Lightning is not a magic incantation!! "A common chant from many in this space these ...

npub1j6u…rawp

2024-02-28 10:48:50

Lightning is not a magic incantation!! "A common chant from many in this space these days in response to any discussion of changes to the #bitcoin protocol is “Don’t mess with Layer 1! You can just build it on Layer 2!” BUT “If we stop changing #bitcoin right now there is no way that even 1% of 1% of the planet will be able to afford to actually hold their own keys, to actually sovereignly control their own bitcoin, and everybody else it’s just pick your custodian, pick who you trust to hold your bitcoin for you.” BECAUSE "An L2 protocol is an extension of the L1. Everything that an L2 is designed to do must ultimately reduce down to what the L1 is capable of" - Shinobi
https://www.youtube.com/watch?v=seOK8CujQQI

https://bitcoinmagazine.com/technical/layer-2-is-not-a-magic-incantation
The same considerations made by Shinobi are valid in my opinion for a much needed technical development which mixes by default at L1 protocol level all UTXOs to close the most dangerous loophole which today enables governments to coerce miners into censoring transactions. IF CENSORSHIP RESISTANCE GOES DOWN THE TOILET They will have succeded in neutralizing #bitcoins potential as a global currency and reduced it to just another "banksters coopted and controlled" store of value/financial instrument. Bye bye monetary freedom for billions of people.
#bitcoin #crypto #censorship

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2024-02-28 10:48:50

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