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Alright, cowboys, cowgirls and SN fellas,  today, let's ponder over bitcoin, federated ecash, and those pesky alts, just some wacky theories about how fedimint could shake up the crypto space beyond our beloved bitcoin – you know, those laughable altcoins, or as we like to call them, shitcoins. https://media.tenor.com/6VqSmYVOyekAAAAM/family-guy-caillou.gif You've got these future altcoin CEOs, right? They're like kids in a candy store, except instead of candy, they're eyeing fedimint like it's the last slice of pizza at a bitcoin pizza party. They're all like, "Hey, I wanna be part of the cool bitcoin crew too!" But little do they know, they've been munching on shitcoins this whole time, thinking it was gourmet pizza. It's like trying to pass off a counterfeit Monet as the real deal at an art auction – someone's bound to call you out eventually.
And then you've got these shitcoin holders who are starting to feel like they've been stuck in a never-ending episode of Groundhog Day. They're like, "Wait a minute, this altcoin rollercoaster is making me dizzy, and not in a good way." So, they're eyeing bitcoin like it's a sturdy life raft in a sea of sinking shitcoins. It's like realizing that your grandma's homemade apple pie is way better than that store-bought cardboard crust you've been eating all this time. https://media1.tenor.com/m/7hqsaJYmGqwAAAAC/fathers-day-fart.gif But hold on, it's not just the CEOs and holders feeling the heat – even the workers in the shitcoin factories are starting to question their life choices. They're like, "Hey, maybe I should switch to the fedimint factory instead of cranking out these subpar shitcoins all day." It's like realizing that you've been banging your head against a brick wall when there's a perfectly good door right next to you.
So, yeah, the writing's on the wall, folks, altcoins are starting to look like yesterday's news, and fedimint is stepping up to the plate like the fresh-faced rookie ready to take on the big leagues. It's like watching the underdog team come out of nowhere to win the championship – you didn't see it coming, but boy, does it feel good when it happens. So let's strap in, stackers, because the crypto rollercoaster is about to get even wilder.
Thanks for reading, sat!
I really don't think that any bitcoin scaling solution kills shitcoining anytime soon, I think shitcoining will be around for a while, because the goal is how can I place a leveraged bet on bitcoin and make bank if I pick the right time frame.
Personally I think if anything could take on shitcoins its a highly liquid options market, which can be done with a fedmint
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Other cryptos do things better in some aspects. Other blockchains have gotten rid of the fee volatility/high cost, ridiculous times to confirmation or if you'll even get into a block, ect. So yeah, they'll be around way longer than Bitcoin will IMO especially if lightning doesn't absolutely take off.
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Lets dig into that, what are they top key values that altcoins are supporting that Bitcoin isn't?
  • Speed and cost - there are L2s for that (Alts you're trading throughput for centralisition, smaller networks since you can't use it as widely as bitcoin, regulatory risk, friction to move between chains and payments) - Just because the cost is delayed or unknown doesn't mean you can discount them to zero
  • Speculation - As I've said options markets can help with that
  • Representation of cash flows - We already have that its called stocks, ETFs and other securites
I've yet to see an altcoin offer a trade off that can beat bitcoin or a Bitcoin second layer as the better option and trust me I've gone through a bunch of them and I've yet to see an altcoin that securities companies would migrate to, I think thats a goal for the private blockchain space and developers and thats not something thats going to be publicly sold to speculate on
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Yikes! There is no other blockchain/timechain. Cryptos are just centralised and morally questionable companies piggy backing on Bitcoin's success.
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LOL, sure... You probably need to learn a little more about all the other shitcoins.
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Fedimints are shitcoinery
They are not a Bitcoin project, they are unsecured liabilities tokens no more backed by Bitcoin than any other API token.
The very purpose of running a mint is to have people give you their Bitcoin in exchange for your shitcoin. This is the incentive creating countless fake "L2" projects this cycle.
Layer 2 is the new Blockchain... welcome to a new era of Bitcoin affinity scams.
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L3 is around the corner…
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Do you really believe this?
To me, layer 3 is solving the “send over an ascii” channel problem of LN at layer 3. I cannot easily transmit arbitrary bearer token Bitcoin over LN with arbitrary ascii communication channels.
Bitcoin and LN both require direct process to remote process comms — TCP.
Ecash tokens are Bitcoin, as LN channel sats, which are as Bitcoin by merit of the HTLC.
Shitcoinery is the attempt to encode value into non-Bitcoin cryptocurrencies. I would argue that it is entirely the value of Bitcoin that can make chaumian ecash work in the 2020s.
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Lightning HTLCs are chain resolvable real Bitcoin.
ECash is not. It's an IOU. It's Credit.
Applications are not layers.
And if it's not Bitcoin, it's shitcoin.
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Ecash is resolvable to LN sats, which are resolvable to UTXOs.
I heard the same complains about LN 5 years ago too.
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To give you an example of real World use cases, the grand shitcoin casino Coinbase wallet has a “pay to link” option where you can send (feeless, no less) USDC to Coinbase, where the possessor of the link can claim this USDC in their wallet. Coinbase forwards the USDC to the user claiming the link.
This is entirely centralized, proprietary bearer token “ecash”.
We can do much better in Bitcoin.
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None of that has anything to do with Bitcoin, you're talking nonsense.
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What I am getting is trying to solve the ascii comm channel problem + bearer token problem.
Do you have any suggestions on how to transmit value over a reduced character set like ascii with bearer-like creds?
I would lovingly accept it that 'shitcoinery and shitcoiners' would stay like forever. I don't mind them appearing and disappearing. After all we need them to munch and crush under. Also, I believe they aren't going anywhere, they will stay forever, but they will be weaker and more fragile with the passage of time.
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I love how you Bitcoin maxi's are so brainwashed that you refuse to admit that other cryptocurrencies do things better in some aspects. You act like Bitcoin is flawless and perfect. Do you really think Satoshi wouldn't be taking the best qualities of other cryptocurrencies and implementing them into Bitcoin if they were still around? You're delusional if you think they wouldn't be.
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Yawn. You still here? Goodbye. Don’t let the door hit you on your ass on the way out
I knew I muted you for a reason.
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Notice how none of them addressed or responded to the points I made, they just insult and name call? It's because they can't argue against my points because they're accurate. 🤷‍♂️
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maybe one day you will understand but you will have to study.
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DeFi is for leisure and fun money you can lose. It's pretty cool until you get fucked by a smart contract acting gonzo.
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stackers have outlawed this. turn on wild west mode in your /settings to see outlawed content.