Replying to Avatar TheBitcoinManual

I think there is a lot of PTSD after failed custody in the past, we've seen so many ruggings with exchanges and that was when BTC was cheap as chips to move on-chain now that it's not the case or not always the case its' encouraging the custody model

The simplistic answer is every scaling option that doesn't allow full unilateral exit is a shitcoin, but reality isn't simplistic and people are dynamic and can choose the risk they are comfortable with using.

In the end opinions are only one part of it, and the market demand is the real test, no one has it figured out, and by trying is how we learn, yes there will be failures along the way and lost capital but that's the cost of doing business
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woolcycle 1y ago

Yeah, it is heart-breaking to think that there could be technologically better solutions available which unfortunately bite the dust due to lack of adoption. Your point about "no-one has it figured out" makes me wonder if that is partly down to barking up the wrong tree! (e.g. ever more convoluted layers built on a fundamentally slow and expensive base layer.)

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TheBitcoinManual 1y ago

Its a tough problem to solve, no other blockchain is offering up anything better, LN is so far the best we've got, and even that's pretty clunky to manage on your own, but hopefully future upgrades like convenants, channel factories, eltoo make things a lot easier for the average person to get involved

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woolcycle 1y ago

I feel you are pre-judging other blockchains, sight unseen. Yes, there are a mountain of shitcoin L1s and L2s out there, and it is not humanly possible to do due diligence on a large number of them. However, I feel the more intellectually honest approach is to establish objective criteria which any candidate L1 would have to fulfill in order to be worth considering. It feels especially important to keep this avenue of discussion open given that LN is still largely offering jam tomorrow, at least in terms of the critical aspect of censorship resistant self custody.