Most people yet don't know what Lightning Network is till now. Couple of days ago, I had started a discussion topic on one of our local facebook group on Lightning Network. Almost 90% of the people seems to be never heard about Lightning Network while some other who have heard about Lightning Network but don't have any idea what it is. Without implementation in common wallets like Electrum, LN will not be known to the public. Once Electrum implement it, things will be different.
Lightning is an L2 network that exposes node operators to regulatory oversight and robs Tx fees from Bitcoin miners. L2 is a key word if one can not memorize or trouble understanding the LN. Robbing tx fees is something I am hearing first time. Any source on technical background on this? Miners get fees for Txs that occur on the main blockchain. If those transactions occur on L2 networks, they no longer get those fees. Feel free to ask any follow up questions. |
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The people who have money, yeah, probably. But what I meant was the peer-to-peer transactions, getting rid of the middleman.
When the "the man" can track every transaction on the blockchain, you don't need a "middleman". |
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Thanks for sharing this rdbase. I wasn't aware of any documentaries like this. An almost 5-year-old video can be educational for newcomers and even veterans as well. I think it's still relevant in the sense that the basis of the video is what Bitcoin could be and how we can get rid of banks and the "financial crisis." I just joined the VPro channel in telegram as well, and it seems that they post weekly documentaries about anything, I guess. They posted it in the comments section on the video. https://t.me/vpro_documentaryYou do understand that Bitcoin is run by banks? It surprises me occasionally how many people don't already know this fact. |
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It is kind of ironic don't you think? Bitcoin is such a great currency that in fact people do not want to use it for its original purpose and they keep storing it and prefer to keep using their fiat instead, which is why I think that in order for bitcoin to break up that cycle we will need an enormous economic crisis that puts in doubt the long term viability of fiat currencies around the world and that people begin to look for alternatives and decide that bitcoin is the best choice they can make, unfortunately we do not know when that will happen so our only option is to keep storing our bitcoin and to use it only when we need it.
You must be new. Bitcoin is no longer being used for its original purpose because Blockstream ripped its balls out. Feel free to ask any follow up questions. |
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I did not see the documentary completely, but a lot of things changed during the 5 years. I think most of the members here did not know Bitcoin and most of them did not expect the price to become about 20000 dollars two years later, so the documentary is good for introducing it to the new people.
Regarding Roger Ver, I did not see much of the false information he provided, but after two years the man returned to support the scam version of Bitcoin (BCH) and caused many people to lose their money due to the lack of distinction between it and the real one.
Therefore, any documentary after 2017 may not be completely accurate.
Bitcoin, Bitcoin Cash, and BitcoinSV are all payment tracking systems. Not cash payment systems. Nevertheless, I think Roger and a few others are innocent and misguided yet to awaken to the larger reality. |
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Most people yet don't know what Lightning Network is till now. Couple of days ago, I had started a discussion topic on one of our local facebook group on Lightning Network. Almost 90% of the people seems to be never heard about Lightning Network while some other who have heard about Lightning Network but don't have any idea what it is. Without implementation in common wallets like Electrum, LN will not be known to the public. Once Electrum implement it, things will be different.
Lightning is an L2 network that exposes node operators to regulatory oversight and robs Tx fees from Bitcoin miners. |
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Human beings demand freedom, and you can't have freedom without privacy.
Therefore, currencies like Monero will replace the antiquated Model-T's like Bitcoin that are little more than 'payment tracking systems'.
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I want to exclude the capacity of Hoarding,there must be limited amount each person to accumulate and Hold.
Sorry to hear about your loss. I think Bernie Sanders might take another shot in 2024. |
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The price of bitcoin is increasing day by day in the current cryptocurrency market, so I think those who have seen bitcoin a few years ago are now able to make a lot more profit, so I think the price of bitcoin will increase day by day so I have some bitcoin that for the last few years I do stock in bitcoin.
The world's only forum where this kind of nonsense is incentivized. |
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This happen today because it is the current usage of bitcoin to the people. Yet, it is for daily transaction. People always wany to use this cryptocurrency to earn and make money. However, I think someday people will learn to utilise bitcoin because it will become the main currency in earth. Looking forward with that scenario but right now, assume that bitcoin is a profitable asset.
If the world moves into a cashless society with Bitcoin becoming the main currency, All payments will be traced, tracked, and recorded into an immutable ledger, And Freedom on this planet will cease to exist. |
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I believe that he is one of us but doesn't want to let people know he's here. There are numerous reasons why he's doing that, one of them is, he doesn't want to be tracked by the government and let them do some weird things for their own benefits. secondly, right now there are lots of people who want to have him especially those organizations that involve in some criminal activities. in other words, he is just protecting himself from his possible doom.
All signs point to a group. The one thing we do know is most likely, this is the individual responsible for mining the early 1 million BTC. https://gizmodo.com/the-strange-life-and-death-of-dave-kleiman-a-computer-1747092460 |
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I believe the same. You haven't heard anything from the team since the snapshot. Therefore i believe that the project is dead.
Check out Telegram. The developers are there daily providing status updates on the project. https://t.me/BTCPrivate |
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We either lean more towards privacy or transparency. No side is better than the other! The coins that are completely private also don't allow others to see what you're paying and that you are in a good financial condition. As an employer you might actually seek a coin with such features.
Bank accounts are private to the point that you don't know your bank is insolvent until you actually cannot withdraw money anymore.
Botcoin is transparent but can also be private as long as every company out there does not begin to enforce AML rules and ask you to send them a selfie with the current date.
And we arrive at the next question. Should Bitcoin be blamed for lack of some anti-KYC features?
Excuse me. But I'm not looking for a cash payment system that reports my financial condition. |
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I guess gold is much safer. But I don't understand why Bitcoin and gold are constantly compared? I don't see any resemblance.
Satoshi Nakamoto used the term 'gold' twice in the whitepaper to describe the currency at the protocol level. In addition, it has many of the same inflation/supply characteristics as gold. And gold has been used as a form of money for centuries. |
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From 2099 till 2140 (when the last satoshis will be mined) there will only be one bitcoin mined. By the end of the century, supply is virtually fixed and limited to the maximum of 21 million. For the following forty years, miners will be mining only one bitcoin...
With most transactions (and most tx fees) being forced onto second layers, it will be interesting to see how this impacts miner incentive and their desire to secure the blockchain. My best guess is that by that time, Bitcoin will have become a minority player in the space due to its inability to evolve. This might be considered sacrilege by many, but will we even be seeing Bitcoin on the same algorithm by then? And no I'm not necessarily talking about a move away from PoW, but could we be seeing technological advances that either make PoW "easier" to achieve while still staying ahead of whatever threat it is people are coming up with (like quantum computing?). Or will tech branches simply veer away somewhere else? Bitcoin won't be what it is today for sure. But hard to predict anything when even the very fundamentals of economy, money and society might have changed then. Of course that it's hard to predict anything, this is so.distant future. Who pf.us will ever live in that time? I really don't see the point to debate how will Bitcoin look like in about 100 years or so, it's hard to tell what will happen in a month from now, having in mind how fast situation around us and in the crypto market can develope. We are not powerless, helpless, witnesses. It's our duty to shape the future with our actions of today. |
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I believe bitcoin is all about freedom for the transaction which was one of the vision Satoshi had! It will only be a digital currency in the same manner as it is today. I mean thats the best guess we can have since there is another use of BTC
You can't have freedom without privacy, and you can't have privacy with Bitcoin. |
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The government haven't been able to censored bitcoin and for this purpose they're not going to make it an idea future currency. The government will always be the controller on currency which will be use the future as the dollars are from USA so will any coins they prefer to use. Although, bitcoin with be more widely used by people but with the government constraints for the use of their available coins will have some effect on Bitcoin. Believe me, the government will create their own currency when it come to reserve currency or future currency.
The entire purpose of Satoshi Nakamoto's work was to prevent this reality. With thousands of cryptos working on the tech, hope is still not lost. |
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I was shocked for reading a market breaking new as strange as this.
I paused and reflected again and again by applying this condition to other market assets.
I read from Blomberg that the price of crude oil has declined into a negative of $-37.63/barrel.
What will happen to countries that depend solely on crude oil revenue?
What will happen to the investors in crude oil?
A very serious reflection is that fact that, is it possible for bitcoin value to also drop into the negative?
What if the following happen:
1. A ban in the demand for bitcoin and a ban in the use of bitcoin.
2. Backing off of bitcoin miners from the business of mining?
Could these causes bring the value of bitcoin to something similar to the historic oil Price drop of $-37.63?
What do you have to say about this?
Bitcoin became a negative value is impossible because of the our innovative era or technology. Bitcoin in the future will be the main currency in the world because of versitile of this currency. If the current proof of work Bitcoin were to become the main currency in the World, we would all be left breathing hot ash from the smoldering remains of our cooked earth. |
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Maybe some sees Bitcoin as the ideal currency for the future and some doesn't. I'd go with the a NO.
One reason that I see this will not become an ideal currency base on your parameters is the fact that Bitcoin is decentralized. We know already that all or most of the governments around the world aren't regulating Bitcoin although they are accepting the usage of it in their country and for me that is a good move already for the government and for us who are using crypto. I only see as an alternative currency and an asset for the future, not an ideal or the main currency to be used worldwide.
This is not true. All countries are regulating Bitcoin by regulating the Fiat on and off ramps. Some jurisdictions are even beginning to regulate merchants who accept payment in Bitcoin. Nonetheless, the currencies of the future will be non-pow cryptocurrencies that offer privacy. |
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