Pages:
Author

Topic: The Lightning Network: A failure? (Read 905 times)

legendary
Activity: 3220
Merit: 1363
www.Crypto.Games: Multiple coins, multiple games
April 16, 2024, 06:26:20 AM
#89
I'm glad LN failed. It was an attempt for one huge, bank-funded company to control Bitcoin.

Now everyone just uses other coins that have expanded the block size for day to day transactions.

Don't get your hopes too high. Especially when "Wall Street" is in the game. Giants like BlackRock and Fidelity might push the adoption of LN payments soon. They will only look for what's best for them (lower fees, near-instant transactions at the cost of centralization), instead of what's best for the people (decentralization, self-custody). I've read somewhere that the Bitcoin Core project is being funded by banks. I wouldn't be surprised if that turns out to be the case with the LN in the future.

The "off-chain scaling solution" may be facing issues in terms of user experience and liquidity, but it will get "better" in the long run. Money is what makes the world go round, after all. So if the aformentioned entities pour money into the LN, developers will be well-funded to fix issues and improve the network. I sure hope BTC stays decentralized and censorship-resistant forever. Else, it was good 'til it lasted. Cheesy
legendary
Activity: 3500
Merit: 6320
Crypto Swap Exchange
April 12, 2024, 09:10:31 PM
#88
https://coingate.com/blog/post/crypto-payments-report-2024-q1

Quote
In general, the statistics from the first quarter of 2024 paint a compelling picture. The year started strong with 2,745 LN transactions in January, slightly dipping to 2,697 in February, before witnessing a substantial surge in March up to 3,673 orders.

Concurrently, the percentage of BTC payments made via the LN has climbed from 11.1% in January to an impressive 13.5% by March, marking the highest adoption rate of Lightning Network observed to date.

This trend strongly signals the market’s growing trust in the Lightning Network as an efficient and viable option for Bitcoin transactions.

So coingate is seeing decent usage of LN

No other payment processor that I could find gives out any information as to the percentages of which coins are used for purchases on their platform. I would think they would all be about the same but that's just a guess.

-Dave

 
newbie
Activity: 6
Merit: 0
April 12, 2024, 07:54:00 PM
#87
I'm glad LN failed. It was an attempt for one huge, bank-funded company to control Bitcoin.

Now everyone just uses other coins that have expanded the block size for day to day transactions.
legendary
Activity: 4424
Merit: 4794
April 12, 2024, 06:40:20 PM
#86
It's been years since the Lightning Network was launched, yet adoption has been quite slow. Most people are still transacting on-chain, despite the fact that sometimes network fees increase to undesirable levels due to the Ordinals hype. The L2 scaling solution promised to boost mainstream adoption for BTC with its ultra-low fees and blazing-fast speeds. It's still flawed, despite being established for a few years now.

What do you think? Is the LN a failure? If not, why? Should we give it more time to mature? What is the main reason most exchanges, merchants and/or businesses haven't adopted it yet?

Your input would be greatly appreciated. Thanks. Smiley
failed, in my personal opinion LN has not failed at all, the biggest obstacle for LN at the moment is adoption, people are still busy using on-chain bitcoin for their transactions and they don't even care when fees are at unreasonable values, apart from that is LN's reputation not yet big because maybe it is still very new, in the long term, the opportunity for LN adoption is quite large, by joining great influencers you can be sure that LN will not die, they themselves will help the liquidity of the LN process, just be patient.

LN is not bitcoin so not sure why you are getting so giddy about wanting LN adoption..
secondly LNs problems/obstacles are not the lack of adoption.. its actually LN's own problems and obstacles(flaws bugs, exploits), that are the issue of why its not getting adopted

did you know the more people that adopt it the more obstacles occur. yep the more bottlenecks and liquidity issues arise and cause more centralisation to occur and more IN-LN fee increases when more people join. and thats just economics/math of the way LN was designed in regards to moving value around a network

LN also has its own flaws, bugs and exploits even before people adopt it which LN devs admit now they cant fix which is also reason people wont adopt LN

and that not just my opinion. its actual details said by the LN devs themselves..
even 'poon' the progenitor, curator, conceiver(insert title) of LN has even moved onto other projects of doing subnetworks elsewhere

if you are hoping LN reaches its "1 million" milestone before core devs then decide its time to then scale the bitcoin network to cope with LN.. you are wrong and will be waiting forever.. we should be trying to get core devs to either relax their own centralised control to allow other brands of devs to make proposals on the bitcoin network of features for bitcoiners on the bitcoin network need/want to scale BITCOIN. or get core to stop delaying scaling BITCOIN and just get on with it. this has been an ongoing impedance for many years, they cant just keep on pretending they have to wait and find solutions and not know of exploits(which they were told about years ago) and instead actually do what they are put in positions to do, be bitcoin devs not alternate network promoters

LN is not the solution it makes out to be and the things it pretends to solve are limited thus doesnt solve the main issue, its just a niche subnetwork for niche service for a niche usecase of small amounts AT RISK(less secure).. not a solution to bitcoin scaling.. and trying to make people think its the 'all or nothing' thing everyone has to wait around for and hope and dream and give false snake oil sales promotions to recruit people into.. is just not even the right thing to do even if the network did fully function for all of the empty/broken/false promises that were made about it
full member
Activity: 1148
Merit: 151
Hire Bitcointalk Camp. Manager @ r7promotions.com
April 12, 2024, 06:33:38 PM
#85
It's been years since the Lightning Network was launched, yet adoption has been quite slow. Most people are still transacting on-chain, despite the fact that sometimes network fees increase to undesirable levels due to the Ordinals hype. The L2 scaling solution promised to boost mainstream adoption for BTC with its ultra-low fees and blazing-fast speeds. It's still flawed, despite being established for a few years now.

What do you think? Is the LN a failure? If not, why? Should we give it more time to mature? What is the main reason most exchanges, merchants and/or businesses haven't adopted it yet?

Your input would be greatly appreciated. Thanks. Smiley
failed, in my personal opinion LN has not failed at all, the biggest obstacle for LN at the moment is adoption, people are still busy using on-chain bitcoin for their transactions and they don't even care when fees are at unreasonable values, apart from that is LN's reputation not yet big because maybe it is still very new, in the long term, the opportunity for LN adoption is quite large, by joining great influencers you can be sure that LN will not die, they themselves will help the liquidity of the LN process, just be patient.
sr. member
Activity: 1666
Merit: 310
April 12, 2024, 06:10:04 PM
#84
BTC>In my mind, when I think about layered software stack architecture, I always make an analogy with the Bitcoin network and the IPv4 network (IPv6 being another network).

They all have finite IPv4 addresses of 32 bits in size, IPv6 has 128 bits, and Bitcoin also has a finite number.

So, I see Lightning Network scaling similar to how I saw IPv4 address exhaustion.

“The IPv4 addressing structure provides an insufficient number of publicly routable addresses to give a distinct address to every Internet device or service. This problem has been mitigated for some time by changes in the address allocation and routing infrastructure of the Internet. The transition from classful network addressing to Classless Inter-Domain Routing delayed the exhaustion of addresses substantially. In addition, network address translation (NAT) permits Internet service providers and enterprises to masquerade private network address space with only one publicly routable IPv4 address on the Internet interface of a main Internet router, instead of allocating a public address to each network device.”

Source: Wikipedia

The problem with my analogy may not be the best, but I’m not here to impose my view, just to learn from each other in a respectful chit-chat..
SegWit for BTC is the equivalent of NAT for IPv4.

It's a very good analogy, but only tech savvy people will get it...

Why senior board memebers like Frank is pissed about?
Franky has his own opinions about BTC scaling.

I’m imagining F here on a small island in the UK and his opinion about that. The DWP - The Department for Work and Pensions should sell its block of 16,777,216 IP addresses.”

https://petition.parliament.uk/archived/petitions/38744

 Tongue
Sell the IP block and buy BTC.

Profit! Wink
jr. member
Activity: 59
Merit: 27
April 12, 2024, 04:43:34 PM
#83
BTC>In my mind, when I think about layered software stack architecture, I always make an analogy with the Bitcoin network and the IPv4 network (IPv6 being another network).

They all have finite IPv4 addresses of 32 bits in size, IPv6 has 128 bits, and Bitcoin also has a finite number.

So, I see Lightning Network scaling similar to how I saw IPv4 address exhaustion.

“The IPv4 addressing structure provides an insufficient number of publicly routable addresses to give a distinct address to every Internet device or service. This problem has been mitigated for some time by changes in the address allocation and routing infrastructure of the Internet. The transition from classful network addressing to Classless Inter-Domain Routing delayed the exhaustion of addresses substantially. In addition, network address translation (NAT) permits Internet service providers and enterprises to masquerade private network address space with only one publicly routable IPv4 address on the Internet interface of a main Internet router, instead of allocating a public address to each network device.”

Source: Wikipedia

The problem with my analogy may not be the best, but I’m not here to impose my view, just to learn from each other in a respectful chit-chat..
SegWit for BTC is the equivalent of NAT for IPv4.

It's a very good analogy, but only tech savvy people will get it...

Why senior board memebers like Frank is pissed about?
Franky has his own opinions about BTC scaling.

I’m imagining F here on a small island in the UK and his opinion about that. The DWP - The Department for Work and Pensions should sell its block of 16,777,216 IP addresses.”

https://petition.parliament.uk/archived/petitions/38744

 Tongue
sr. member
Activity: 1666
Merit: 310
April 12, 2024, 04:25:09 PM
#82
BTC>In my mind, when I think about layered software stack architecture, I always make an analogy with the Bitcoin network and the IPv4 network (IPv6 being another network).

They all have finite IPv4 addresses of 32 bits in size, IPv6 has 128 bits, and Bitcoin also has a finite number.

So, I see Lightning Network scaling similar to how I saw IPv4 address exhaustion.

“The IPv4 addressing structure provides an insufficient number of publicly routable addresses to give a distinct address to every Internet device or service. This problem has been mitigated for some time by changes in the address allocation and routing infrastructure of the Internet. The transition from classful network addressing to Classless Inter-Domain Routing delayed the exhaustion of addresses substantially. In addition, network address translation (NAT) permits Internet service providers and enterprises to masquerade private network address space with only one publicly routable IPv4 address on the Internet interface of a main Internet router, instead of allocating a public address to each network device.”

Source: Wikipedia

The problem with my analogy may not be the best, but I’m not here to impose my view, just to learn from each other in a respectful chit-chat..
SegWit for BTC is the equivalent of NAT for IPv4.

It's a very good analogy, but only tech savvy people will get it...

Why senior board memebers like Frank is pissed about?
Franky has his own opinions about BTC scaling.
jr. member
Activity: 59
Merit: 27
April 12, 2024, 04:01:11 PM
#81
BTC>In my mind, when I think about layered software stack architecture, I always make an analogy with the Bitcoin network and the IPv4 network (IPv6 being another network).

They all have finite IPv4 addresses of 32 bits in size, IPv6 has 128 bits, and Bitcoin also has a finite number.

So, I see Lightning Network scaling similar to how I saw IPv4 address exhaustion.

“The IPv4 addressing structure provides an insufficient number of publicly routable addresses to give a distinct address to every Internet device or service. This problem has been mitigated for some time by changes in the address allocation and routing infrastructure of the Internet. The transition from classful network addressing to Classless Inter-Domain Routing delayed the exhaustion of addresses substantially. In addition, network address translation (NAT) permits Internet service providers and enterprises to masquerade private network address space with only one publicly routable IPv4 address on the Internet interface of a main Internet router, instead of allocating a public address to each network device.”

Source: Wikipedia

The problem with my analogy may not be the best, but I’m not here to impose my view, just to learn from each other in a respectful chit-chat..
SegWit for BTC is the equivalent of NAT for IPv4.

It's a very good analogy, but only tech savvy people will get it...

Why senior board memebers like Frank is pissed about?
sr. member
Activity: 1666
Merit: 310
April 12, 2024, 03:45:07 PM
#80
BTC>In my mind, when I think about layered software stack architecture, I always make an analogy with the Bitcoin network and the IPv4 network (IPv6 being another network).

They all have finite IPv4 addresses of 32 bits in size, IPv6 has 128 bits, and Bitcoin also has a finite number.

So, I see Lightning Network scaling similar to how I saw IPv4 address exhaustion.

“The IPv4 addressing structure provides an insufficient number of publicly routable addresses to give a distinct address to every Internet device or service. This problem has been mitigated for some time by changes in the address allocation and routing infrastructure of the Internet. The transition from classful network addressing to Classless Inter-Domain Routing delayed the exhaustion of addresses substantially. In addition, network address translation (NAT) permits Internet service providers and enterprises to masquerade private network address space with only one publicly routable IPv4 address on the Internet interface of a main Internet router, instead of allocating a public address to each network device.”

Source: Wikipedia

The problem with my analogy may not be the best, but I’m not here to impose my view, just to learn from each other in a respectful chit-chat..
SegWit for BTC is the equivalent of NAT for IPv4.

It's a very good analogy, but only tech savvy people will get it...
jr. member
Activity: 59
Merit: 27
April 12, 2024, 01:58:50 PM
#79
BTC>In my mind, when I think about layered software stack architecture, I always make an analogy with the Bitcoin network and the IPv4 network (IPv6 being another network).

They all have finite IPv4 addresses of 32 bits in size, IPv6 has 128 bits, and Bitcoin also has a finite number.

So, I see Lightning Network scaling similar to how I saw IPv4 address exhaustion.

“The IPv4 addressing structure provides an insufficient number of publicly routable addresses to give a distinct address to every Internet device or service. This problem has been mitigated for some time by changes in the address allocation and routing infrastructure of the Internet. The transition from classful network addressing to Classless Inter-Domain Routing delayed the exhaustion of addresses substantially. In addition, network address translation (NAT) permits Internet service providers and enterprises to masquerade private network address space with only one publicly routable IPv4 address on the Internet interface of a main Internet router, instead of allocating a public address to each network device.”

Source: Wikipedia

The problem with my analogy may not be the best, but I’m not here to impose my view, just to learn from each other in a respectful chit-chat..
legendary
Activity: 4424
Merit: 4794
April 12, 2024, 11:48:29 AM
#78
Thanks for confirming publicly that you have nothing in response apart from BS.

im quoting stuff from actual regulators and task force
you are just crying like a baby that i dont spoon feed you every detail and instead i ask you to do more research

shows you dont actually care and dont want to learn..
but atleast i tried by actually quoting stuff.. you cant even be bothered to research to check things out for yourself

you are the one speaking BS
you cannot back up your assertions

https://www.fatf-gafi.org/content/dam/fatf-gafi/reports/12-Month-Review-Revised-FATF-Standards-Virtual-Assets-VASPS.pdf
Quote
FATF Glossary
Virtual asset service provider means any natural or legal person who is not covered
elsewhere under the Recommendations, and as a business conducts one or more of
the following activities or operations for or on behalf of another natural or legal
person:

i. exchange between virtual assets and fiat currencies;
ii. exchange between one or more forms of virtual assets;
iii. transfer15 of virtual assets;
iv. safekeeping and/or administration of virtual assets or instruments enabling
control over virtual assets; and
v. participation in and provision of financial services related to an issuer’s offer
and/or sale of a virtual asset

15  In this context of virtual assets, transfer means to conduct a transaction on behalf of another natural or
legal person that moves a virtual asset from one virtual asset address or account to another


and as previously clarified miners due to special exemption(covered elsewhere under the recommendations) are not VASP

but LN(embedded layering/other scaling solutions) routing(conduct a transaction on behalf of another natural or
legal person that moves a virtual asset from one virtual asset address or account to another) IS considered as VASP  


you self custody holding your own value and spending it to a destination for yourself is NOT A VASP
you acting as a middleman transferring value on behalf of another person IS A VASP (as is mixing and coinjoin)

get it yet, or are you going to play ignorance

..
i know you purposefully act dumb, ignorant and annoying to get spoonfed.. as toddlers do..
but you are older then that.. try to learn to do your own research and stop this childishness of doing these games to get spoonfed
DO YOUR OWN RESEARCH and stop acting like an idiot.. especially when you dont like being called it even when you earn the idiot label

if you dont want to be called an idiot. stop acting like one.
legendary
Activity: 1512
Merit: 7340
Farewell, Leo
April 12, 2024, 11:44:38 AM
#77
Thanks for confirming publicly that you have nothing in response apart from BS.
legendary
Activity: 4424
Merit: 4794
April 12, 2024, 11:41:10 AM
#76
YOU are telling people to use mixing services such as coinjoin which are already considered by regulators as suspicious enough to delegate via active regulation that services to put funds on watchlists and investigate if it reaches thresholds
So, let me get this straight. You notice that regulators are hostile on mixing solutions such as coinjoin, yet you're somehow under the impression that they will not be hostile on mixing via mining pools. Makes sense!  Grin

thus im saying use ways that are currently not in regulators remit and currently regulators have deemed mining as NOT A MSB
Your proposal is not currently in regulators' remit, because first of all it is one of the dumbest ideas I've ever heard, and second, because there is no implementation and usage due to the former. Be certain that if enough people started mixing through mining pools, regulators would deem it as suspicious and enact it as illicit, just as with coinjoins.

google the definition of MSB
google the definition of VASP
google the definition of payment facilitators

routing comes under the banner of being a VASP/MSB/payment facilitator

then google the regulations in regards to cryptocurrency(VASP)
and them look at how they are aware that there are payment facilitators/MSB/vasp not just on mainnet but that routing on subnetworks is in the regulations

ill give you a few highlights. but i wont spoon feed you like a baby, you should learn to do your own research.. you are old enough to feed yourself

https://www.fatf-gafi.org/content/dam/fatf-gafi/guidance/Updated-Guidance-VA-VASP.pdf
Quote
85. AML/CFT regulations will apply to covered VA activities and VASPs, regardless of
the type of VA involved in the financial activity (e.g., a VASP that uses or offers AECs
to another person for various financial transactions), the underlying technology
(e.g., whether it uses mainnet or the use of embedded layering or other scaling
solutions)
, or the additional services that the platform potentially incorporates
(such as a mixer or tumbler or other potential features for obfuscation)

so yes they are fully aware of subnetworks (embedded layering or other scaling solutions)

being a vasp is not just cex on mainnet. its routing on subnetworks too

and like my previous post showed the explicitly exempted self custody self spending of own funds for self use as being a vasp.. and instead regulators are only going after those people acting as intermediaries facilitating payments for a fee(see definitions of vasp/msb/PF) on behalf of other people

which and to clarify mining is not a VASP activity(due to special exemption).. should you wish to dig deeper and feed yourself
legendary
Activity: 1512
Merit: 7340
Farewell, Leo
April 12, 2024, 11:31:26 AM
#75
YOU are telling people to use mixing services such as coinjoin which are already considered by regulators as suspicious enough to delegate via active regulation that services to put funds on watchlists and investigate if it reaches thresholds
So, let me get this straight. You notice that regulators are hostile on mixing solutions such as coinjoin, yet you're somehow under the impression that they will not be hostile on mixing via mining pools. Makes sense!  Grin

thus im saying use ways that are currently not in regulators remit and currently regulators have deemed mining as NOT A MSB
Your proposal is not currently in regulators' remit, because first of all it is one of the dumbest ideas I've ever heard, and second, because there is no implementation and usage due to the former. Be certain that if enough people started mixing through mining pools, regulators would deem it as suspicious and enact it as illicit, just as with coinjoins.
legendary
Activity: 4424
Merit: 4794
April 12, 2024, 10:47:45 AM
#74
when regulators say that coins used in mixing via coinjoin is to be put on a watch list
AND THEN .. YOU then use coinjoin, thus puts your coins on a watch list
Regulators might as well say that doing self-custody is to be put on a "watch list", I don't care. If someone wants privacy, then coinjoins and XMR is the way, and that's why regulators try to discourage their use as much as possible. If we switched to mixing using mining pools, then guess what; this process would then be considered illicit, and anyone mixing through the pools would be "put on a watch list".

By the way, you do know that their operation would then be considered a money transmitting service, right? I'm just saying, because I know you're blubbering about this when it comes to lightning.

YOU are telling people to use mixing services such as coinjoin which are already considered by regulators as suspicious enough to delegate via active regulation that services to put funds on watchlists and investigate if it reaches thresholds

thus im saying use ways that are currently not in regulators remit and currently regulators have deemed mining as NOT A MSB
you keep promoting people should use things that do fall into regulators remit.. and you want people to avoid using things outside of regulators remit.. (you are the opposite of helpful)

as for LN:
i am saying about regulators already discerning that subnetwork routers are considered MSB

thus again when you promote LN routing you are trying to push people into things that fall into regulation
you are not helping those you advise

you are the one blubbering because you have not even done the research on the regulations to know whats good for users and not good for users


as for you then blubbering about "Regulators might as well say that doing self-custody is to be put on a "watch list"
you are blubbering about things that are not current regulations... you are not doing the research or talking about current active risks of users using services, features, functions, utilities..

in regards to blackhats blubber about his fear mongering self custody and peer to peer of non mixing transaction....
lets let the financial action task force clarify
https://www.fatf-gafi.org/content/dam/fatf-gafi/reports/12-Month-Review-Revised-FATF-Standards-Virtual-Assets-VASPS.pdf
Quote
52. Currently, peer-to-peer transfers of virtual assets, without the use or
involvement of a VASP or financial institution, are not explicitly subject to AML/CFT
obligations under the revised FATF Standards
. The lack of explicit coverage of peer-
to-peer virtual asset transactions of this type was deliberate
, as the revised FATF
Standards’ general focus is on placing AML/CFT obligations on intermediaries
between individuals and the financial system. The lack of explicit coverage of peer-to-
peer transactions via private / unhosted wallets was a source of concern for a number
of jurisdictions. Jurisdictions noted that transfers to the unregulated peer-to-peer
sector could present a leak in tracing illicit flows of virtual assets.
53. However, jurisdictions did not consider that there was sufficient evidence to
warrant changing the revised FATF Standards at this point at time. There was
insufficient evidence demonstrating that the number and value of anonymous peer-
to-peer transactions has changed enough since June 2019 to present a materially
different ML/TF risk. Further research could be undertaken with the VASP sector,
academics and software experts and engineers to better understand the scope of the
unregulated peer-to-peer sector.
63. Peer-to-peer transactions via private / unhosted wallets. Peer-to-peer
transfers of virtual assets, without the use or involvement of a VASP or financial
institution, are not explicitly subject to AML/CFT obligations under the revised FATF
thus the blackhat blubber he got from oeleo where they were insinuating that bitcoin devs, bitcoin nodes and bitcoin miners are considered 'vasp(MSB) IS FALSE

they made that crap up to try to recruit people into using LN.. via fake scare tactics

legendary
Activity: 1512
Merit: 7340
Farewell, Leo
April 12, 2024, 09:53:14 AM
#73
when regulators say that coins used in mixing via coinjoin is to be put on a watch list
AND THEN .. YOU then use coinjoin, thus puts your coins on a watch list
Regulators might as well say that doing self-custody is to be put on a "watch list", I don't care. If someone wants privacy, then coinjoins and XMR is the way, and that's why regulators try to discourage their use as much as possible. If we switched to mixing using mining pools, then guess what; this process would then be considered illicit, and anyone mixing through the pools would be "put on a watch list".

By the way, you do know that their operation would then be considered a money transmitting service, right? I'm just saying, because I know you're blubbering about this when it comes to lightning.
legendary
Activity: 3220
Merit: 1363
www.Crypto.Games: Multiple coins, multiple games
April 12, 2024, 08:43:35 AM
#72
Apart from BSV which was an exception, we frequently notice altcoins like Litecoin and Monero being used more as a currency than Bitcoin. Check out this post from stompix: https://bitcointalksearch.org/topic/m.63402003.

To me the answer is crystal clear. People don't care about decentralization and censorship resistance that much for their financial transactions. They care about those properties when we're talking about the best asset there is. Bitcoin proponents view bitcoin more as an asset than a currency, and that's why it is not worth the risk to implement significant changes. It's that simple, yet we're making it seem so complicated somehow.

Of course. LTC and XMR are often viewed by many as currencies. NOT a long-term investment or store of value. I guess their total supply has something to do with this. Bitcoin's limited supply and deflationary mechanism has led the majority to use it more as a Gold alternative than anything else. There's nothing we can do to change this, especially when "Wall Street" is involved. Only a small portion of people will use BTC as a currency for day-to-day payments.

Given that the majority is "hodling" BTC, the Lightning Network and other subnetworks/sidechains will remain a niche for the tech enthusiast. At least, people have a choice. Who knows where on-chain fees will be in the future? Smiley
legendary
Activity: 4424
Merit: 4794
April 11, 2024, 03:01:14 PM
#71
much like ordinals done special deals with mining pools.. privacy guys can too
Nice. So instead of refusing to buy this nonsense, let's just give up our privacy options like trustless coinjoins and XMR swaps and put trust on mining pools, as if these new coins are invulnerable to being called "tainted" again.  Roll Eyes

Man, you're insane.

if you think putting your value into a "privacy serviceX" that regulators demand/delegate other services to watch users of "privacy service X".. by you putting your value into "privacy service X" puts you into the targets/sights which you are pretending to evade

when regulators say that coins used in mixing via coinjoin is to be put on a watch list
AND THEN .. YOU then use coinjoin, thus puts your coins on a watch list
its YOU that becomes insane

however instead by disposing of your coin as a fee, and then getting FRESH coin from a mining pool from a mining reward.. is not mixing thus not on some watchlist nor treated as a target/not watched with same scrutiny
analogy
police decide they will put speed traps and traffic cops on highway101.. publish that anyone travelling on highway 101 will be watched and checked for multiple things.. (warrants, traffic/speeding tickets, anything to raise suspicion to need to investigate a driver)
and you decide to promote that everyone should drive down highway 101 "for privacy".. you are doing the exact opposite of giving good advice

i am in this analogy telling people to trade in their second hand car and get a new car with no gps history, no previous drivers and never had a speeding/traffic ticket

you dont need to give away your name and location to get bitcoin rewards from mining pools
legendary
Activity: 1512
Merit: 7340
Farewell, Leo
April 11, 2024, 01:32:54 PM
#70
much like ordinals done special deals with mining pools.. privacy guys can too
Nice. So instead of refusing to buy this nonsense, let's just give up our privacy options like trustless coinjoins and XMR swaps and put trust on mining pools, as if these new coins are invulnerable to being called "tainted" again.  Roll Eyes

Man, you're insane.

Even if Bitcoin turns centralized in the long run? Scaling should be done in a responsible manner to help prevent BTC losing its core aspects of decentralization and censorship-resistance. Why do you think chains with a big block size (BCH and BSV) didn't succeed?
Apart from BSV which was an exception, we frequently notice altcoins like Litecoin and Monero being used more as a currency than Bitcoin. Check out this post from stompix: https://bitcointalksearch.org/topic/m.63402003.

To me the answer is crystal clear. People don't care about decentralization and censorship resistance that much for their financial transactions. They care about those properties when we're talking about the best asset there is. Bitcoin proponents view bitcoin more as an asset than a currency, and that's why it is not worth the risk to implement significant changes. It's that simple, yet we're making it seem so complicated somehow.
Pages:
Jump to: