SaberhagenTheNameless on Nostr: 1. You need to be able to settle on-chain for unilateral exit even with Lightning. If ...
1. You need to be able to settle on-chain for unilateral exit even with Lightning. If fees are so high you can't feasibly exit you can't enforce your sovereignty. That and your channels will get wiped out when you're force closed. Lightning is difficult to use in a sovereign way which is why something like 90% users are on custodians which defeats the entire point of Bitcoin. It is also not good for larger payements. Failure rate grows with the value of a transaction. Even ignoring those things, if everyone is going to be using lightning, who is going to pay miners to secure the chain? Miners don't get fees from lightning transactions.
2. Monero is arguably more decentralized in mining than Bitcoin since almost anyone can do it. You can even mine on old phones. As far as running full nodes it's in the same ballpark as Bitcoin despite having a much smaller network. You also didnt address how ASIC mining makes you stick out and ASIC-resistance doesn't.
3. There isn't a winner-takes-all. It has never existed. Even with gold there are other precious metals like silver. There isn't one fiat currency either. Once major brands fade into irrelevance. There is only constant competition. The market is never settled and is constantly reevaluating. Monero is taking over in the only relevant market to Bitcoins value prop; black markets - the only market you can transact in without the rules of a central authority.
Of course. Everything has trade-offs. There are ONLY trade-offs. Bitcoin comes with it's own:
1. Harder to fight back against an ongoing attack since ASICs are in short supply.
2. More centralization with more adoption due to high fees (no one is going to run a node for a network they can't afford to use). Also more expensive. Just in a different way.
3. No privacy, weak fungibility, open to blacklists and targeted censorship by miners, will be expensive to use if adoption grows, and not as nimble to adapt
4. >"...governments that may seize it are always financially DISINCENTIVIZED from doing anything that would undermine the security of the network, such as peforming a 51% attack."
Hearn error. The government is the most irrational market actor there is. They ban popular things all the time. That's the entire problem with government. It's incentives aren't aligned with the market since they have a monopoly on violence and don't have to compete.
https://github.com/libbitcoin/libbitcoin-system/wiki/Hearn-Error
2. Monero is arguably more decentralized in mining than Bitcoin since almost anyone can do it. You can even mine on old phones. As far as running full nodes it's in the same ballpark as Bitcoin despite having a much smaller network. You also didnt address how ASIC mining makes you stick out and ASIC-resistance doesn't.
3. There isn't a winner-takes-all. It has never existed. Even with gold there are other precious metals like silver. There isn't one fiat currency either. Once major brands fade into irrelevance. There is only constant competition. The market is never settled and is constantly reevaluating. Monero is taking over in the only relevant market to Bitcoins value prop; black markets - the only market you can transact in without the rules of a central authority.
Of course. Everything has trade-offs. There are ONLY trade-offs. Bitcoin comes with it's own:
1. Harder to fight back against an ongoing attack since ASICs are in short supply.
2. More centralization with more adoption due to high fees (no one is going to run a node for a network they can't afford to use). Also more expensive. Just in a different way.
3. No privacy, weak fungibility, open to blacklists and targeted censorship by miners, will be expensive to use if adoption grows, and not as nimble to adapt
4. >"...governments that may seize it are always financially DISINCENTIVIZED from doing anything that would undermine the security of the network, such as peforming a 51% attack."
Hearn error. The government is the most irrational market actor there is. They ban popular things all the time. That's the entire problem with government. It's incentives aren't aligned with the market since they have a monopoly on violence and don't have to compete.
https://github.com/libbitcoin/libbitcoin-system/wiki/Hearn-Error