Thread by @TuurDemeester: "1/ People often ask me why I’m so “against” Ethereum. Why do I go out of my way to point out flaws or make analogi a bad light? 2/ First, ETH’s architecture & culture is _opposite_ that of Bitcoin, and yet claims to off […]"
That's true. I believe he got it at an Open University, but even then, it's better than most. Still doesn't know anything, of course. Couldn't hold a job, of course. His only prospect is to make Austrian noises online and feed off of the occasional bone thrown at him by pumpers.
For the most part, crypto currency applications only make sense if you start from the assumption that you need to use crypto currencies for everything.
Lightning Network for example is a layer 2 protocol designed to address the latency issues with Bitcoin. It doesn’t work, but even if it did it’s only useful if you insist on using bitcoin for routine day to day transactions. Not even hardcore Bitcoin promoters actually want to use it as money (most of them hold their coins as speculative assets), so Lightning Network is essentially an ineffective solution to a problem that no one really has.
The same is true for many other Bitcoin or blockchain based enterprise solutions. None of them are ever useful to someone who isn’t neck deep in the crypto currency fandom to begin with.
Turd Emeester is Bitcoins undisputed king-turd. The guy would lie to his own dying mother if it added a buck to the price. The only truth in that article would be if he concluded it with the line "I'm a shithead".
I was looking at this post that was a butters criticisms of mEth, and was very interested to see Vitalik and him having an exchange. If the price of butts drops some more and the two become competitive like they should be things will begin to get very interesting. Bitcoin's price is way out of line, and the point this butter made about Ethereum's "market cap" being too high was comedy GODL to me. Butts are the king of over-valued cryptocurrency at current, and are just waiting to go belly up. mEth may very well be over-valued but Butts are even more so!
fabzo100Crypto God | QC: CC 167, IOTA 441 year ago
maaan, both ETH and bitcoin's LN are just bunch of craps. nobody cares. nobody would use lightning network because you need to have your LN wallet pre-funded before you can actually do transaction back and forth in the lightning network. Nobody is going to do that because in real world people spend what they want to spend in the same day. They don't put $300 budget to buy coca cola then leave it at some 'open wallet' to buy 10 coca cola each day. They don't do that. They put that $300 budget in the same bank account that they use to buy food, pay bills, etc.
Lightning network skips the 'convenient' factor of how average people actually use currency in real life, which hinders adoption even more because no average joe would change how they do their 'budgeting', create multiple pre-funded wallets just for different purposes. Remember. average joes are the key to adoption and average joes want this thing called 'convenience'. something that cryptocurrencies need to have if they want people in real world to adopt crypto.
and don't get me started with ETH. it's essentially just a gas for dApp but nobody actually use dApp for anything. cryptokitty was probably the most successful 'genuine' dApp that ethereum ever had, but even now it's losing userbase real fast
hey look - someone who hates on LN but isn't shilling nano! even though I like LN it's refreshing to see someone who dislikes it without mentioning nano.
so what do you like instead? maybe you are a nano guy but just didn't mention it?
The point is that you become a bank through your Bitcoin wallet....
In any case almost nobody in Bitcoin development gives a shit about the average user yet. This tech is not for them. It will take a decade for that.
This is about establishing the foundations. Which have to be very resilient.
That’s a bad comparison. You have to beat the current tech. Lightning is an inconvenience vs the current tech.
Everyone wants fast, easy, cheap payments. They don’t want to think. Like the other guy said, literally no one will be prefunding their channels. I’d rather use my debit card or Apple/Google Pay. I say this as someone who holds a degree in IT. If someone like me wouldn’t use it, my grandma sure as hell wouldn’t. But let’s say lightning is adopted on a small scale...you still need to make it easy for people. You would most likely need a 3rd party custodian. There are currently zero qualified custodians mentioning use of the lightning/raiden network.
I’m of the opinion that people don’t need to know they are using crypto. That is the tech that will win. For those that wish to stay off the grid and be our own banks, there will always be options. But it’s important to remember not everyone is as technologically adept as you or I. This thought is what btc/eth devs are currently missing.