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1 sat \ 6 replies \ @kr OP 8 Dec 2022 \ parent \ on: Elizabeth Stark on Bitcoinizing Fiat Currencies bitcoin
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?
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.
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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.
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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.
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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.
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the business of operating a Lightning node is open to anyone.
Indeed, this is all that matter.
Node operators deserve to earn sats for their effort, don't get me wrong.
I run several LN nodes, private and public, for testing or for own use, and I know how are the costs of running them.
What I do not like is the obsession of some operators, that are running them ONLY to have like a "passive income". That's a wrong thinking.
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I agree with you here too.
Trying to passively make money for doing nothing is a foolish way of thinking. I hope lots of people make money on Lightning, with the caveat that it is earned (not given) for doing valuable work.
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