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anon1395 | 5 months ago

Bitcoin is regulated as hell

discuss

order

Yizahi|5 months ago

And extremely centralized in the so-called Lightning version. Due to ridiculously absurd requirements of the Lightning layer (bidirectional channels on L1, locking funds in advance, solving NP-hard problem thousand times per second a scale etc.) everyone basically resorts to using very few centralized entities as a pseudo-bank, who issues virtual paper, IOUs, which which wallets trade on L2. Basically all negatives of the banks and all negatives of crypto-tokens combined, with no positive sides at all.

Karrot_Kream|5 months ago

Okay this was what I thought would happen. I looked into Lightning a few years ago and found the whole concept to be quite dense and not something that a "regular person" does. I don't have a strong opinion on the Bitcoiner vs Shitcoiner debate and have been happy to participate in BTC/BCH/XMR style chains, and the ETH/SOL/EVM-style chains as well. But I felt like Lightning ended up acting a lot like the Ethereum L2s with weaker guarantees.

enether|5 months ago

It's still pretty affordable and not-hard to run your own Lightning node; The pseudo-bank hosted wallets people use (e.g Wallet of Satoshi) is purely out of convenience.

The real lesson is that most people don't care enough about the underlying risks - they care about convenience.

Karrot_Kream|5 months ago

Only for tax purposes in the US. If you're worried that your speech will be censored by the government (importantly: corporate social media can censor you on their platforms but can't censor your BTC usage in most developed countries), then declaring BTC for tax purposes is probably the least of your worries in most places.

littlecranky67|5 months ago

As far as I understand as a non-US citizen, the recent presidential bills anchor your (US citizen-) right to deal in bitcoin between private entities. So the "good" kind of regulation.

t1E9mE7JTRjf|5 months ago

There is a world outside of USA, and there is even a world within it too - where you can just do things.

anon1395|5 months ago

Why do you think i'm in the USA...? I am in the UK and it is impossible to buy bitcoin without regulations.

nunobrito|5 months ago

Not everyone there is a bitcoin boomer. You'll find plenty of monero users and things that are a bit more serious than that.

littlecranky67|5 months ago

It is noteworthy that zapps are based on lightning (which is Layer-2 for bitcoin), and similar in privacy as monero (and instantaneous).