Crucial point. "Digital cash" was dreamed up by academic cryptographers long before Bitcoin. It was a privacy-enhanced way to pay in dollars or euro, not a new currency. Many in crypto academia still don't get the idea of an independent currency & its very different requirements.https://twitter.com/waxwing__/status/1012221025503891456 …
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Thank you for the info, and I think it’s a reasonable standpoint if you agree that BTC needs to be maximally decentralized. My current favorite solution is BTC as a secure, store of value layer while atomic swapping to BCH for payments.
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BCH doesn't have atomic swaps.
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sure it does.
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got a link?
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https://www.reddit.com/r/btc/comments/7juc9i/first_of_many_bch_kmd_atomic_swap_via_barterdex/ … BCH has a much more permission scripting language than BTC due a much larger amounts of OP_CODES enabled by default, as well much larger OP_RETURN allowance. This hostility by core devs forced
#ETH to move away from#BTC and to start a new chain.
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So you are trying transform BitCOIN in your BitGOLD dream. Unless you are Satoshi, you have no moral right to do that.
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"moral right" LOL
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Your bit gold design doesn’t work 20 years after inception, nobody uses it. Why redesign bitcoin to make it fit your ideas while they clearly haven’t been working and clearly bitcoin, a p2p electronic cash system did for the past 10 years?
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Since when is Nick "designing Bitcoin"?
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since the begining I think
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I would say Bit gold base layer is two things: 1. A low level settlements layer: High velocity large settlements layer similar to Fedwire. 2. A low level reserve layer: Extremely low velocity store of large quantities of value to back higher layer notes and currencies.
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I think Bitcoin unifies both functions for simplification. But the tradeoff is it introduces risks that Bit gold avoids e.g. arbitrary issuance of rewards per block that have a lower security model than Bit gold base reserves. The above risk reduces Bitcoin's potential, IMHO.
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Nick is projecting his failed Bit Gold dreams onto Bitcoin Which one do you want? Nick's failed Bit Gold = off chain scaling Satoshi's Bitcoin = on chain scaling
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how did it fail when it was more theory than product?
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From what I gather LN doesn't need BTC when all's said and done
@SatoshiLite@decredproject or any other coins that can be swapped can be used & will be. So LN is the only layer that matters if it can switch on the fly. Seems like a parasitic trojan horse. -
LN can be a compatibility layer between chains that support it. LN doesn't have a token, though, so it's inaccurate to say "switch on the fly". Every user is free to choose what tokens they deal in. But cross-token payments will have significantly higher fees.
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Switch on the fly with any other coin that is running LN.
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If you mean that LN can also function as a decentralized exchange service between the chains that support LN, then sure, that's true.
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How will Bitcoin fix the problem of generation reward running out, after that miners will lose the incentive to mine? If you move everything to a second layer to prevent the first layer from scaling then you kill the incentive that are suppose to keep the first player alive.
ধন্যবাদ। আপনার সময়রেখাকে আরো ভালো করে তুলতে টুইটার এটিকে ব্যবহার করবে। পূর্বাবস্থায়পূর্বাবস্থায়
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লোড হতে বেশ কিছুক্ষণ সময় নিচ্ছে।
টুইটার তার ক্ষমতার বাইরে চলে গেছে বা কোনো সাময়িক সমস্যার সম্মুখীন হয়েছে আবার চেষ্টা করুন বা আরও তথ্যের জন্য টুইটারের স্থিতি দেখুন।