STEP 1: FUD the Scaling
The network that was meant to be the foundational difference from fiat was deemed unworkable. A Layer 2 solution was promoted as the only way.
STEP 2: Introduce the Red Herring
In order to hold off on-chain scaling, the Lightning Network was introduced. Just wait 18 more months. It’ll be ready and it will be amazing!
STEP 3: Jack Up Fees
Use Ordinals to jack fees high enough that no one can afford to self-custody, let alone use the main layer for anything normal.
STEP 4: Introduce Custodial L2
Liquid hung out in the background while Lightning was promoted. When Lightning broke because of crazy high fees, Liquid was quick to slide in as a solution.
STEP 5: Bridge from Exchanges Straight to L2
Now Banksters use Ordinals to jack fees to force everyone to withdraw directly to the permissioned L2. A host of exchanges can bridge to and from Liquid, and this is promoted as the ultimate solution.
Coinbase conveniently shuts off functionality for most payment coins on its merchant app. This funnels people into “trusted” KYC L2s.
Congratulations, most crypto users are now permanently stuck in a permissioned, custodial system, unable to afford actually controlling and owning their own money on permissionless networks.
Satoshi is rolling in his grave, but the Banksters are happy. What an amazing coincidence!
(plagarized from Joel Valenzuela @TheDesertLynx)
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Anarcho-Capitalism resulted in a Corporation being in complete control. Color me surprised. It’s also full of grifters? Say it isn’t so. /s
Actually, Bitcoin is sold by regulated entities with KYC laws & approved by the SEC.
Monero is AnCap.
The banksters are hardcore communist scum. They own and control the state which has a monopoly on violence. They use this monopoly to counterfeit currency. They then use this currency to corrupt and take over any threat to their power monopoly. There is nothing Anarcho-Capitalist about the situation.
Bit coin is 100% a representation of anarcho-capitalism.
Just because the winners aren’t AnCaps doesn’t mean anything.
Now admittedly, I bailed on Crypto in 2012 when I realized it needed an ever growing amount of power to sustain itself. So I could be wrong.
Actually, Bitcoin is sold by regulated entities with KYC laws & approved by the SEC.
Monero is AnCap.
Anarchist, yes. But there’s nothing inherently capitalistic about bitcoin.
I think the solution to the situation is many different coins that are usable. Then a DEX where you can trade all of them instantly with low fees. This will automatically decentralize the whole ecosystem and make attacking a single coin pointless.
This is why the bankers have propagated the BTC maxi culture because they know if we have 20 popular and useful coins they will lose control. We must really reject the maxi poison.
It’s nowhere near as complicated as this. Anarcho-Capitalism inevitably leads to Crony-Capitalism since some people out-compete others and eventually you arrive at a state where its possible to 51% attack any system (e.g. Cantillon Effect). There is only one solution, complete decentralisation in everything so that no-one person can dominate. Bitcoin’s main weakness was the lack of privacy (so real life attacks such as censorship, KYC regulations, etc could happen), lack of ASIC resistance (so power centralises), transaction speed so you have to rely on L2s, and the inability to mine your own transactions to push them forward. Monero is far better but it is not free from these issues. Mining should be so light that all wallets do it and the chance of centralisation is near zero.
You’re right, Bitcoin has not fulfilled the promise that early supporters wanted. That said, I already disagree when you talk about FUD the scaling. Bitcoin did not support quick and easy transactions, one of the main selling points that brought people in. That’s not FUD. Generally when people talk about FUD it’s because the fundamental value/functionality isn’t enough to overcome the audience’s concerns.
Bitcoin could have easily been adjusted to support fast and cheap transactions as the network and usage grew. It started with “safe” initial parameters to guard against spam attacks. The bankers infiltrated and made sure it stayed crippled and unusable so their inferior controlled solutions would look useful.
Rosen Bridge as a self custodial solution via Ergo would work nicely for BTC and XMR.
Most?
