Are Bitcoin Layer 2 Affinity Scams coming this cycle? \ stacker news ~bitcoin

Are Bitcoin Layer 2 Affinity Scams coming this cycle?

2117 sats \ 17 comments \ @nout 21 Feb bitcoin

In 2017 it was all about Altcoins and ICOs.
In 2021 it was all about NFTs and "Smart Contracts"
In 2024 I'm predicting it will all be about "buy my fancy Bitcoin Layer 2 by sending me bitcoin"

It's already starting:

There's probably something ok there, but you can guess what will the 99% be like...

10 sats \ 2 replies \ @south_korea_ln 21 Feb

I notice that Taro does not show up in the same Client-Side Validation box as RGB, even though they use very similar principles...

100 sats \ 1 reply \ @nout OP 21 Feb

Yeah, there are more boxes missing. I'm not sure if that's a good or bad thing :)

0 sats \ 0 replies \ @south_korea_ln 22 Feb

Right :)

Technically, there shouldn't be many boxes at all... already remove all the ones that issued their own token...

26 sats \ 1 reply \ @freetx 21 Feb

Yea....

But, the graphic is missing all mention of fedimints / ecash - those by far are going to be this cycles "hype coin" (shitcoin depending on perspective)

4 sats \ 0 replies \ @joda 21 Feb

I feel like they were the bear market hype and we've already debunked or at least pointed out their tradeoffs pretty thoroughly. I could be wrong though.

2 sats \ 3 replies \ @DarthCoin 21 Feb

And these are not even close to "Layer 2"...

0 sats \ 2 replies \ @joda 21 Feb

Okay Darth, I'll bite. Why are these, not even Lightning, "not even close" to layer 2?

36 sats \ 1 reply \ @DarthCoin 21 Feb

You can't consider Lightning as another layer to Bitcoin. LN is just "non-broadcast" transactions (see what does it work HTLC). LN is literally bitcoin onchain, but not (yet) announced. Only the opening and closing tx are broadcast (announced). LN is a payment network, not a "layer".

All that other garbage are just affinity scams, not L2.

0 sats \ 0 replies \ @joda 22 Feb

Okay I guess I understand. Lighting "scales payments but not ownership", right? LN has the benefit of unilateral exit, but of course this only applies to UTXO owners, who themselves may be the "benevolent custodians".

So Darth, do you think there is even theoretically a Layer 2 for bitcoin? Is it possible at all? What would the mechanism be? Does it require some yet-undiscovered cryptography algo?

What do you make of Mercury, which "lifts" private keys rather than dealing with UTXOs? It also allows unilateral exit, so there is no risk of loss of coins, only of censorship (denial of use of the L2 itself). They have a centralized server, but what would you think if they decentralized that?

0 sats \ 0 replies \ @nout OP 2 Mar

Another one: BOB: https://www.gobob.xyz/

0 sats \ 0 replies \ @joda 21 Feb

I think the real hype will be EVM. When people start thinking "wait a minute, you can do everything Ethereum can do, but on Bitcoin?!" Then the crazy train really starts up.

Then it ends when someone asks "Wait, what is EVM used for?"

0 sats \ 0 replies \ @joda 21 Feb

The funny thing about layer 2s on Bitcoin is that ALL these devs should KNOW you aren't really scaling if you compromise. Almost all of these have some sort of custodial or centralization tradeoff.

If we just wanted faster Bitcoin, we could just strap on some instant block, infinite scaling, proof-of-history DAG rollup with centralized sequencers and call it a day.

0 sats \ 0 replies \ @joda 21 Feb

Ironically posted by "House of Chimera" -- a chimera being a mythical thing which doesn't really exist

0 sats \ 1 reply \ @joda 21 Feb

Isn't "comprehensive overview" an oxymoron?

0 sats \ 0 replies \ @nout OP 21 Feb

Most definitely

0 sats \ 0 replies \ @03479d0ee6 21 Feb

Yes. I think shitcoins are all out of narratives, specially ethereum, and scammers are realizing that only Bitcoin will prevail, so they are coming with their scams.

0 sats \ 0 replies \ @south_korea_ln 21 Feb

Yes