lefists fucking ruin everything they touch. Behind the ideological facade it's all about power and control. Call everything racist, sexist, homophobic, etc..... until you control it.
How do the incentives behind layer two NOT lead to fractional reserve?
bad incentives
Response video: https://youtu.be/DQn3NznRo8k?si=SMDz910lizw0q4lf
IMO, remove the progressive label. Instant turnoff for independent thinkers.
The danger still exists if the government creates a fractional reserve system on top of Bitcoin. Think of a government controlled layer 2 or 3 where IOUs are paper BTC. Just like the gold system. 99% of people will be priced out of L1.
Plebs won't be managing their own lightning channels
isn't this the risk of all layer 2 solutions? A 3rd party(a) will always control the gateway to the Bitcoin reserve. This is why banks and corporations are getting onboard.
What happens during a mint run and the mint is not solvent to make everyone whole? Looks like a fractional reserve system.
what are the incentives driving layer 2 hyper adoption? How do they not lead to paper bitcoin and a fractional reserve system when channel/mint operators lower fees to gain a competitive advantage? They will game the system and 99% of plebs won't care about holding their own keys or afford to pay L1 fees for everyday transactions. People won't care or understand L2 risk until they get rugged in a mint run or get censored.
Not your layer 2 gateway, not your Bitcoin
where do the incentives of layer 2 lead us? https://youtu.be/ccuEl-dCcII?si=E9RyZKhzJHGNyeuq
#BitVM bridges are inherently economically unstable:
https://medium.com/@twhittle/bitvm-bridges-considered-unsafe-9e1ce75c8176
convince me that the incentives behind layer 2 don't lead to paper bitcoin and the same fractional reserve banking we wish to escape in fiat world.
#bitcoin #layer2 #l2 #fiat
I vote with my money and feet.
Effective governance: "The State in the Third Millennium" by Hans-Adam II
https://www.vaneckverlag.li/Gesamtverzeichnis.aspx?Isbn=978-3-905881-04-2
