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by where_to_inc
1436 days ago
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If you think multiple layers in a payments system is undesirable, I wonder whether you make all your purchases online by putting dollars and cents into envelopes and mailing them to the merchants, or whether you use that additional layer of credit built atop the lower layer hard money supply. Bitcoin was not designed to be “maximally profitable to miners”, it was designed to be a currency that could not be captured and controlled by state actors or other large players yet would be able to sustain itself and its network by incentivizing miners to set up nodes and resist attempts at hostile takeovers of the network. [1] No other solution has managed to achieve this. There are proof-of-stake cryptocurrencies that opt to be more easily scalable on L1 at the cost that they are controllable by whoever holds the largest stakes. [1] https://bitcoin.org/bitcoin.pdf |
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