There's already some good work done by Blockstream on paying for packets of data with Bitcoin payment channels. Why do you immediately jump to the assumption that some distinct stand alone token is required?
-
-
Replying to @NotASithLord
Honest question before I answer: did you read the blog post?
1 reply 0 retweets 1 like -
-
Replying to @NotASithLord
If you buy the "fat protocol" argument then you might view tokens as an incentive to build a system like this. Why would I spend years building this with BTC? Tokens also make it easier to experiment early on at low cost + fork your own system if you screw up
2 replies 0 retweets 0 likes -
Replying to @backus
Who cares what's convenient for you? Even if we naively assume it's easier to build it on something else, the only thing that matters is the consumer. Who wants to use an even less stable and supported single purpose token instead of just actual money if both are available?
2 replies 0 retweets 1 like -
Replying to @NotASithLord @backus
And if you build anything that's at all viable on your proprietary token, what's stopping anyone from forking it to just use BTC and make both options available no matter what? Money is all about network effect. It's not a tool for devs to "capture" value.
1 reply 1 retweet 2 likes -
Replying to @NotASithLord
I'd ask what their incentive to do so is. Likely the protocol would have very little adoption already in which case, why bother spending months changing the code? If it has significant adoption, the lazy BTC fork would be incompatible and would require its own marketing push
2 replies 0 retweets 0 likes -
Replying to @backus
You seem to be under the impression open source protocols somehow retain the same advantages of proprietary and closed source technology. They do not. Let's also not pretend Bitcoin isn't the farthest in being able to support this kinda stuff at scale anyway with Layer 2.
1 reply 0 retweets 1 like -
Replying to @NotASithLord
Eh, maybe you're right but I think you're too confident that we know how different protocols will work. Scaling is an interesting topic, but out of scope for what I was trying to write about (a high level picture, not how it should work if we implement it in the next 6 months).
2 replies 0 retweets 1 like -
Replying to @backus
To be clear I think some of the use cases and ideas you laid out are pretty good, I just take issue with the implementation. Building new stuff like this is hard enough. Why waste time and resources also recreating what Bitcoin has already done in security and network effect?
1 reply 0 retweets 1 like
Thanks! I have further thoughts, but this is probably a good stopping point. Appreciate the input :)
Loading seems to be taking a while.
Twitter may be over capacity or experiencing a momentary hiccup. Try again or visit Twitter Status for more information.