So who do I get from Nostr on What Bitcoin Did?
Discussion
Can you promise to not say the word monero during the whole thing?
don't be scared of words - defend what you like about your word and don't worry if someone has trouble defending their word- SOMEtimes we discovered the word we were scared of is not really evil after all.
Monero: love the tech, needless token. Bout sums it up. Would make a great sidechain!
If it is needless, why would you care about making a sidechain with it?
When it comes to privacy and fungibility Monero is king. Truest in spirit to the cypherpunk vision and p2p electronic cash titled in the white paper π
Currently, Bitcoin is eating crayons playing with literal NFTs, and recommending custodial centralizing layer 2s
the token is needless, if you were to peg in and out from the Bitcoin value that is all that is needed. If you believe in the concept of a cap on the number of tokens, then you must also believe in a cap on the number of "cryptocurrencies" out there. You can't just keep on printing more "cryptos" because you have a good idea about some technical thing you want added to Bitcoin's blockchain. Monero as a sidechain with no extra token would be fine... Lightning doesn't work on top of Monero and it's kind of needed for instant payments. Monero's sole purpose is to hide the transaction amounts...
If bitcoin wants to stay a public blockchain at the base layer, it literally can't be private without sacrificing something to achieve that on layer 2 (custodianship [fedimints], decentralization [lightning], or both).
So it's not just a matter of importing the tech over. I would happily move over if that was the case.
Monero has real utility that bitcoin does not.
There are instant transactions on Monero. They are called 0 conf. Merchants can account for doube spends and price them in. Online order transaction confs don't matter as you're waiting anyway.
But regardless, a layer 2 is already being explored and discussed.
https://www.getmonero.org/resources/roadmap/ (scroll to bottom)
About supply cap...bitcoin 21million is a lie. In reality you are not including yearly lost coins. So really, it is a constantly shrinking supply.
One might think "That doesnt sound bad, my bitcoin will keep growing in value!"
True enough, but if it is continually growing in value it rationally leads to an eternal hodl mentality which is terrible for price discovery.
Gold is is naturally not supply capped. It has a small amount of inflation similar to Monero.
Monero cannot audit the total supply however. You don't need inflation built in. And actually gold is capped. There is only SO much gold under the earth so eventually the amount of gold mined will go to zero (ignoring asteroids etc.)
For all practical purposes, gold is not supply capped (even ignoring extra terrestrial supply of gold). There is always more gold to be found or deeper to mine. It is just a matter of exploration, tech advances, and economic viability.
If bitcoin had a much much longer issuance schedule as a minute fraction of it's total supply, it would have a similar effect to gold.
Imagine if gold mining ended about a 100 years after it first started. That is bitcoin right now. But we are still mining gold after thousands of years.
this is incorrect - inside the sphere of the earth there is a limited supply of gold that is capped. It becomes more and more difficult to get at the remaining amounts just like the halving makes it more difficult to extract the remaining Bitcoin. Probably we will see the same decline in gold mining rates similar to Bitcoin
it doesn't matter what the timescale of the "end" of mining is. 140 years like Bitcoin or 5000 years, it's all the same. It becomes rarer with time until at some point you can't get any more and what was made is all there ever will be. And that's fine...
You seriously don't need "another" blockchain. If you don't cap the number of blockchains you just increase arbitrarily the number of tokens in existence. Hence only one of them will become THE token. Otherwise I will hope for Monero+ and then Monero++
Also Lightning doesn't work on Monero, so no instant payments as well as the non-auditability of token supply...
Lightning layer already being worked on scroll to bottom
I think you're underestimating how massive the earth is and how much gold it still has. If anything, our technological capabilities mean our absolute rate of mining gold increased over time unlike bitcoin. And we are STILL mining after thousands of years. Bitcoin's existence also depends on miners mining so it is even more important. Gold can still exist without people mining it.
But even if I concede that point for the sake of argument, there is a 'virtually' limitless supply outside of earth that we will keep mining practically forever.
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the novelty is hidden transaction amounts. You can't add up amounts if they are hidden...
Yes, it's just more complex math, search range proofs. You can prove inputs and outputs add up to zero.
The point was no one is adding up anything in bitcoin. You are not doing any math and verifying for yourself, youre trusting and having that node do the work just like in monero.
Some should have that Nostr starter pack
Hey Peter, before you make a account for WBD, learn about vanity addresses and make yourself a nice one. Like npub1wbdid.....
#[2] obviously
#[2]
#[2] - nostr inventor
#[3] - ios Damus app developer
#[4] - android Amethyst app developer
I'd recommend #[2]. His work on Damus has helped fuel a lot of Nostr adoption.
Since you are again a "Bitcoin only" guy I began to listen your pods again! Great to see that you admitted your mistakes. Just a few people can do!
#[2]
#[3]
#[4]
#[5]
To name a few.
But you need to be setup with a lnurl Account
#[2] ?