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by grey-area 1941 days ago
It should be expensive for a transaction like that to occur

It should not. Current systems manage it fine, because they don't use an insane model which tries to distribute every transaction to everyone, a model you're saying Bitcoin should move away from, at which point, why does Bitcoin exist?

I think it's perfectly reasonable to have second and third layer networks that sit on top of Bitcoin acting as transaction networks, while the main BTC chain is used for larger transactions or to settle large batches of transactions from other layers.

Instead of think of what we can do for Bitcoin, why don't we think about what it can do for us?

I don't really need a globally distributed ledger and all the problems that brings.
1 comments
xur17 1941 days ago
> It should not. Current systems manage it fine, because they don't use an insane model which tries to distribute every transaction to everyone, a model you're saying Bitcoin should move away from, at which point, why does Bitcoin exist?

I think you missed my entire point.. I am saying that Bitcoin layer 1 should be a settlement layer for other "less distributed" state systems that sit on top of it.

> I don't really need a globally distributed ledger and all the problems that brings.

I'd be curious to hear your thoughts on how to solve this.

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grey-area 1941 days ago
It seems to me you have failed to answer why such a distributed blockchain settlement layer at the bottom is necessary at all? What payoff does it bring except to justify Bitcoin’s existence?

To solve ‘this’, i.e. global payments throw bitcoin away and start again.

Focus on the problems real people have with payments, identity, trust, fees, speed, reliability, reversibility, somewhere reliable to store their money.

Blockchains fix none of that and actively make some of it worse.

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xur17 1941 days ago
Cash on the internet. I want to be able to send money to someone else on the internet without trusting a third party, and I want it to settle quickly / in a way that is "cash-like" (no reversibility). It isn't going to solve all problems, but as far as I know there is no other global payment system that solves for what I described.
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grey-area 1941 days ago
Sure, that's a good use-case though rather niche, as most people definitely don't want irreversible transactions. It's certainly well suited to that use and I agree better than normal payment networks for it.

I'm not convinced that niche in any way justifies the current valuation or hype, in particular from corps like Payal.

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