Subnostr

Replying to Qno

And what really strikes me is that bitcoin maximalists are being set up to put all - literally all - their wealth into bitcoin. The bit that got me banned was when I said we need to transact in bitcoin or it will lose its value at some point. If you can't spend it, nobody takes it, then it will be defacto worthless. Just suppose the entire structure is in fact set up for one monumental mother of all rugpulls... and they're waiting for the value to rise to, say one million, and then pull the rug. Now, wouldn't that be a pretty huge wealth transfer? We just need to take steps to make sure we are protected against that. The only solid rule in finance is and always has been do not put all eggs in one basket.

Ken 🎋 2y ago

I have some problems with what Saylor said in the past.

His views regarding privacy, for example.

I don't follow him these days, no opinion.

Maybe he's a spook, maybe not... Doesn't matter to me. Because IMO Saylor is big enough to make some waves, but that's about it. #Bitcoin is bigger and DGAF.

Regarding your last point, and the rugpull scenario...

I don't see it. At all. At least not the way you describe it.

On the other hand, I totally see Lightning (and maybe a few other projects, but especially LN) being a great solution for spending, and scaling. TODAY.

I've got no problem with it, except for the fact that too many people use WoS TODAY. (Custodial). I believe this will improve.

And you can rugpull LN wallets all day, Bitcoin still doesn't care, long term.

I could be wrong, that's just a personal opinion.

On privacy projects collaborating with institutional spooks, which was my initial point, I'm quite confident I'm right: this is extremely fucked up. People promoting these schemes can't be taken seriously.

Just my 2 sats. Now people can think and do whatever they like ¯⁠\⁠_⁠(⁠ツ⁠)⁠_⁠/⁠¯

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Discussion

Qno 2y ago

Some great points there.

WoS yep I only got it to zap sats. I treat it like the ashtray of my unlocked car, basically.

If there's a non-custodial LN wallet for zapping I'd like to know. I can't find one. Preferably if it can work on mobile or desktop, and better still if it can also do on-chain without silly rules and fees.

The rug-pull thing, I don't know how it would work. All I know is too many people still dependent on systems with points of failure. Taking funds is one thing, shutting down wallet servers for popular systems eg Ledger, Exodus etc is another possibility. All surmountable with a modicum of knowledge but most people would be stuck at least until they could phone a friend and considerable damage could be done in a few hours.

There are those who believe Bitcoin was built with backdoors we can't see, maybe even hiding in plain sight, who knows, and that at the end of this year there'll be a massive theft of everybody's holdings. I can't begin to judge that info or the quality of the source, but the reckoning was btc wouldn't disappear but would diminish hugely in value and importance. Me, I'm still betting heavily on it, because this is like WW2 and if only toasters come with guarantees.

Qno 2y ago

Or maybe this will always be a niche thing, with us buying and selling from each other but never able to interact outside a relatively small loop. At that stage we'd get squeezed into a corner and it will be a brain drain as well as a wealth transfer. Some soi-dissant devs don't help matters much the way they act as if they are a superior race, with their in jokes etc but when you ask them to explain something they either hit you with jargon or take the piss. The way doctors once were I suppose.

Qno 2y ago

That would be a kind of soft rug-pull. Just maroon us on a desert island with loads of treasure we can't actually use LOL!