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The war for sound money won't be won by the most optimal solution. Like most things, it will be won by the Good Enough solution.

If you want to take on BTC/LN being better technically, doesn't matter. You have to be SO MUCH better that everyone goes "gotta move over".

Market cap nano is $125M and 2M daily trading. It's a toy.

Money is about networks and fungibility. BTC/LN fees are small enough that I don't care. FREE isn't a big enough gain. And who do I trade with, how do I spend.

Nano might be brilliant technically, but it's in a popularity contest. What people are willing to use as money is ALWAYS a popuilarity contest.

MJ 2y ago 💬 1

But why not at least be open to it if you can recognize it's technical superiority?

Why do Bitcoin maximalists outright reject it?

What's wrong with saying "well, obviously I'm going to continue using BTC for now since it has a lot of support at the moment, but I'll also help advocate for this incredibly promising technology"?

And yes, Nano really is is "SO MUCH" better, Bitcoin maximalists just refuse to acknowledge it as such.

### Compared to Bitcoin

instant >> 30-60 minutes for confirmation

deterministic finality >> probabilistic finality

feeless with no barriers for even the poorest people >> $2 and eventually $70+ fees

zero supply inflation >> 2% annual inflation

uncapped throughput >> 3-7 tps

incentivized decentralization >> incentivized centralization

Nakamoto Coef of 10 with $125M market cap >> NC of 2 with $500B mc

no rent-seeking middle-men >> miners

negligible energy usage >> 120TWh annual energy usage

### Compared to Lightning

feeless with no barriers for even the poorest people >> "minimal" fees

on-chain decentralization and security >> centralized and custodial sidechain

simplicity >> extreme complexity prone to bugs, vulnerabilities, and failures

direct P2P payments >> liquidity channel management with invoices

Have you actually tried it? It's an incredibly delighting experience.

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Discussion

Dr. LowTimePref 2y ago 💬 1

your table of comparisons is a JOKE - people I know would never buy a cup of coffee on the BTC main chain - we all use Lightning - it is virtually instant -

because of this HORRIBLE over reach - I TLDR the entire rest of your comparisons assuming each are equally inane. At least be honest with yourself - unless I am wrong and intellectual dishonesty is a virtue somehow.

MJ 2y ago 💬 1

That's why I explicitly made separate comparisons to Bitcoin and Lightning.

Yes, Lightning is hella fast, but it makes massive compromises to enable that speed.

Dr. LowTimePref 2y ago 💬 1

TLDR - oops - I missed the Lightning table ..... wonder why. I think I am assuming a multi layer world that is a parallel to todays physical world - Might want to read the Book Layered Money by Bhatia . Bitcoin is the ALPHA base layer protocol which is 100% optimised for security over speed -and reliability . Censorship resistance .... blah blah - the point of the book is that Bitcoin OWNS the base layer - period. Layers 2- n are a different story . I like lightning vs Liquid - but I admit I am a total noob. I need to do a lot more work on which will win and why - but all this leave me no time for Nano.

It may be the greatest thing ever - but network effect logic says it needs to be 100x better and this aint happening .

MJ 2y ago 💬 1

I've read Layered Money.

As much as I respect Nik Bhatia, "it's always been done that way" is not a valid reason to continue doing something (layered monetary systems).

The entire first half of Nik's book makes many strong cases *against* attempting to build a layered monetary system.

It's one of the biggest problems that's led to our utterly broken fiat system.

You can't scale technologies in layers. You can only build applications in layers.

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Dr. LowTimePref 2y ago 💬 1

For now - let's put discussion of Nano on side bar - I literally know NOTHING about it ..... what I do know is 99% of every token coin I have ever spent over 1 day investigating has been a scam - pre-mine - shitcoin - rug pull set up . Some more blatant than others. I missed out on loads of PUMPS and therefore also the DUMPS . So I stopped looking at other shit 3-4 years ago. Been into Bitcoin since 2015 and have been HODLR thru 3 cycles .... life ( for a guy 66) is too short - I am an accountant by training and did over 20 yrs on Wall Street in emergent technology equities analysis/banking /vc. I can't comprehend 25% of the technical arguments on the intricacies of block sizes and thru puts etc etc ...If NANO is so great I'm pretty sure the best elements of it will be subsumed thru soft forks into BTC over the coming years. Best of luck with your Nano - just never going to be my shiny new object.... may be a huge mistake on my part - but I'm ok with this .

MJ 2y ago

So look into it or ask questions.

I've also spent countless hours looking into potential alternatives only to be disappointed. Nano is the first of which that hasn't been the case.

And it took me about 2 years of skepticism before fully understanding it, but I always have and always will keep an open mind to other potential improvements.

I've been a backend software engineer for 15 years and studied economics for about a decade, and Nano just makes sense on all fronts.

I frequently hear this argument from non-technical Bitcoin maxis that Bitcoin will simply "absorb" ("subsume thru soft forks") advancements from other projects, and it's flat out incorrect for many reasons.

Firstly, it's technically infeasible. In order to achieve what they've achieved, networks like Nano have fundamentally and radically different system architectures and processes to that of Bitcoin's legacy blockchain and Nakamoto Consensus. It simply isn't possible for Bitcoin to adopt what Nano has created.

Even if it was possible (it's really, really not), the Bitcoin community has proven time and time again that it has no interest in allowing fundamental changes to Bitcoin. It would never pass social consensus.

I'm not saying you should go buy Nano or stop supporting Bitcoin. I'm just saying you should also be asking questions about Nano or any other projects that are potentially better solutions.

Help evangelize them as well.