fundementals
like bitcoins original ethos
was:
'own your own funds'
now:
custodial
exchanges
LN vaults
sidechain vaults
the notion of custodial exchanges isn't new at all. mt gox was used as a massive online wallet back in 2010-2014. exchanges were exit scamming left and right back in those days. you also know damn well that LN and sidechain contracts do not involve 3rd party custody.
was:
'open barrierless'
now:
increased fee's barriers some users
transaction per block limits
preference to divert transactions off bitcoin
remind me, when were cheap/free transactions ever part of the design?
hal finney cogently pointed out the scaling shortcomings very early on, though we now know he could have been more imaginative than "bitcoin banks":
Bitcoin itself cannot scale to have every single financial transaction in the world be broadcast to everyone and included in the block chain. There needs to be a secondary level of payment systems which is lighter weight and more efficient. Likewise, the time needed for Bitcoin transactions to finalize will be impractical for medium to large value purchases.
was:
'electronic cash'(medium of exchange)
now:
'store of value'
other pegged networks/services to handle 'medium of exchange'
bloated transactions for smart features that are not simple plain 'cash transfer' concept
preference to divert 'cash' transactions off bitcoin network
was "money". still "money".
1. proof of key - be your own bank.... LN = not your own bank but need to ask someone else to be online and permit the transaction.. LEARN CO-SIGNED addresses .. they are called multisig for a reason
thats not sole party....
then get out of 2016, learn LN 2018. learn factories and then realise that 2nd party has flaws. and so now they are doing 3rd party(factory)
atleast keep yourself uptodate
2. using the "every transactions of the world" argument.
i laugh
im a huge bitcoiner and i havnt needed to touch my FIAT ATM card much since 2012. most my bills are paid using btc direct.
but guess what i dont need to make every product/item i buy appear as a bitcoin transaction even when paying btc
i do laugh at the excuse to push people off the bitcoin network and lock up their funds as the "cant buy coffee"
funnily i can buy coffee and without using my FIAT visa card, by spending my btc without LN and without spamming the network with every spoon of sugar and every drop of milk
and to add to that bitcoin will not be a "one world currency for everyone"
which is th other lame excuse to push people off bitcoin by saying that bitcoin wont work for 7 billion peoples every tin of baked beans so lets not make it work for rational spending of less people
so pull your excuses that bitcoin cant work out ur ass and actually start thinking it doesnt need to perform a transaction per tin of baked beans. instead people just pay for a week of groceries as 1tx
EG if you put 50 items into a grocery shopping cart. and go to the grocery cashier desk...
you dont then make 50 hand-over payments of dimes/pennies per item
you dont then have 50 items on your Visa card statement.
instead you make 1 handover of banknotes
it just shows as a single payment on your visa statement
if i want starbucks i dont need to:
preplan spending habits of 2weeks-2months
lock funds up for 2weeks-2 months with a co-signing partner
hope the co-signing partner is online when i am at starbucks
hope the co-signing partner has funds in his other channel to route on
hope the co-signing partners.. partner is online
hope the co-signing partners.. partner has funds to route on
split funds into multiple channels if a co-signer/routes multiple co-signers cause issues
no wonder the 'fundementals' are becoming weaker
people are over promising and over promoting OTHER NETWORKS as the solution. while trying to say bitcoin cant do x/y/x by over exaggerating rational use
