23 sats \ 1 reply \ @NorthKoreanHostage 8 Dec 2022
Stablecoins are impossible. They will all go bust eventually within like a decade at most. This is known theory.
Taro is just another shitcoin.
Bitcoin doesn't need this at all.
Bitcoin IS the asset. You don't need shitcoins on top of Bitcoin.
The entire development of this project is completely misdirected.
Tell me what this solves aside of just moving the shitcoin game to a different place.
reply
22 sats \ 0 replies \ @kr OP 8 Dec 2022
Taro isn’t a coin at all.
I hear your frustration though, and want the world to move to a Bitcoin standard as fast as possible.
How might you steelman the argument that people do have a need for stablecoins today?
reply
1 sat \ 9 replies \ @DarthCoin 8 Dec 2022
No.
FIAT DELENDA EST
reply
11 sats \ 8 replies \ @kr OP 8 Dec 2022
I get your aversion to fiat money, and have a couple questions for you.
-
How do you feel about the idea of other people using your Bitcoin liquidity to route their fiat stablecoins on Lightning (assuming your node is only routing BTC and not involved in Taro asset swaps)?
-
As a thought experiment, let’s assume we have no control over whether other people choose to use fiat money in the future. Fiat money moves on fiat rails today, do you see a benefit to having it move on Bitcoin rails instead?
reply
318 sats \ 7 replies \ @DarthCoin 8 Dec 2022
- Over LN will never be routed fiat or stablecoins. Only sats. What they do with those sats outside LN channels is their problem, not mine.
- Anybody that is focused on using fiat, forever or just transitory, in the end they will lose. Is just a matter of time until they will realize that.
fiat money is pure slavery. For more people will use it, more will suffer.
We have to end this shit once and for all. Enough with all this bullshit fiat.
reply
1 sat \ 6 replies \ @kr OP 8 Dec 2022
Appreciate your perspective.
As a follow-up, do you anticipate other assets being meaningful contributors to the amount of sats flowing through the Lightning Network when Taro goes live?
reply
318 sats \ 5 replies \ @DarthCoin 8 Dec 2022
I really don't understand why people, normal bitcoin users are so excited about Taro?
I think they understand it wrong.
Taro will be used mostly by big companies, to issue their own financial assets and instruments useful for their businesses.
Mortal will not use Taro-coin or any other asset will be created to buy a coffee of even day to day transactions.
All that part will be behind the scenes, normal node operators will be focused only on routing sats. That's all.
Will be more sats routed and linked to those assets? For sure. But that will not affect Bitcoin and LN from regular use in any way.
I could say that will be meaningful in terms of traffic.
reply
22 sats \ 4 replies \ @kr OP 8 Dec 2022
You could be right that people misunderstand Taro and how it will be used.
I’m still trying to wrap my head around the project (and weigh the pros/cons) myself, and find talking through these ideas to be helpful.
I think I agree with you that more sats will be routed over Lightning too, which could help node operators see more fee revenue as a reward for their services.
reply
318 sats \ 3 replies \ @DarthCoin 8 Dec 2022
You and many others see LN more as revenue form.
I see it more as like a damn good tool to FUCK THE BANKS.
In the end this is the ultimate goal: freedom and fuck the banks.
We are not in this to replace some crooks with others.
We will have enough time for revenues and financial scheme later, after we get rid of these banksters.
Now is not the time when we should fuck each others, but focus on fuck the banksters first.
reply
11 sats \ 2 replies \ @kr OP 8 Dec 2022
Fair point, I do see node operators as businesses that will eventually have to make a profit or close their operations.
The distinction I’d make between node operators making money and banks making money is that the business of operating a Lightning node is open to anyone.
In Canada, we have only 5 major banks and creating a 6th is nearly impossible. All 5 have the exact same service offerings, and no incentive to compete against one another. That leads to awful customer service and incredibly high fees.
I hope LN node operators do make money, but I also hope the barriers to entry remain low. This will lead to intense competition that incentivizes node operators to maintain high uptime, good liquidity, and reasonable fees.
view replies
0 sats \ 0 replies \ @cryptocoin 8 Dec 2022
This Tweet kicks off a Twitter thread has some good replies.
https://twitter.com/bergealex4/status/1600685882201120773 [Nitter]
reply