LN relies on middle men (channel partners, route hops)
bitcoin does not rely on middle men
Bitcoin relies on nodes to broadcast messages across the network. That seems to be the same level of "middle-men" as you call it. LN does not have a blockchain.
bitcoin does LN doesn't need a blockchain it's an L2. LN is a co-sign co-custody authorisation required system
Whether it's a co-sign/co-custody system is irrelevant. LN is a scaling solution that brings people more flexibility. You can't say LN does damage to the ecosystem. |
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LN is not a layer 2 solution. its a altnet that many coins can peg to. its not even unique feature just for bitcoin.
its not a solution. its an off ramp to get people to stop using the bitcoin network.
LN cant even guarantee 'payment success'. even one of the most famous advocates of LN recently revealed a over 70% payment fail rate of his routes in the last 3 months. so its not a solution at all. its an alternative network
I'm sorry but, by definition, LN is certainly a layer 2 solution. It settles all on the base chain. Also, if you're having 70% of your payments fail, it is the operator that is doing something wrong. I have made 100's of LN transactions and not one of them have ever failed. |
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When I was in high school (2011), I wanted to buy a fake ID.
This led me to the Silk Road. They only had one accepted form of payment..
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As long as they can spend their earnings on important things the people care about (not $4,000,000 animal hospitals) I think they will do just fine.
They have done a great job of promoting bitcoin and showcasing the Lightning Network to the entire world.
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If you're going to ask Bitcoiners in general, mostly the answer you're going to receive is the Lightning Network[1] which is slowly but surely being developed right now; which allows instant and near-zero transaction fees. Though usable, the UX is currently not the best. Probably a controversial opinion, but if you're personally fine with submitting AML/KYC to centralized entities, the so called "Bitcoin debit cards" are the way to go; whereas you hold bitcoin on the Bitcoin debit card's wallet app, and the app automatically sells bitcoin for fiat everytime you make a purchase.
[1] https://lightning.network/My 2 satoshis on this reply! Same opinion here as well! LN is the best option going forward which can make bitcoin transfers cheaper and faster. It uses a sidechain and broadcast multiple transactions in batches to save the cost and time. So this is the future for payment using bitcoin. LN is not a sidechain. It is a layer-2 solution. Sidechains include things like the Liquid Network and Stacks Protocol. Layer-2 solutions do not rely on their own native blockchain. There is no lightning block explorer. It is all settled on bitcoin's blockchain. Sidechains have their own native blockchain. I always like to say, layer-2s are built on top of bitcoin's blockchain while sidechains run alongside it. |
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I have a feeling swift (or a rebranded version) will be integral to many countries CBDC's. If not all.
I am a huge fan of the lightning network and what it aims to achieve. I run a c-lightning implementation.
Nonetheless, layer-2s such as this will be targeted by many governments because of its aims to replace their currency as the medium of exchange.
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Yes, every-day bitcoin purchases will eventually be quite mainstream. Global? Probably not.
The honest truth is that countries will fight for their CBDC's role in their respective economy. Many countries will not be please to see a mass exodus of their currencies users. To combat this they (like India) will aim to ban bitcoin as a medium of exchange, but not as an asset class.
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We still have to take what Jack says with a grain of salt.
We don't need another Elon Musk situation where people are idolizing him because he is saying what everyone wants to hear.
The honest truth is governments will fight to ensure their CBDC has a key role in their respective economy. We will see many more countries like India that aim to ban bitcoin as a medium of exchange. It will be okay to hold it as an asset, but many countries will push back on it being used for everyday purchases.
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If you recall back months ago, news outlets were touting headlines regarding China having a 0% share of the global hashrate. https://en.cryptonomist.ch/2021/10/18/bitcoin-mining-china-hashrate/https://maxbit.cc/bitcoin-mining-china-now-has-0-hashrate/https://coindesk.cc/bitcoin-mining-china-now-has-0-hashrate-50346.htmlEven the University of Cambridge's Cambridge Bitcoin Electricity Consumption Index shows that China is not mining anything. https://ccaf.io/cbeci/mining_mapWhen I had first heard this news I was quite skeptical. I just couldn't believe that there was nobody mining bitcoin within China's borders. Data from a Chinese cybersecurity company Qihoo 360 estimates an average of 109,000 bitcoin mining IP addresses active daily in China. This is a whole lot more than zero. The miners that remain, though, are smaller-scale projects that did not find it feasible to just pick up and leave. They did not have the luxury of packing up on a helicopter and shipping their operation to Kazakhstan as did many of the larger-scale miners did. The same cybersecurity company also stated that as much as 20% of the world’s bitcoin miners are estimated to still operate within China. The provinces of Jiangsu, Zhejiang, Guangdong, and Shandong are where the majority of these miners reside. Or at least that's where the connections are being made from. I struggle to imagine the amount of hoops such operators would have to jump through to ensure a safe operation. The report states that many of the miners are able to take advantage of their small size and spread out their operation across multiple sites to ensure none of them stand out from the others. They are also using electricity sources not connected to the country's grid such as dams. Furthermore, miners have to work with foreign mining pools willing to sign them up despite the ban. This goes to show you there is absolutely nothing anyone/anything can do to keep people from participating in our decentralized network. Sources: https://mp.weixin.qq.com/s/E3MzWQ-XT55wIC7S8FYD7whttps://www.cnbc.com/2021/12/18/chinas-underground-bitcoin-miners-.html |
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This morning was the first time I noticed this message on the homepage of bitcoin dot org. On 28 June 2021 the High Court of England and Wales made an order in Claim No. IL-2021-000008 between Dr Craig Wright and the person or persons responsible for the publication of this website whereby such person or persons were restrained from infringing Dr Wright’s copyright in the Bitcoin White Paper. The claim was not defended, and judgment was entered in default. A copy of the order is available at the following link: https://bitcoin.org/IL-2021-000008-Wright-v-Cobra.pdf. I am not one that understands legal jargon, so could someone explain what exactly this is saying? Why is this important? |
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One of the largest roadblocks I have in defending bitcoin (and cryptocurrency in general) is when people compare it to a Ponzi scheme.
There is plenty of bitcoin FUD that is easy to defend, but when people pull the Ponzi-card, that is when I begin to get agitated. This is because I don't have a sound argument to combat this claim.
For those who are not readily familiar; A Ponzi scheme is a form of fraud that lures investors and pays profits to earlier investors with funds from more recent investors. The scheme leads victims to believe that profits are coming from legitimate business activity, and they remain unaware that other investors are the source of funds.
People compare bitcoin to a Ponzi scheme because the price increases when more money flows into the underlying asset. If I buy for X and sell for X+100 that 100 profit of mine came from another person who bought into the scheme after me. In the eyes of many, this is dangerously close to how Ponzi schemes generate value.
What is the best argument against the Ponzi scheme narrative?
In what ways are Ponzi schemes different from bitcoin?
How do they generate value differently?
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I do agree with the second part of the statement, I really want to avoid promoting alts as to not distract the students from the true store of value. Since you're a math teacher: how about an exercise to calculate how much Bitcoin they would have had if they would have invested 25% of their entire allowance since the first time they received it? That's probably also a good moment to emphasize that exponential growth in value will probably turn into an S-curve at some point. Very interesting you say that. We are beginning a unit after Christmas centered around % increases/decreases. I am sure I will be able to incorporate this into a highly effective lesson. |
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You must be in a third world country or a very poor area for some students not to have cellphones? Well, a lightning network node does not have to run on a cellphone ..and you surely have some computers or notebooks that you can use to demo these transactions?
In a way, I think you are doing something that might deviate from your love of Bitcoin. The more Alt coins we add to the Crypto currency scene.. the less interest will be in Bitcoin and that is your passion ... right?
Couldn't be further from the truth. I live in a considerably powerful country that has one of the highest standards of living around. 10-12 year olds are at that age where some parents want them to have a phone, and others dont. I do agree with the second part of the statement, I really want to avoid promoting alts as to not distract the students from the true store of value. |
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Hello, I have a couple of questions to answer and then I would answer yours.
- First things first. Does the school approve of what you're teaching to your students? Teaching blockchain, smart contracts and Bitcoin are something that even computer science departments in higher education don't do. Curious to kniw the circumstances surrounding your teachings.
- Do your maths students have prior dev experience before going off to learning how to create tokens?
As for your question, there are plenty of things about Bitcoin (if it's allowed in the school) that doesn't necessarily involve development activities or everyone to have a phone. You can just teaching them the theories and concept of bitcoin and open finance. There's more than enough topics to cover.
The school has no issue with me teaching anything blockchain-related. I had already taken that up with my bosses before attempting. Remember this is only for a total of 2-3 days over the entire school year. My students certainly do not have any dev experience outside of using coding dot com. As far as "just teaching them the theories and concepts of bitcoin", theories and concepts do not make for a very exciting project. Especially the day before Christmas break. |
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If you are a teacher, maybe you know how the theory of developmental psychology of early childhood learning? I don't blame your way of teaching and to be honest for that age isn't it too much to introduce abstract stuff? while children aged 2-12 still need learning that is in accordance with the concrete operational level.
I'm not questioning the amazing material you teach, but I still don't understand how you teach things that are not at the appropriate stage for a child's development?
Your level of understanding adults with those who are still early? aren't you talking 6th grade elementary school kids?
The students are in the 10-12 age group. I do not expect these students to completely internalize what I am teaching them. After all, their favorite part is naming the damn thing. In my country, 6th grade is considered middle school. |
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To give a little information without completely doxing myself, I am a 6th-grade middle school mathematics teacher. This is my second year in the classroom, and since my very first day, I have had bitcoin strewn all around my room. Hand-drawn logos, ATH date trackers, common boards with paper bitcoins on them. My students are very aware of my admiration for bitcoin.
On the surface, this seems great but I have ran into an issue.
There are a couple of times per year that we are able to have true free days. On these free days, instead of doing more math, we create our own ERC-20 token as a class. They get to see how the smart contracts are written and how they are deployed on the blockchain. I have 6 classes so we end up with 6 new tokens. The students have an absolute blast with this.
My concern is that I am preaching the blessings of bitcoin, yet I'm showing them the "wonders" of inferior protocols. How can I create a classroom project that interacts with the bitcoin ecosystem? Creating an ERC-20 token is simple enough and it's inclusive because all the students need to do is input their opinions as I create the token on the projector. I attempted doing a Lightning Network project where we would pass around small amounts of sats in the classroom using Wallet of Satoshi. I then ran into the issue of not every student having a phone, so this did not work.
So I beg the question; How can I create a class project centered around bitcoins ecosystem that can be inclusive to all students regardless of the technology they may or may not possess?
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My brother (23) passed three days before thanksgiving.
My aunt would begin to ask me various things about the fundamentals of bitcoin to take my brain off of things. Naturally, I was more than happy to answer. This was a tough Thanksgiving for me and my family. Bitcoin helped keep the mood 'light' when it needed to be.
I am very lucky to have such a receptive family open to new ideas.
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I think you could posit that the circle is already being broken. Merchants all over are slowly starting to accept bitcoin payments. Just like consumers around the world are slowly starting to hold bitcoin. I think that it is just a matter of time (maybe a long time) until we see it being used for everyday purchases en masse.
I think the bigger concern is how regulatory bodies will enforce using their CBDC rather than allowing the public to choose what currency they purchase goods/services with.
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The FUD continues. India is not banning bitcoin as an asset class as many have eluded to. Many news outlets find that this angle is far better for attracting clicks. India is looking to ban bitcoin as a method of payment. Meaning they are just trying to protect the interests of their future CBDC. People in India will NOT be banned from buying or selling bitcoin. The government has NO interest in banning bitcoin as an asset. Source: https://blockworks.co/india-crypto-ban-about-payments-not-the-asset-class/
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