IMightBeAPenguin

[IMightBeAPenguin @1MightBePenguin]

Crypto has largely become about making money rather than providing anything useful to society.

If a technology is truly disruptive, you don't need to convince people it is. You simply show people the new technology and if it's better than the current, replacement is inevitable.

[IMightBeAPenguin @1MightBePenguin]

@TheBCHPodcast How long until someone posts a price chart lol

[Vinny Lingham @VinnyLingham]

@NimzoBit I’ve rejected Lightning and Liquid because they are both controlled by for profit shareholders (Lightning Labs and Blockstream). Bitcoin was never meant to enable L2 this way, imho. Neither has sufficient market traction after a decade. What are you still waiting for?

[IMightBeAPenguin @1MightBePenguin]

@AaronRDay Apple's products aren't that great anymore, but the brand loyalty has kept it going.

[IMightBeAPenguin @1MightBePenguin]

@jratcliff @ShortSqueeze20k A soft fork can cause a split too. It tightens the consensus rules, so previously valid blocks (that are now invalid) will be on a different chain.

SegWit was the reason Bitcoin Cash split.

[IMightBeAPenguin @1MightBePenguin]

@papahlamidas @decryptmedia @rogerkver @adam3us It's only doing well because of the name. Nobody loves paying and watching their money disappear, and most people only give a shit about making money. Nobody really cares about actually using crypto.

[IMightBeAPenguin @1MightBePenguin]

@papahlamidas @decryptmedia @rogerkver @adam3us This is simply not true. The node requirements for blocks that are even hundreds of megabytes is pretty reasonable. You can them on a raspberry pi.

For miners, the biggest cost is electricity, not storage or internet. It's not even close.

[IMightBeAPenguin @1MightBePenguin]

@papahlamidas @decryptmedia @rogerkver @adam3us Core devs were the ones who refused a blocksize increase when that was always the original plan on how Bitcoin would scale.

Anyone who disagreed was censored, and node implementations that allowed for larger blocks were never allowed to be talked about.

[IMightBeAPenguin @1MightBePenguin]

@papahlamidas @decryptmedia @rogerkver @adam3us Have they ever been kicked off? The community won't reject them. If you try talking anywhere about using another node software other than Core's that's a hard fork, you're censored or kicked off of pro-Core forums.

[ThrowingStones @throwingstones7]

Hey @binance where are the proof of reserves for #BCH? It's missing from your page.
https://t.co/kUfi7jJSVU

[IMightBeAPenguin @1MightBePenguin]

@papahlamidas @decryptmedia @rogerkver @adam3us Just the opposite is true. If Core devs want a change on the network (even if it's controversial), they get it on BTC. The ABC devs wanted to implement a dev tax, they got kicked off and another team's node implementation started getting used.

BTC is it's developers. BCH isn't.

[IMightBeAPenguin @1MightBePenguin]

@Ndub1234 @steveinpursuit It very clearly wasn't. There was always the intention to raise the blocksize limit, and Bitcoin was always meant to be cheap for transactions.

However, people in crypto don't care about that anymore. They only really care about making money and "going to the moon".

[Paul Sztorc @Truthcoin]

The problems with LN are:

1) onboarding -- everyone now admits that you cannot onboard 8 billion people to LN
2) (Now) need for op_expire ; enormous "channel risk" -- it matters who you open a channel with. They can lock your funds for 2 weeks, or even steal from you
3) inbound liquidity - expensive, counterintuitive, bad UX
4) HTLCs consume too many bytes (L1 feerate dust effect), making them useless
5) routing / payment fail rate -- must be near zero
6) the use of the abominable and outrageous phrase "custodial lightning". Either we purge this term, or we admit to ourselves that Venmo is actually the best "lightning wallet". Since words don't mean anything anymore.
7) the culture around LN has warped the kinds of ideas one is allowed to express. We are now 20% meritocracy at most, and 80% LN propaganda factory at least. This is a runaway death spiral, for ancient Rome and for Bitcoin.
8) almost everyone who actually uses the real thing, dislikes it. Current coin uptake is microscopic 00.025% . Payments usecase has moved to USDT. Senior LN people, all move on to other things, including inventors Dryja/Poon.
9) privacy is terrible, according to LN experts
10) 51% hashrate can steal from any LN channel, by censoring the justice txn . Moreover they have an incentive to do this, since LN siphons fees from miners.

I wish LN had succeeded -- I even worked on, and published my own LN version, in 2015.

Now we face a choice:

1) someone solves the above problems, or explains how they are acceptable unsolved
2) LN quietly goes away, like COVID
3) Bitcoin becomes "LightningCoin", we handcuff ourselves to LN, and both BTC+LN drown. Some other coin wins the crypto wars, and everything else (including BTC), goes to $0.

Obviously the BCH and ETH people, would love #3. Everyone who hates Bitcoin, prefers #3. That is what they hope.

...and they seem likely to get their wish!

[Nikita Zhavoronkov @nikzh]

Nostr creator: "Lightning is a scam" 🤪

[DΛVID @DavidShares]

@Truthcoin #bcasherswereright

[Marius Kjærstad (marius.eth) 🐬🦇🔊 @MKjrstad]

John Carvalho (@BitcoinErrorLog) has woken up to the fact that the design of the #Bitcoin Lightning Network is a joke⚡️

#LightningNetwork #LN $BTC #crypto #blockchain

[Fiendish @FiendishCrypto]

There is a very good and valid why the optimal blockers were forced to fork off into Bitcoin Cash.

Self custody is critical.
Layer 1 is the key.

[Bitfinex'ed 🔥🐧 Κασσάνδρα 🏺 @Bitfinexed]

@BenBrey It’s money laundering.

[Bitfinex'ed 🔥🐧 Κασσάνδρα 🏺 @Bitfinexed]

@MasukaiSama @BenBrey Tell me, who's lending to this clown, when they can just buy bitcoin directly, if they're so bullish?

[IMightBeAPenguin @1MightBePenguin]

@JohnXOsterman @louishliu @rogerkver Bad bot

[minisatoshi @_minisatoshi]

@security_pro_ @KimDotcom Wow, congrats, you got 1/3 right. Fucking moron.