Oddbean new post about login | logout All changes in #BTC core is an attack on #Bitcoin. Think about it, which human creation would work if the number of users increase like x100 tomorrow morning?! (Roads? Hospitals? The corner store?) The L2 must be fully exploited before we consider any change.
L2s can't be explored well because L1 doesn't have the necessary functionality to make development of permissionless L2s simple. 🤦♂️
Great things have been done on L2 so far.
Not really. Lightning Network is arguably the only permissionless L2. Everything else is a glorified multisig.
L1 does not support the creation of the hundreds of millions of channels necessary for decentralized lightning usage. Covenants provide shared UTXOs, which helps scale and provide privacy.
Full 100% decentralisation for small and medium amounts is overrated.
What constitutes medium amounts?
Hard to say. It's different depending on your wealth.🤔
Did you notice that LSPs are increasingly unwilling to do business in US? Makes it all the more important to enable L2 scaling with interactive, permissionless self-custody. This is what covenants are for...
That's only because fiat gov still has more power. They have to protect what they have. To sacrifice the US to be able to stick around in every country other than 3 seems reasonable to me. In WoS case.
Building an emerging technology without access to the US market doesn't seem alike a reliable recipe for success. Enabling greater scaling and privacy control on L1 to make more useful L2s so permission isn't required looks like a better option to me.
You sound like you may be American... You also can't expect every member of a battle to be on the front lines. The 3 countries are US, China and North Korea. Think about that. Like it or not America is the land of the fiat and the home of the FED
I knew you'd get comments. people never agree. I'm with you.