Nostr Web Client

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#proofofwork

GM, watching #BTC climb back 99k. I know most of you are Bitcoin Maxi's. I do think there is room for other POW coins.

Lightning transfers instantly across the lightning network, so that speeds up the historical slowness of native BTC. I do think that the Scrypt protocol (#LTC and #Doge will play an important role going forward, so I watch these coins closely.

First DOGE is more like fiat as there is potentially unlimited supply, but with a caveat. The supply needs to be mined. Does that cause inflation within the chain? Maybe. Still it needs to be mined.

LTC is interesting as it transacts much faster that native BTC and it has limited supply. I think this coin is often undervalued and overlooked. There is some big support in the mining community for litecoin. I think it's worth watching and it is affordable to be a whole coiner.

We #zap here and we keep #sats in our lighning wallet. Keep in mind that the speed of these microtransctions are off chain until we move them on chain.

It is possible that lightning gets more adoption and that is one of the main tenants of #nostr, but ultimately it is off chain.

I don't believe in proof of stake because POS has another meaning in my mind. I generally won't take small amounts of ethereum because the cost is too great, and I'm a bit suspicious of Solana. Standing up large nodes has drawbacks. I think Solana is better than Ethereum, but it is still POS.

I'll step down from soapbox now.

ben 10mo ago

If bitcoin can be transacted instantly over lighting then there is no need for these other coins that try to rewrite the wheel.

Your basis on investing in those coins is that they are “undervalued”. But they have no purpose. Bitcoin has more hash rate and is more secure. It has guaranteed global liquidity. Good luck finding a buyer when the crypto bear market starts.

There’s no maybe on doge inflation. It will inflate and for the value to keep increasing, you need an insane amount of capital pouring in.

Let’s say litecoin is exactly like bitcoin with its scarcity and POW. We already have a successful bitcoin so the only benefit of litecoin is that the cost of low - therefore there’s no benefit at all.

You can speculate on these coins but you will end of with more fiat, not more bitcoin.

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Discussion

Patriot 10mo ago

Keep in mind lightning transactions are off chain. It solves the problem of slow transactions, but it is off chain. Nobody in their right mind will put all their sats in their lightning wallet.

I'm sure you own gold silver and copper. Each has a different use case and value in their own right. I think there is room in the greater POW community for alternatives, and currently they rise and fall with the bitcoin tide. Will that always be the case? Active wallets paint an interesting picture. We are so early in this game. If there are only ~1 million daily active BTC wallets. What happens when there are billion? Stay humble and stack sats.

Bitcoin is king and I'm a firm believer in its value, but it's not perfect. For example, it does not have a privacy component like the anonymity of cash transactions, natively it is slow to transact, and adoption as money is in conception (not even in infancy yet). Keep an open mind this is just getting started.

https://www.investopedia.com/terms/l/lightning-network.asp#:~:text=Key%20Takeaways,until%20they%20are%20done%20transacting.

ben 10mo ago

I wonder if that chart tracks bitcoin over lighting. It would paint a different story of bitcoin dominance. I’d rather have a 2nd layer chain on bitcoin than a completely different chain.

I welcome other POW chains but they will all fail because miners and users will gravitate to the dominant chain.

Nostr is proof that bitcoin works as a money right now. Slow to transact on the base layer is a feature to guarantee open audit from any user on the network. Lack of privacy is to guarantee that bitcoins rules are secure. Privacy tools can be built on bitcoin.

I’m a maxi so I’m going to argue for bitcoin. It just doesn’t make sense to me that we would have a flawlessly working system and then try to diversify into lesser options.

Patriot 10mo ago

I believe the chart references active native BTC wallets only. I think lightning wallets are not included. Lightning wallets are a new advent over the past couple years. They are not part of the daily lexicon for average person who has heard of crypto and bitcoin, but believe lightning never strikes twice even though I have been zapped more times than I can remember. This means lightning has a lot of room to grow.

Lightning transactions have been around 4 years or so. Early devs were testing with nostr:nprofile1qqsgydql3q4ka27d9wnlrmus4tvkrnc8ftc4h8h5fgyln54gl0a7dgspp4mhxue69uhkummn9ekx7mqpzemhxue69uhhyetvv9ujuurjd9kkzmpwdejhgqg4waehxw309aex2mrp0yhx6mmnw3ezuur4vgkhjsen a year or so before Elon's takeover of Twitter.

I love #nostr, but it's biggest drawback is the rabid tribal #BTC maxi posture that slows adoption to this wonderful immutible social network. Much of this design is puposeful, but has its drawbacks, creating an echo chamber that sometimes obscures reasonable critical thinking.

There are many crypto projects that show tremendous potential and will fail and go to zero. There are other crappy projects that may survive like #XRP, #ETH and #SOL. That's how this space works.

You may know this story. In early days of internet, well before all browser traffic was https, a company called Netscape Navigator in 1996 held 89% market share in browsers. They were the best, had the most brand recognition and pretty much invented the space. Four years later, they had less than 20% market share.

There is so much untapped potential with this tech, yet we tie it to the dying dollar because it's what we have always done. Its not a reason, but an excuse. Eventually, contracts, real estate securities, supply chain and purchase of my cup of #coffee will run on some blockchain, realizing much of Satoshi's original vision of a peer to peer medium of exchange but beyond the full capability of bitcoin itself.

nostr:nprofile1qqszqmjcq9t74ceetn0e2nlnq5q7z6gzqar9df9efylnd7ykze6fdvspz9mhxue69uhkummnw3ezuamfdejj7g68r2h I really appreciate you taking the time to read and discuss this topic. I knew it would strike nerve with many passionate advocates of freedom and bitcoin. This is the stuff that keeps it moving.