jeffwDonald Trump Backs ‘Strategic Bitcoin Stockpile’ in Speech to Crypto Faithful
wolf_2202So the federal government will hold a substantial amount of Bitcoin? Presumably by the Treasury? Who will make policy decisions and regulations about how the bitcoin can be held and distributed across the government? And this will be different than our current system because the money is in the computer now?
With USD, the government can print as much of it as they want. With BTC, nobody has that ability. What this means is that if you have USD as a result of your labor, someone else can print as much as they want, which robs you of your labor. Wealthy people know this very well, so they hold their value in businesses or real estate or other things that only the wealthy have access to, but absolutely not USD or other fiat currencies. Anyone can hold their labor in BTC, and nobody, not even the government, can print it privately to rob you of your value.
That alone is enough to make it an excellent currency, but it goes way beyond that. Anyone can send any amount of BTC to anyone else in the world instantly for almost no fee. BTC can be divided down as small as desired, making it useful for many things that USD isn’t. The list goes on from there. This is why, a decade ago, when people were ridiculing btc as never being worth “real” money, so many intelligent people were able to predict just how useful and popular it would become.
Wealthy people know this very well, so they hold their value in businesses or real estate or other things that only the wealthy have access to
Anyone can buy fractional shares.
Anyone can hold their labor in BTC,
I notice you didn’t say “value”, which is smart.
nobody, not even the government, can print it privately to rob you of your value.
Everyone can print it privately. And it’s insanely easy to get robbed.
Anyone can send any amount of BTC to anyone else in the world instantly for almost no fee.
That is amazingly, blatantly and intentionally false. Bitcoin transactions are horribly expensive in real life.
Oh my, you have gotten some terrible information.
There is nothing magical about holding a whole number bitcoin.
I did say “value” as well, bitcoin has undeniably proven itself as an excellent store of value.
Anyone can mine it according to agreed upon rules, nobody has special control over it.
You absolutely can send it instantly for almost no fee. That’s the only way I send it. I use the lightning network to send BTC like millions of other people.
You know so little about something you think you know so much about. You have just absolutely proven your ignorance repeatedly. It’s time to slide the keyboard to the side and start doing a little research.
I did say “value” as well, bitcoin has undeniably proven itself as an excellent store of value.
Oh yes, massive volatility and no official backing make it a great store…
You absolutely can send it instantly for almost no fee. That’s the only way I send it. I use the lightning network to send BTC like millions of other people.
So you can safely use Bitcoin… By not using Bitcoin and negating most of the advantages and relying on trusted third parties with special powers for fraud prevention?
You know so little about something you think you know so much about.
Ah yes, personal insults really make your argument more persuasive and informative, and always do wonders to motivate people.
Lightning network doesn’t involve trusted 3rd parties, and it is directly connected to the blockchain in a trustless 2nd layer network.
Whatever, sometimes it’s volatile, that has decreased massively over the years, and during all that volatility, it was consistently rapidly increasing in value. Not only is it not inflating like even the best fiat currencies, it has outperformed every other asset or investment in the last 10 years.
Pointing out that you are talking with confidence about things that you can’t even be bothered to research is an important thing to say because there are people who will mistake your confidence for actual knowledge. The appropriate behavior is to research and say things you learned. When they are refuted, you should check to see if maybe you were mistaken, not double down because you dislike the feeling of being wrong.
Someone memorized the script really well.
Lightning network doesn’t involve trusted 3rd parties, and it is directly connected to the blockchain in a trustless 2nd layer network.
What are nodes and watchtowers? The way the whole layer works basically negates all the upsides of Bitcoin transactions, stripping much of the privacy aspect: arxiv.org/abs/2003.12470
There are much, much better cryptocoins out there, and it’s a much more nuanced case there. Bitcoin with lightning transactions are basically a less safe, more power hungry and more complex way to be less safe than with a normal bank.
Hell, even the original developers are leaving the Lightning project because they don’t support whats going on.
An Empirical Analysis of Privacy in the Lightning Network
Payment channel networks, and the Lightning Network in particular, seem to offer a solution to the lack of scalability and privacy offered by Bitcoin and other blockchain-based cryptocurrencies. Previous research has focused on the scalability, availability, and crypto-economics of the Lightning Network, but relatively little attention has been paid to exploring the level of privacy it achieves in practice. This paper presents a thorough analysis of the privacy offered by the Lightning Network, by presenting several attacks that exploit publicly available information about the network in order to learn information that is designed to be kept secret, such as how many coins a node has available or who the sender and recipient are in a payment routed through the network.
I’m not very interested in cryptocurrency generally but I’m interested in how the tech works–in addition to the aforementioned issues with security if one party controls a significant amount of the lightning network, wouldn’t lightning also be inefficient if a large percentage of transactions are one-offs? It would generate a transaction on the blockchain to open the payment channel between two accounts and a second transaction to close the account, correct? So if the actual number of transactions is two or less it doesn’t offer any actual advantage?