only continues to improve. 2) The Bitcoin developers do not control Bitcoin. The Bitcoin miners do not control Bitcoin. The nodes control Bitcoin. There are tens of thousands, at least, of full nodes. Bitcoin developers and miners have tried many times to change the consensus rules of Bitcoin, and have failed every time, because the node operators just wouldn't run the code. That's because Bitcoin is actually decentralized. The Bitcoin community reached a social consensus that the protocol consensus rules were probably never going to change, and it was preferable that they not change. Instead, the majority of the effort for scaling Bitcoin has gone into building higher Bitcoin layers, such as the Lightning Network. Also, if the Bitcoin developers cared about miner profits, they wouldn't have implemented something like SegWit which is a backward-compatible change which dramatically reduced transaction fees to miners. The truth is, no amount of block size or block time changes will ever make a cryptocurrency scale enough to remain decentralized and be a network for ALL payments. Building in layers is a sound engineering decision, and it allows people to create a payment network like Lightning without making potentially deadly trade-offs in the base layer.