Why didnt u sell on top? šŸ“‰

Communications Center Out Of Pod Experience
1424

Those are security complaints on a very very high level and they are being addressed by the developers already. The only real issue with Lightning is the always online part and that it requires a hot-wallet, which may be a security concern. But those are operational issues and not issues concerning the security of the network.

For a regular end-user Lightning isnā€™t something where you have your whole wealth stored, think of it more like a debit card where you have the money for buying daily stuff like coffee and lunch. You can always loop funds in and out from cold storage https://lightning.engineering/loop/

For a bank or financial institution connecting to the Lightning Network, the use-case is different, they may have big payment routing nodes. But they have also more resources to secure and monitor them.

That is generally the case with a blockchain yes. That is why most of the other crypto project that promise fast and cheap transactions are just lying about the trade-offs they take. Lightning Network doesnā€™t use a blockchain for transactions, only to establish payment channels.

It has many use cases. Currency isnā€™t one that is currently very viable because of the volatility, granted. It will in the future though. But the use case as a global cheap, permission-less, trust-less fast monetary network is absolutely viable today and is being adopted by companies and as you can see whole countries already.

1425

1426

What if all his Bitcons are lost? Bullish?

1427

I would guess if you have that amount you made sure it stays accessible. There are various ways to do that. For example with multisig wallets, where you need M out of N keys to access the funds. Then you can make sure your beneficiaries get access to those keys without the individuals or institutions where you deposited those individual keys having access to the funds themselves.

But if they are lost, thatā€™s about 0.1% of the total supply that will ever exist. Thatā€™s certanly not not Bullish.

1428

1429

Just some info from the horses mouth about where the legacy financial system sees the future: total control over your money

If that doesnā€™t make you question if you are on the right side of history if you still defend that system then you are probably a lost cause.

1431

Iā€™m confused. How is Bitcoin going to save us from the tyrants and the bankers, again?

1432

Cash have numbers that are recorded and that those codes can be tracked and linked to the person or company when withdrawn from the bank.

Bitcoin records every transactions and stored on the blockchain forever.

The problem with cash is that it could change many hands before those dollar bills are rescanned when returned to the bank.

Bitcoin allows a person to send and receive efficiently and still record your id that is stored on the blockchain forever.

For the central bank to generate their own digital currency means that the central bank becomes just another altcoin. where the mobs can speculate like what is happening with the price of Bitcoin.

What the Central bank might do is enforce their own CB-Altcoin to be accepted by banks and at the same time force banks to no longer accept Bitcoin exchanged funds,

That still wonā€™t change the fact that Bitcoin is used to send and receive. It is plain and simple to view the process and agree it is just like putting a dollar bill inside an envelope and sending that via snail mail to someone across the world. Bitcoin is both faster and efficient way of sending and receiving.

2 Likes
1433

Exactly.

The main difference of Bitcoin to a CBDC that is also important here isnā€™t so much the anonymity or privacy (Bitcoin has itā€™s own issues there), but the control and ownership.

With Bitcoin you are in control of your coins because you can store them on a wallet with your keys. You can even store this keys just in your head by remembering 12 words.

With a CBDC you are not in control of your coins because itā€™s a centralized system. If the people in control have an issue with you, they can simply freez your funds. They are in full control of your money.

With Bitcoin, no one can censor your transactions and no one can remove access to the system, because it is under no ones control. Itā€™s completely decentralized.

With a CBDC, they can and will censor transactions and exclude people from the system because they are in control. Make a donation to a political party the established gouvernment doesnā€™t like? Cancled! Outed as gay and the established gouvernment sees that as criminal? Access denied!

With Bitcoin no one can change the rules of the monetary system. If you attempt that, all the tens of thousands of nodes would have to agree, which is nearly impossible, except it was for a change necessary for the system to continue functioning. Not even the developers can change it, it would not be accepted by the network (that is different for other coins that are not as decentralized as Bitcoin).

With CBDC they can change it at a whim. ā– ā– ā– ā– ā– ā–  up the budget with some stupid regulation? Print some money! Political friend in trouble? Print some money for him! People are not spending enought? Put a expiration date on their money! They can pretty much do whatever they want. Itā€™s a system that is in complete control of a few.

Some people obviously think that is fine, the gouvernment should have the control over that. I say it doesnā€™t. What we as a society use as means of exchange to transact with each other should be our own choice and under no ones control.

It may all sound like a non issue and it might be for a while, until the time if someone gets in power where it becomes an issue. Just imagine the power of a CBDC in the hands of a fascist regime and what they could do with it.

Imagine a CBDC in the hands of Hitler. How does ā€œif you are not a criminal, you have nothing to hideā€ sound in that scenario?

1 Like
1434

It will not.

Actually now people who you would describe as tyrants and generally evil people, are profiting of bitcoin. Its not capitalism or communism, its exploitation.

Scammers, tyrants, manipulators, criminals, all they unite to profit off their victims or transfer funds used for malicious purposes, cryptos are a tool.

1435

So is the internet right? Those kids only use them new tech to buy drugs.

1436

Internets future is different than its past was. It will be strictly controlled space, with INTERPOL being hugely present there.

1437

I donā€™t think so.

But appart from if this will happen or not. Are you actually in favor of such fascists control? Do you pesonally feel like you have to completely give up your freedom and privacy just to be a little bit more secure?

Iā€™m not asking what you think will happen. You have shown quite often now that you expect the total big brother state. I ask what you actually want the future to look like.

1438

When everyone knows about everything, there is nothing to hide. Control should come with public information.

1439

You did not answer my question. Do you even have an opinion, or are you just throwing some dystopian visions onto the wall you picked up somewhere in an effort to sound intellectual?

1441

I speak about valuing freedom and privacy and that makes me an extremist in your eyes?

What does that make you?

A fascist?

1 Like
1443

But I do. Bitcoin is all about freedom and privacy.

I can understand that the established fascists see this differently though. sad

One manā€™s terrorist is another manā€™s freedom fighter

1 Like
1444

Fortunately there are people who will investigate crypto scams and expose it to wider audience.

The truth must be known. About every crypto there is, and about people who profit off of it in many methods, many just evil. And some crypto enthusiasts consider bankers evil. :thinking:

1445

Yeah, I already said that most crypto is a scam. Not sure if they are worse than bankers. Maybe, Iā€™m not a fan of all those criminals honestly.

You still did not answer my questions Nana.

1446

Here is the guy behind the whole El Salvador thing. If you still donā€™t understand what this is all about, he is really really good at explaining it.