Nostr Web Client

⚡💬️ NEW - nostr:nprofile1qqsgydql3q4ka27d9wnlrmus4tvkrnc8ftc4h8h5fgyln54gl0a7dgspz4mhxue69uhhyetvv9ujumt0wd68ytnsw43qzrthwden5te0dehhxtnvdakq7jm2wq Dorsey: "Bitcoin fails by being irrelevant.

It becomes irrelevant if it's only a store of value and not used for everyday payments."

https://m.primal.net/QCBR.mp4

Sovereign Being 9mo ago 💬 24

Controversial take:

Even though shitcoins like XRP don't fix the monetary problem, they are far cheaper and faster to use for transacting, which I believe are two of the key reasons it has remained a highly praised crypto with significant market cap and relevance in the eyes of the public.

I think it is pure cope that people will defend the current state of Bitcoin while ignoring the fact that it is severely lagging behind for cheap and fast payments, and those are fundamental to having an efficient system to replace fiat.

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Discussion

Manish 9mo ago

Isn't the Lightning Network a solution for near instanteous transactions with Bitcoin?

Sovereign Being 9mo ago

I don't think so. It works well when its custodial, but it won't scale globally. That's why we're seeing other potential solutions.

Kevin's Bacon 9mo ago

Cope huh? More like truth. Bitcoin innovation is happening all the time and the discussion and tech continues to converge on better and better stuff. Ecash, lightning, liquid are all here already. Fedimint tech exists. OP_CTV has a lot of support and will make Bitcoin more efficient soon enough. The discussion just needs to keep happening. It seems perhaps there's not enough of that, as this truth has not gotten around to you.

Sovereign Being 9mo ago

I hold and will continue to accumulate Bitcoin. It's not me you need to convince, it's the rest of the world. It's apparent that I'm not the only Bitcoiner that holds this opinion.

Seems the mantra is Soon™ while the Devs fumble around for an L2 solution that other networks are dominating on L1. Not value, but in use. If bitcoin doesn't shake the slow and expensive perception people have of it, it will never gain mass adoption.

Kevin's Bacon 9mo ago

Let the idiots ignore Bitcoin. That's good for it. People will realize its use when the rich all use it and it is ready for primetime.

Kevin's Bacon 9mo ago

Good change usually happens slowly, incrementally. I think for changes we can make right now, we can best help when we are focused, curious, and precise. For example, get people in a debate about OP_CTV for making Bitcoin more cost efficient. Learn about it and other alternatives so you know more and have an idea of the tradeoffs. Obviously I'm against the other alternatives until OP_CTV is implemented, I've already made up my mind lol! Debate, debate, debate.

Kevin's Bacon 9mo ago

These controversial takes get the conversation started too, I'm just offering my 2 sats.

Sovereign Being 9mo ago

Absolutely. Discussion with minimal emotion working towards a common goal.

I sincerely believe that once regulations are fully in place, most of crypto will die out, possibly quite suddenly. The shitcoins have done a phenomenal job of distracting everyone, and they will probably impact Bitcoin negatively when they see their demise. The network needs to be ready for those who need it when the time comes, and right now, it still has a long way to go. As always I remain cautiously optimistic despite how it may seem. It is the only solution we have, and I would hate to see that squandered because most ignored the primary issues that Bitcoin is supposed to address.

Kevin's Bacon 9mo ago

Yeah it definitely needs a little more work. My argument is that this is gonna happen anyway, but I do think we should try to take a small part in helping it along.

Sovereign Being 9mo ago

The idiots need to believe it's the best thing since sliced cheese for it to gain mass adoption. Speed and cost are huge hurdles, IMO.

Even when Bitcoin reaches $1 million, sure, it will bring financial freedom to many of those who adopted it, but do you honestly think it will be widely used as a replacement for fiat, given the current trajectory it is on and the current limitations? The direction and narrative is being carefully crafted to ignore the primary use case.

ede3d957... 9mo ago

No. That's where people are blinded by the past.

It brought financial freedom.

In the future it will bring easy surveillance, easy control and easy confiscation/taxation for those who want their peace of the cake.

Bitcoiners stopped being adversarial thinkers. Since then it's downhill only also NGU with inflated fiat bags wants to trick people into believing something else.

ede3d957... 9mo ago

The rich use off-shore banks because they value their privacy more than anything else.

Don't think they will use a transparent ledger for serious amounts.

Sourcenode 9mo ago

I don't think anyone is actually using XRP for commerce, but I take your point.

There are three outcomes I can see for bitcoin.

1. The code changes in a miraculous way that allows more people to self custody on layer one. (Very unlikely)

2. Layer two tools are developed in a way which makes them more user friendly and seamless while maintaining transparency as well as privacy without requiring too much trust (Possible)

3. Bitcoin integrates with the fiat system in such a way which makes it a currency held in normal bank accounts or spent on credit cards with very few people every considering self custody. (Probable)

Sovereign Being 9mo ago

Right now the only workable solution I see is point 2. Development has been going the opposite way for point 1 to become a reality, and integration with fiat will be done on the bankers terms which is one of the worst outcomes I can see, but also the most likely.

Sourcenode 9mo ago

Yeah we're on the same page.

Option three could end up in an authoritarian fractional reserve clusterfuck. Still an improvement over the current system, but far from ideal.

We might have to spend some time in that reality in order to get where we are going. Time will tell.

Skipper 9mo ago

XRP is vaporware. I've never seen anyone using it, or any store or service accepting it.

Sovereign Being 9mo ago

If Bitcoin was faster and cheaper, do you think it would have lasted as long as it has?

Skipper 9mo ago

*insert shitcoin here* may be faster cheaper, but it lacks all other properties which are much more important. Like decentralization, fair launch, bla bla bla. You should know this.

Sovereign Being 9mo ago

I acknowledged that in my post. ALL the other 'cryptos' lack the fundamental properties Bitcoin has in order to solve the money problem, but Bitcoin currently lacks all the properties to make it usable as a cheap and fast solution that scales with easy access for people. It is the sole reason that these other shitcoins exist. It gives them space to grow to the detriment of Bitcoin.

Gardening for the Apocalypse 9mo ago

Yes, it's why xrp is chosen as the liquidity provider for international trade and inter-bank transaction settlement worldwide.

MindMining 9mo ago

The controversy is that shitcoins poor money into propaganda and lies to convince the public that bitcoin needs fixing. This in order to make money fast for a few, not to fix a system for the many.

Somehow 1 sat is too expensive and 10 minutes is too much of a wait to irreversably settle something worldwide...

People know about XRP because of their widespread propaganda through paid shills and media, and not from its great and proven performance anywhere like ehm... Bitcoin!!

Sovereign Being 9mo ago 💬 1

It's 1 sat per v byte because we are mining empty blocks. As soon as people start filling those blocks, which would be the case if people actually started really using the L1 for payments day to day, it's suddenly $50 or more to get into the block.

Contrast this with XRP, which is ALWAYS less than fractions of a cent and settled within 3-5 seconds no matter how busy the network is, and the average person that sees this will never be convinced that BTC is a better solution. They don't care about the other unique aspects of bitcoin and they never will.

If bitcoin had these issues solved, people wouldn't need to look elsewhere.

MindMining 9mo ago

Why would you use Bitcoin L1 for day to day payments?

Did lightning and cashu (or even bitrefill gift cards) stop working?

XRP is centralized BS based on no solid foundation, of course it's fast!

And it's cheap because it's worthless, not because it's a good system.

It has no proof-of-work, which is up until now the best way found to have an honest decentralised network.

You know, central banks could manage the ledger of all banks and we then have CBDCs and everything will be very cheap and fast!

Settlement should be slow and expensive, this secures the Bitcoin network and rollbacks are virtually impossible.

The average person should be free to choose what the average person wants, and then fail and try again, also they need to "do their own research" but most of em don't. The last few years of average people making decisions did not spark a lot of confidence in me. The average person is fine with being told what they need and there the thinking stops. A story of Steve Jobs.

Small payments should not have to wait for settlement, same as how any credit card company works and make banking work for fast small payments. Lightning does a similar job for the Bitcoin network. But also Liquid and other ideas.

People should be more than happy to have a large payment settled for $50, because nowhere else will it happen this safe. And if it's not that important, it can wait, and the fees will be less...

On top of that, the cure for high prices is high prices in a free market economy. And one day $50 won't buy you a coffee...

Morally I am against the banking cartel (that started after reading the creature of jekyll island) I let that be another reason for not supporting any "solution" to make banker lifes any easier.

The development of XRP is also not a natural one since so much money for advertisements and paying themselves comes from a large pre-mine. And to me that is funding and promoting oneself by stealing value from others... (And that would be the value from plebs pouring money into this turd)

Not trying to change your mind, just writing down what was on mine :)

MindMining 9mo ago

We need a proof-of-problem.

Interbanking communication speed was never a problem, because the settlement layer has always worked way slower than the transaction layer...

So what does XRP solve? And why would banks want things to go "quicker" and more "efficient"? To improve service to the customer? Whahaha.

If the banking cartel won't profit from it, they won't implement it...

Simpelss

Sovereign Being 9mo ago 💬 1

I'm not arguing that bitcoin can't be a settlement layer. I'm saying that. In this example, XRP does both and it does it better in the eyes of the average person, since, as I said in my other response, people care about the speed and cost when it comes to replacing fiat in the day to day.

XRP doesn't solve anything. It pushes the same fiat problem to crypto. I have said over and over that XRP isn't fixing anything, but that won't stop people using it because of those advantages.

In a cbdc world, XRP is the bankers dream.

Maybe projects like zano, which make BTC private and faster, are what end up being the solution.

MindMining 9mo ago

Yes

And Bitcoin did not get big because it was populair, but because it's a solition in itself for problems people have.

People choosing XRP should do that. Be free, live life!

Bitcoin does not care.

Bitcoin is grassroots and way into the adoption curve.

XRP stops when the stolen pre-mined promotion money is gone or rugged.