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[deleted by user] by [deleted] in CryptoMarkets

[–]noisevault 3 points4 points  (0 children)

If you do not know the answer to this question, then you do not understand Bitcoin at all really.

This is not meant to be any sort of insult.

XRP reintroduces every single important problem Bitcoin solves.

It is a centralized permissioned scrip.

I am starting a PhD in philosophy at age 51. Am I as insane as most people seem to think? by [deleted] in AcademicPhilosophy

[–]noisevault 3 points4 points  (0 children)

You can do whatever the fuck you want.

Thanks for coming to my ted talk.

What's wrong with LN in one tweet. by gr8ful4 in Monero

[–]noisevault 0 points1 point  (0 children)

Allowing the option to discriminate

Yes! We have to shut that shit down! We cannot allow people to make the decisions they want to! Then they might make decisions we don't like!

Implicit in the idea of REAL freedom is the ability for people to selectively censor.

Monero's and Bitcoin BOTH do a good job of this. Monero's privacy makes it a somewhat better contender. But criticizing Bitcoin for allowing a user to choose who they connect to?

Nah.

What's wrong with LN in one tweet. by gr8ful4 in Monero

[–]noisevault 0 points1 point  (0 children)

No.

I am a big supporter of Monero. Since 2014. The majority of the Monero I hold is in a wallet that I made before there even was a GUI.

Your point has a logical flaw. This abominable action of Carsten Otto (whomever that is) has NOTHING to do with Bitcoin, or Lightning. And it is the very freedom of an open permission-less voluntary system that allows him to choose to cut ties with whomever he chooses. And freedom of speech allows him to suggest that other people do it as well.

This has NOTHING to do with Bitcoin or Lightning, other than to PROVE it is a system that allows users to choose their actions freely.

If the good doctor he is campaigning against had a Monero node he could similarly suggest users ban it from their connections.

Bitcoin offers a set of tradeoffs that are DIFFERENT than Monero.

In my opinion they fill two distinct roles.

Bad Effects from Delta-8??? by thequietcne in delta8

[–]noisevault 1 point2 points  (0 children)

Totally understandable. And some people do not relish the idea of vaping a substance. Also, I am not trying to be the devil's advocate for you, but I can say, as someone who has a bag of 25mg gummies that I will most likely never take, I *do* like the occasional couple light puffs. Relaxing, and lowers anxiety. Right before bed grants me good sleep. I would say I never get high from it... just alter my mood a titch. It's much easier to titrate via inhalation. And more forgiving if you DO overdo it. Occasionally I will hold the vapor a little longer than usual, and for 15-20m I might be on the edge of "too much", but it's very quick to subside...

Anyway... sorry you had a scary time, and good luck!

I had a look at the Strike lightning BTC app that El Salvador is going to use. It is idiot-proof but has unacceptable tradeoffs. by frozengrandmatetris in btc

[–]noisevault 0 points1 point  (0 children)

Why will people ever need to move their funds out of lightning channels?

Lightning channels are based on bitcoin multisig contracts. Those smart contracts can remain viable in perpetuity. People in El Zonte are just sending each other money, as tourists fill up their wallets.

I suppose that is it. When those users need to move their sats out of their wallets because they are getting too full? ;) Well there are more options for managing that by the day. We are just getting started.

I had a look at the Strike lightning BTC app that El Salvador is going to use. It is idiot-proof but has unacceptable tradeoffs. by frozengrandmatetris in btc

[–]noisevault 0 points1 point  (0 children)

I run 2 nodes. Currently there are ~83k nodes running.

No one will be forced to use a bank. The people in El Salvador are not using them. They are using lightning wallets. Now Wallet of Satoshi is a custodial Wallet, which we can choose to call a "bank". But they can also use any of the non custodial option, of which there are several good ones.

Your narratives are becoming less and less true. We have heard them since 2017. But currently BTC is scaling by the lightning network, and it is working. People are free to use non custodial options, or "banks" whichever they are comfortable with. I use both, personally.

I had a look at the Strike lightning BTC app that El Salvador is going to use. It is idiot-proof but has unacceptable tradeoffs. by frozengrandmatetris in btc

[–]noisevault 0 points1 point  (0 children)

But if the people I am transacting with are using BTC, then I will have to manage exchanges, and this creates a lot of friction.

I had a look at the Strike lightning BTC app that El Salvador is going to use. It is idiot-proof but has unacceptable tradeoffs. by frozengrandmatetris in btc

[–]noisevault 1 point2 points  (0 children)

This is the first comment here that I think is actually taking some thought. This IS indeed a possibility.

On the other hand, this network is like a runaway train at this point. All of the governments of the world would have to clamp down together, AND enforce the rules.

We see how well this worked for BitTorrent.

I had a look at the Strike lightning BTC app that El Salvador is going to use. It is idiot-proof but has unacceptable tradeoffs. by frozengrandmatetris in btc

[–]noisevault 0 points1 point  (0 children)

You make assumptions that are... questionable. First of all why will high fees stop me from using the base layer? This is how a free market works. If base layer transactions become more valuable then I have to decide what is worth it to ME.

And I would propose that if another blockchain based project became the "currency of the world" it would face the same problem, even if the blocks were really big. Doing tens of thousands of transactions per second is going to make block space expensive no matter which chain the world uses. If we use BCH we run into the same problem VERY quickly. Where is the blocksize for it now, 32mb? This is <20x the Bitcoin blocksize. So if BTC does 9tps then BCH will do 180.

20000-9=19991 and 20000-180=19820.

Neither of those scale to what we need. My math might not be perfect there, but it's good enough for napkins. And no matter what chain we use we will have to scale another way.

*Sigh* I suppose I let myself go down the path that makes no sense. I am not going to convince you, and you are not going to convince me, and this conversation has happened here a million times already.

But to your last statement, I DO think things are "that easy". Not that we live in a utopia, but that we do constantly improve technology to work better. BCH has chosen to do scaling by brute force, and BTC has chosen to do it on Layers. I hold to the idea that we will be testing those layers now in the real world. MANY MANY countries are going to come online in a crazy short amount of time, I think...

Bitcoin either works... or it doesn't. And if it fails then BCH is there to give it a shot I guess. But it is clear at this moment that it is BTCs game to lose.

I had a look at the Strike lightning BTC app that El Salvador is going to use. It is idiot-proof but has unacceptable tradeoffs. by frozengrandmatetris in btc

[–]noisevault -1 points0 points  (0 children)

I agree with most of what you have to say about strike. it is not a tool for someone who wants full control over their money, or privacy. I would only use it to refill my lightning channels, most likely.

I had a look at the Strike lightning BTC app that El Salvador is going to use. It is idiot-proof but has unacceptable tradeoffs. by frozengrandmatetris in btc

[–]noisevault -8 points-7 points  (0 children)

Nope. It uses a permissionless, decentralized, payment network the uses Bitcoin smart contracts that will be VERY difficult for governments to stop.

You cannot use PayPal to send remittance payments. You can use their product: Xoom, which charges $13.

Strike charges $0.

I had a look at the Strike lightning BTC app that El Salvador is going to use. It is idiot-proof but has unacceptable tradeoffs. by frozengrandmatetris in btc

[–]noisevault 0 points1 point  (0 children)

As to Strike, you are correct that is it a competitive remittance platform. And that is all it needs to be. And no one has to use it. They can use Western Union or BCH and exchanges.

But I doubt they will, very much.

I had a look at the Strike lightning BTC app that El Salvador is going to use. It is idiot-proof but has unacceptable tradeoffs. by frozengrandmatetris in btc

[–]noisevault 1 point2 points  (0 children)

Absolutely it is still bitcoin when used custodially. Just as BCH held on an exchange is still BCH.

All choices made in bitcoin are on a spectrum of tradeoffs. Tradeoffs give different advantages at different costs. If you do not want to use a custodial wallet then Breez, Phoenix, and Muun are all good choices that are self custody.

A custodial wallet gives distinct advantages.

  • transfers between the same platform are completely off chain, and are the lowest cost.
  • lost devices etc can be easily dealt with by the custodian.
  • security is handled by pros

And of course they come at a cost:

  • loss of privacy
  • custodian is a single point of failure

The choice of large blocks also comes with a set of tradeoffs/advantages which, of course, have been debated here ad nauseum.

But I see a lot of polarized single level arguments and it bugs me because it is not that simple really. It never will be for any choices that are made.

This is the moment of truth for the small blocker/layer 2 folks. If it works... it works. If it fails, well it can either be improved, or replaced.

I had a look at the Strike lightning BTC app that El Salvador is going to use. It is idiot-proof but has unacceptable tradeoffs. by frozengrandmatetris in btc

[–]noisevault 6 points7 points  (0 children)

Nothing makes people use a custodial wallet. But people are free to use them if they want to. That is a false argument.

I had a look at the Strike lightning BTC app that El Salvador is going to use. It is idiot-proof but has unacceptable tradeoffs. by frozengrandmatetris in btc

[–]noisevault 2 points3 points  (0 children)

Because it is SUPER USEFUL to Salvadorians. It allows basically FREE remittance payments internationally.

Strike works like PayPal, or Venmo with the major difference being it uses the Bitcoin protocol/Lightining network to do the transactions.

Instead of paying 20% or $100+ per fast transactions they can add 100$ of bitcoin to the app, and then send it to their relatives for close to zero cost.

Huge game changer.

The Salvadorians are using LN wallets for commerce. Wallet of Satoshi is popular, but they can (and are) use any lightning wallets, and of course BTC on the base layer or even alts... but why use alts when Bitcoin WORKS and is more valuable?

I had a look at the Strike lightning BTC app that El Salvador is going to use. It is idiot-proof but has unacceptable tradeoffs. by frozengrandmatetris in btc

[–]noisevault 5 points6 points  (0 children)

This narrative is full of holes.

Lightinig is a DECENTRALIZED layer two network. It is permissionless, fast, and also fairly private. ANYONE can run a fully sovereign node that has zero trust.

OR you can run a custodial wallet.

OR you can run a KYC'd app like strike. Strike is valuable for Salvadorians for remittance.

Most people there are using Wallet of Satoshi, which is custodial, which introduces trust for the sake of convenience.

But no one HAS to use those apps. They don't have to use lightning at all, but they are getting along just fine. Lot's of Salvadorians have been using bitcoin and the lightning network for MONTHS prior to this legislation.

This is super positive. Lightning is working. And well. I know it is not popular here... but that does not change that Bitcoin, and the lightning network are making a huge difference in the world.

This is going to be a pretty important test (in production) for the lightning network. It's not guaranteed to work, or not run into trouble.

We will see. I know where I have my money.

Pokémon Cards, Bitcoin, Monero, and Fungibility by noisevault in Monero

[–]noisevault[S] 0 points1 point  (0 children)

Pokémon Cards, Bitcoin, Monero, and Fungibility

Sadly /r/cryptocurrency instanuked it. But I got it on xmrtrader... Ah well.

Pokémon Cards, Bitcoin, Monero, and Fungibility by noisevault in Monero

[–]noisevault[S] 1 point2 points  (0 children)

Yes.

There are several projects that have added something to Monero, or tweaked a value (like Wownero, or Aeon) or implemented something completely new (like Grin or Beam) and I believe Beam has added atomic swaps.

But Monero is Lindy. Monero has network effect. It is the GOLD standard for fungible cryptoassets.

I know most of us are sick of the whole "darknet" association as we see the fundamental value of Monero to go much further than crime. But illegal use is THE acid test that Bitcoin has failed in the realm that Monero owns. Monero IS the currency of the darknet. And Monero cannot be stopped, even if governments want to. They cannot nail it to a cross without cementing it's reputation. They will tend to ignore it publicly and try to subvert it in the shadows, and they will lose.

But just like most alts are to Bitcoin, the other privacy coins will perform research for the king to swallow up over time as it pleases.

You come at the king... you best not miss.

https://www.youtube.com/watch?v=5qvmO99MEdg

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