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362 sats \ 3 replies \ @polyd_ 17 Apr 2023 \ on: I'm losing my faith bitcoin
The Hodl culture and meme is easier to explain than the Hodl+Spend so it's easier for one to be more popular, especially since the Hodl is a lot older of a meme. Having Lightning definitely helps the Hodl+Spend crew.
One problem I've had with the culture is the inability to admit the scaling problem. We say that Bitcoin needs nothing else but even when segwit was made, we knew that it couldn't scale perfectly. If we wanted it to work on a global scale, Lightning's whitepaper cites 133 MB blocks for 8 billion people. Taproot and Schnorr Sig's ability to aggregate will definitely help but it'll only get us so far. I think the best next upgrade would be CTV, CheckTemplateVerify, to explain its behavior, if Taproot and Schnorr can aggregate signatures, CTV allows you to aggregate transactions. A next perk to this is that anytime you create a covenant, you aren't the individual paying the fee to commit your transaction [unless you're spending to yourself of course]. When you're wanting to receive payment, you create the pubkey address that they will spend it to, but what they don't know is the details of that Script key. You could program in it a few channels, some going to cold storage and some going to George, the guy next door. No one will know until you inform that person of your secret covenant transaction. I've done a few write-ups so far and am always welcoming feedback, so no one hesitate to comment!
#161679_
That sound very good. Thanks for the links. I'll read them :)
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Hodl culture and meme is easier to explain than the Hodl+Spend so it's easier for one to be more popular, especially since the Hodl is a lot older of a meme
Is it? the concept of using a currency as a curreny should be older and easier to understand?
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Well, as we all KNOW that bitcoin will be valued at millions in a few years, why purchase anything with it now?
That's the narrative. The thing that scares me is being rich but not being able to purchase foot or shelter for my family. So eventually your $1 million bitcoin is worthless.
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