Is L-BTC bitcoin? Please justify below.
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This is merely a confusion of definitions
You're defining "Bitcoin" as the thing you have trustless control over, others are defining "Bitcoin" as any asset that you will be able to gain trustless control over (i.e. IOUs, such as coins on an exchange).https://twitter.com/SomsenRuben/status/1147372639930839040 …
There's a crucial distinction to be made here: bitcoins are not Bitcoins. BTW, during the free banking era, less reliable dollars did indeed trade at a discount to more reliable ones.
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so we will see different prices for btc on chain, LN and sidechain?
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Probably only if enough sats on LN or the sidechains are at significant risk, so that people are willing to pay a premium to turn their sats into Sats. In this scenario exchanges could also be at risk, making determination of market price difficult.
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This is exactly what happened to MtGox. Gox bitcoin became less reliable and highly risky; its price soon thereafter began decoupling from other exchanges.
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Are you sure discounts were due to reliability and not ease of arbitrage?
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They didn’t have arb like we do. Transport via stagecoach is a risky thing. Most of you should read up on the Free banking era. It’s a good part of history. But not good to repeat it. Very fragile. Multicoinism is a fragile system too. Benefits go to arb traders.
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I agree that there is a distinction. My argument was purely linguistic:https://twitter.com/SomsenRuben/status/1152942406485938177 …
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