PoS is centralizing, self referencial & fundamentally insecure. ETH is already too centralized & totally fucked long term.
Bitcoin blockspace will continue to be full & in demand. Miners produce heat & can theoretically operate at a loss because people pay to heat things. As miners wind up applied to all the areas of life where they can be applied, I'm confident that securing the network will cease to be any concern among rational people - not that there is any reason for concern now anway. If large mining farms eventually become unprofitable it'll just mean that decentralization will improve.
The LSP market has zero barrier to entry when compared to any banking or financial institution today. A tech savvy 15yr old could be your LSP. None of the modern banking problems exist on lightning. Your position is ridiculous.
Peg in & peg out risk in a sidechain with private transactions & atomic swaps via lightning are not serious problems. Neither on Liquid nor something like spiderchains. Liquid is already far more secure than any shitcoin, & I suspect any decent fedimint or spiderchain or similar solution likely will be too.
If all miners are participating then drivechains screw with miner competition the same way big blocks would (plenty has been written on the problems with big blocks). If only a few miners are participating then the drivechains are completely insecure & subject to being wiped of all coins at any time.
Anyone claiming drivechains are needed when so few of the scaling solutions that we already have are even being used is just full of shit. My node will run software to reject anything to do with drivechains if necessary & I know I'm not the only person.
Replies (8)
“Liquid is far more secure”
Liquid is a federated model made up of 15 unknown members around the world with no ability to verify. All takes is 8 members to collude to steal everyone’s funds. It could be very possible that it’s just the same person with 15 different addresses. Liquid was closed source only until recently. With Liquid you can’t have z-cash level privacy and Turing complete smart contracts.
Blockstream in 2014 released a Whitepaper on Sidechain scaling which had clear support from various bitcoin core contributors. They raised huge amount of money for their sidechain idea. They decided to just make Liqud instead which they control and the transaction fees go to Blockstream instead of miners.
Even Adam Back (satoshi) the CEO of Blockstream has stated publicly he supports bip300. He even said last year dc would have been more useful than taproot.
"Turing complete" is nonsense. Z-cash has a trusted supply in order to achieve privacy. Risking the most important characteristic is not a good tradeoff. Sounds like you need to stop huffing the shitcoin propaganda.
If you haven't noticed, changing Bitcoin is both risky & difficult. I would prefer that people build economically sustainable external solutions. 15 supernodes is functionally far more secure than most alts. Even some of the largest shitcoins are extremely centralized despite infinite noise about "defi" or whatever.
In one post you say " Risking the most important characteristic is not a good tradeoff."
And in the previous post you claim Liquid, a KYC'd custodial solution is more desirable.
We have entered the phase of the argument where you know you are wrong and grasping at air.
Allow me to give you a face saving out: we learn and grow by being wrong, it's ok.
Drivechain allows for one minor change to push mosy future changes to Layer 2.
It is a more secure way to develope bitcoin functionality.
The most important characteristic is the guarantee of a limited supply.
Liquid doesn't risk supply, & there's no need to KYC anything.
Stfu
Great bit of info on Bitcoin mining some of us hadn't thought about. The idea almost any company theoretically could get involved in mining. Am I think correctly? Talk about diversification, and the mitigation of risk! Damn, isn't the Creative Chaos of Capitalism awesome.
Now you are spiralling into madness and cope, the last retreat of the vanquished.
Muddied and defeated you swing your sword around as the truth encircles and closes in, like the final scene in a period movie.
Drivechains do not increase supply.
Everyone participating in the Liquid multisig is KYC'd.
You skipped over the custodial thing. Very important. If bitcoin is custodied it can be censored.
