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RE: Is the Lightning network ... a scam?

in #bitcoin6 months ago

I attribute my good experience of lightning on Muun to dumb luck. If you doing when there is a lull in the bitcoin core transaction amounts, then the transaction fees may be low and reasonable.

As activists wanting people to have some alternative money systems so that we will have options in the future to trade without a great social credit score. For this reason we choose Bitcoin core as it has the highest marketcap and thus the best chance of getting even more adoption assuming that its offering is better than fiat.

As consumers, we want to use something that costs less than fiat. With credit card payments the merchant pays 3%. 5000 sats on 10,000 stas is 50%. Then that 5000 sat digital-coin needs bytes for another transaction to mint it into a larger coin, but that may be more than the value of the digital-coin itself. So, it ends up being 100%. Six dollars is dust on the Bitcoin core chain. Bitcoin fees need to be 1.5% or less than what is being spent. If the fee is 5000 sats, then it is only good for things that cost at least 0.003 3 BTC ($200 USD). We are talking about car rentals or house rentals depending in what country you live in.

Being how the BTC's popularity has made it useless, as consumers we should consider something that has high acceptance but lower fees. This varies depending on where you shop which is the best for this. Sometimes it is Hive or HBD.

Did you take a look at this article about BTC and no-coiners? https://www.proofofbrain.blog/btc/@leprechaun/perhaps-it-is-time-to . Basically I argue as advocates for cryptocurrency we should probably get people to avoid Bitcoin Core (BTC) and Ethereum assets but instead go with a balance of a chain with popularity with low fees.

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I agree with you - the most difficult will probably be to convince the Bitcoiner-maxis that the other chains are not ennemies but friends and allies of Bitcoin, that complement and help spread adoption

What I meant by what I wrote earlier, is the lionshare of people don't really know what cryptocurrencies are, and why they are not a get rich scheme for buying with fiat and then selling for fiat, but something that can actually be a medium of exchange. In some situations, it is better than credit cards.

True, but we have a lot of work before we can open people's eyes to seeing beyond fiat money

Bitcoin maxis are a drop in the bucket. The people who only think of Bitcoin as some kind of magical metal coin that keeps going up make up most of the water in the lake.

Not sure. They are few, but with an outsized influence.