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Ah, conspiracy theory and FUD to shill altcoins. Nice.

1. Banks want to keep you using banks: Absolutely, and that's why Bitcoin exists to provide an alternative financial system outside of traditional banking.

2. Keeping Bitcoin blocks small makes Layer 1 unusable as real-world cash: Layer 1 is designed for security and decentralization, not for buying your daily coffee. That's where Layer 2 solutions like Lightning Network come in, enabling fast and cheap transactions.

3. Non-Custodial Layer 2 is complex: Early technology often is complex. Bitcoin is money for the next 1000 years. Remember when using the internet required dial-up modems and command lines? User-friendly interfaces are rapidly developing for Lightning Network.

4. Custodial Layer 2 is the new Banking: Only if you choose to use custodial services. Bitcoin gives you the freedom to be your own bank or to use services at your discretion.

5. Fiat Banks and insurance companies funded Blockstream: Blockstream's funding is public, and while they have investors, the leap to say they control Bitcoin's development is a bit of a stretch.

6. Bitcoin Core devs also worked for Blockstream conflict of interest: Bitcoin Core is open-source, and contributions come from a global community. If you suspect foul play, you're free to audit the code or contribute yourself.

7. Maxis force unrealistic solutions, pushing custodial accounts: No one's forcing anything. The beauty of Bitcoin is that it's open and permissionless. If better solutions exist, the market is free to adopt them.

8. Small blocks don't decentralize it: On the contrary, smaller blocks allow more people to run full nodes, enhancing decentralization. As for Lightning, it's becoming more accessible, and you can open channels with minimal amounts.

Therefore, people do use Bitcoin in the real world, and banks are noticing. That's why there's so much interest in Bitcoin and not something like Monero.

So, what am I disputing? The notion that Bitcoin isn't evolving to meet these challenges. It is, and doing so while maintaining the principles that make it valuable in the first place.

But hey, enjoy your privacy coins. Meanwhile, we'll be over here continuing to build the future of global finance for Earth.

Azz 1y ago

nostr:nprofile1qqs2c0m2lct4j0mpsyz38kkf58j5f6rmnn53kf7n0wywck8m42gpf2spz4mhxue69uhhyetvv9ujuerpd46hxtnfduhstc4dhe is right. Small blocks help you run a node, but what's the point of being able to run a node fon an old $100 computer when transaction fees can get that high?

The block size is fine for now, but needs to scale with adoption and better technology.

Without the ability to conduct bank runs, custodians are free to fractionally reserve Bitcoin.

I'm not suggesting to give up on Bitcoin and go all in on monero, but it has a place to challenge complacency and force Bitcoin to be competitive.

The optimistic game theory for Bitcoin is that nation states will preference Bitcoin and suppress privacy coins. Once Bitcoin grows it will strangle the money printer and diminish the power of nation states. The powerful are then the wealth, who will desire privacy to avoid popular uprisings.

The wealthy will desire the rest to be dependent on their banks and resist attempts to increase the block size. The block size could be increased by the majority of nodes and miners reaching consensus, but with a small block reward keeping mining from being profitable, mining could be captured by bankers who run it at a loss to control the network.

This could be Moneros advantage. Tail emissions keep mining profitable. Variable block sizes allow increased transaction throughput allowing bankruns on any custodian. Without a large custodian control the incentives between miners and users are stronger.

Moneros future is to keep Bitcoin accountable. If Bitcoin gets captured and used as a weapon of control, monero will grow as the coin of the people. By the time Bitcoin reacts, it may be too late.

I'm buying Bitcoin for me and some monero for my grandkids.

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ede3d957... 1y ago

Someone gets it. NGU made some people lazy in adversarial thinking. But not you my friend. Congratulations even more so taking your grandchildren into account.