reading the topic again from the start (due to getting too embroiled in the drama of the doomad/blackhat ping pong game)
the first reponse to loyce
When Binance came to Brazil, it dominated the crypto market nearly completely. It is by far the best, most trusted and cheaper exchange. Nearly everyone who works with cryptocurrency in Brazil has a binance account.
I was going to sell some bitcoin in the next few days, and I gave my client my binance address. He immediately asked if I could be paid in BEP2 chain (Binance chain, using a BTC pegged token). I accepted, as it is a free and instant transaction and I was not going to hold that bitcoin for long.
Now, is a BTC pegged token bitcoin? It is not, but i guess it is useful for bitcoin adoption and awareness.
So, to summarize: Off-chain solutions are already happening. They are useful. LN is the best off-chain solution, but people do use it all the time yet. LN would be good for my transaction? Well, I think not as good as the BEP2 solution, but it would work.
I believe that we should support LN and use it, otherwise we will soon be forced to use a worse off-chain solution from time to time.
this shows exactly the problem
bitcoin only exists on the bitcoin network. so all the binance custody balance, BEP20, BNB, sidechain and LN stuff are not bitcoins.. they are tokens, units or display balances pretending to be bitcoin. but not actual bitcoin
it goes to show people cant tell the difference even though there are risks of using custodians or so called pegged promises all being falsely branded as bitcoin
if you do not have sole-custody of a UTXO to move yourself without other parties sign-off and clear to spend as you deem fit. you dont have bitcoin yourself.
this means locking coin up into multisig of another party or federation, to then play with other balance units on another system. does not mean you have bitcoin. you have an unsecured unsettled iou of potential bitcoin should a withdrawal/broadcast happen at a later date
it gets worse when those other systems/networks fail or are under suspicion of future failures that it tarnishes the actual bitcoin networks reputation.
then we have the ping pong games of the madhatters (doo
mad and black
hatcoiner) who go around saying:
"bitcoin isnt fit for purpose as a currency for the unbanked"
"bitcoin doesnt have a consensus to decide on rule activations"
"devs can impose any rule change they like without veto or objection from other network users"
"people should prune the data because distributed blockchain is not a thing that needs to be secured"
and
"if people want to transact.. they should use a pegged network and not the bitcoin network"
basically they want to kill off bitcoin to fame up LN
while then pretending they are "bitcoiners"
very shameful tactics by them
as for bitmovers idea to use LN out of fear of there being worse..
.. well LN is flawed, buggy, has liquidity issues, bottlenecks, lacks network security of payments, has a weak pegging mechanism many can abuse, can fractional reserve value,
it needed things like watchtowers and revokes because its design was so shoddy and the work arounds of watchtowers/revokes dont even work as 100% fixes to flaws they suppose to solve..
...maybe just maybe a new "system"(for those small niche use cases) is required, that actually works!
a new system could be designed that is actually closer to the bitcoin principles, but without the LN flaws.. a system that works with bitcoin and only for bitcoin... because LN is not the solution it promises to be
anyway
merry christmas to all those not in the madhatter camp.
ill leave you in peace for a few days, goodluck to all who do actually care about BITCOIN and want to learn and research i hope you dont fall down the madhatters rabbit hole
and i suspect ill see the madhatter clan moan and cry and make up more malicious crap about how their beloved altnet is better and a solution and how im just trolling them.
or maybe they can spend the time too enjoying christmas and also maybe take the new year as an opportunity to sort out their motives once and for all