The point was never that payment channels are a "radical idea." The point is that fixed protocol limits are worked around by building systems on top of them, not by changing the base system because someone ran out of imagination.
Written by S. Tominaga
Bitcoin operates in clear text. It is traceable. It is, in structure and in operation, the very opposite of what the cypherpunks spent their years advocating.
Written by S. Tominaga
The White Paper does not describe:
“a low-throughput settlement asset for custodial second layers.”
It describes peer-to-peer electronic cash.
Written by S. Tominaga
Censorship Resistance (n.) - The proud boast of a system that can freeze transactions by design, provided the committee approves. Like claiming one's door is impregnable while leaving the key under the mat.
Excerpt From
Bitcoin Dictionary
S. Tominaga
Bitcoin was designed to be cash: used, spent, earned, and transmitted.
It was not designed as a shrine where fools throw in their entire net worth and pray that the number goes up.
That is not economics. That is cargo-cult gambling with a ticker symbol.
Written by S. Tominaga
I do wonder how many of the BTC faithful understand the small, embarrassing detail that Lightning does not escape block-size constraints. It merely hides them behind a more theatrical curtain.
Written by S. Tominaga
A system that scales does not need to batch as apology. It clears. It settles. It treats small payments not as a disease to be quarantined offchain, but as the entire point of the design.
Written by S. Tominaga
The digital cash system is not a slogan. It is not a fashion accessory for exchanges. It is not a casino chip for men with podcasts and no technical competence. It is infrastructure. It is machinery. It is an economic weapon against unnecessary friction.
Written by S. Tominaga