Fuck Adobe.
It triggered the auto-renew while on vacation for a year, I cancelled within a week later, and was forced to pay a massive cancellation fee. One of the worst companies I've interacted with, will never use their products again.
Why use LN when other simple L1 solutions already work great as money.
Litecoin (LTC) has cheap fees and lots of room.
Bitcoin Cash (BCH) is constantly improving and has a ton of transaction room to grow, with increases if/when demand grows.
Dogecoin (DOGE) not my favorite, but does work fine for the money use-case, but development, from what I can see is a bit stale.
With these existing simple solutions, I don't see why Bitcoin (BTC) has to be anything more than the unit of account other crypto projects value themselves against.
All those have problems. A huge amount of transactions in a distributed ledger means there’s a big requirement for storage space and processing power, there’s no way around it.
Lightning reduces the amount of transactions that must be in the ledger, and in consequence the storage requirements can be kept down. The BCH model of just increasing the block size indefinitely is not sustainable.
There is a way around huge storage requirements. Pruning, UTXO commitments, and things like Utreexo are all solutions for different aspects of that problem.
Still need to be able to transmit and verify the blockchain, so network capacity and CPU. You also need decent IO to maintain an index.
There are benefits to scaling on chain, but as above, its not sustainable.
Encouraging transactions that don't need to be stored on-chain forever and a day would be better batched up. You can then at least still verify your address balances.
Based on your reply, I don't believe you researched the technologies I just listed. UTXO checkpoints, for example, will enable one to trustlessly bootstrap a node nearly instantly (from the last UTXO checkpoint). Even 1MB (+SegWit) block size Bitcoin has an "infinite storage" problem that will continue to make running and bootstrapping nodes increasingly difficult. Should we decrease the block size cap to stave that off rather than look for solutions? I would say no. Instead, it's probably worth considering whether we need 100% of historic transaction data to be stored across all nodes, or even required to be directly checked by new nodes as they bootstrap from genesis block. It makes a ton of sense to me that if you trust PoW (which you probably do if you're using Bitcoin), you can set a threshold for UTXO checkpoint depth and simply bootstrap from there.
What seems lost in this discussion is the idea that there can be (and maybe should be) a middle ground. Scale on-chain to the extent that technology allows and enables it. Surely, computers today are able to handle much more than Satoshi's computer in 2009, right? Simultaneously, building out off-chain scaling methods should also be encouraged. We don't need to put all our eggs in one basket.
I'll use my own example, I purchased a month of a VPN service using BTC when it was ~11k, it's about $5 in fiat per month.
If you believe BTC will only go up, I don't see why you would want to spend it if your money will be worth more if you wait.
Regarding Volatility, yes it leads to a lot of trading, I mean means of exchange as purchasing everyday goods. The transaction history of BTC also adds regulatory hurdles.
>So if every grocery was to be priced in BTC, you wouldn't eat? :)
Yes, people didn't eat much during the great depression, they had no money to buy more food even though there was enough to eat for everyone. How hard is it to comprehend that if you are unemployed you can't afford food?
If BTC results in unemployment then a lot of people are going to end up hungry.
>Remember that the US was on the gold standard with a similar inflation profile to Bitcoin and consumers were consuming.
We also had two economic depressions that lead to two world wars.
During the good times, you are correct that few people hoarded money in the hopes of deflation. During bad times, people actually do make this calculation (and so might be hamburger instead of steak). Deflation is believed to have significantly prolonged and worsened the Great Depression, and that experience was one of the motivating factors behind the global abandonment of the gold standard.
>Is that because it's has 'Scarcity'? People will pay more for it in the future?
What did they do to deserve that? Watch everyone else create the wealth they take for granted?
>If that case is so soundly put why would you not buy as much btc as possible?
Because most people barely have enough money for their basic needs as they have to pay interest to financial capitalists and ground rent to land owners. They have no surplus to speak of that they could possibly spend on a deflationary currency. They are the losers of this system even though they are the ones who are doing the work.
The holy grail is a cryptocurrency that can scale to billions of users while maintaining sufficient decentralization and security to be immune to state-level attack and corruption. BTC in combination with the higher level protocols such as Lightning (and others not yet conceived) is the only system that I believe can achieve this.
Bitcoin Cash does currently scale up to Paypal's daily number of transactions while keeping transaction fees below $0.01. [0]
Scalability tests are underway [1] to detect bottlenecks for increasing the block size further, which should take it closer to Visa's transaction capacity.
The scalability roadmap aims for eventually supporting 50 daily transactions for each human in the planet, again keeping fees low, which is key for Bitcoin to be used as cash. Check out [2] if you want to read about the technical feasibility of this (even with today's hardware, it will be even easier in the future).
I understand the skepticism about the ability to scale Bitcoin after the Bitcoin Core team has been pushing for years for keeping block sizes low, but please let's consider facts rationally and maintain a civil discussion.
> Bitcoin Cash does currently scale up to Paypal's daily number of transactions while keeping transaction fees below $0.01.
On this here website there was a talk a couple months ago that led me to believe that paying $150 worth of bitcoin costs ... $150 if you want it done at credit card speed. Have things changed?
Without any other information I must suppose you are talking about Bitcoin (BTC), which has limited scalability and therefore high transaction fees when there is high demand. Bitcoin Cash BCH has low fees, below $0.01 as I mentioned.
Credit cards take days to complete the transaction. Much like BTC, there are near-instant checks to make sure the desired transaction _will eventually and most likely_ be valid.
You still have to find which service it's available on, enter payment information, download an app... And even then if you're not in the USA the selection is distributed across more apps, and lots of content isn't available easily even if you want to pay.
> We live in a world where 90% of the entire catalog of movies ever filmed are available to be instantly delivered to your home in 1080p for less than the cost of a Big Mac
Yet whenever I want to watch something, I have to look up which service it's on, see if it's available in my country, sign up for a subscription, possibly download an app....
Or, go to the high seas and be watching it in 4k resolution within 2 minutes.
It's very real. I have friends in the industry working on a Netflix series, and the amount of political correctness being forced on them from the Netflix side is insane.
I cannot give a specific example due to exposing which show this may be on, but if the stories I hear or true, the Netflix staff must do a lot of Yoga cause the stuff they force to change is a stretch.
The artists I know on the show went from being excited, to just there for a paycheck after certain fruits were deemed racist around black characters (not watermelons), and a LGBT plotline was forced into a childrens show just because.
The info you've supplied doesn't support your premise. You say "it's very real," but you admit you cannot cite a single example, and your only evidence is some vague hearsay.
Hearsay is this a courtroom? I'll cite an example : the entire front page of Netflix is an agenda. When they removed ratings I knew it was going downhill.
How is China in any way ideal. Here in the west, with very high voluntary vaccination rates, everything for the most part is back to normal.
Even the vaccination verification process is gone.
We dealt with covid in a reasonable, science-first way, which also allowed us to have the freedom to not get vaccinated, talk about what's happening, etc. Sounds much more ideal than the shitshow going on in Shanghai currently.
