Reddit Posts
10 Intriguing Play-to-Earn Games to Watch in 2023
Pre Release Crypto Experiences
Testing for TARO? Someone made a massive 998-of-999 signatures Taproot transaction and it cost only $4.90
List of big things to forward to before the next bitcoin halving. You must accumulate now.
Fuck bip119, in 2 years if it stops seeming like a shit idea then reconsider?
Mentions
That's just stablecoin using TARO.
I like TARO, MANA, and ILV. Imho, other great promises for 2023 are Honor World, Elfin Kingdom, and League of Kingdoms. I'm more excited about Elfin (this project has a very strong background of bridging content creators across the gaming ecosystem) and Honor World (this one offers unlimited possibilities through farming, NFTs, DeFi, and Gaming).
I can't speak for other cryptos, but on Lightning (Bitcoins transaction network) there are a lot of developments going on specifically in that area to make the adoption easier, down to automatic conversion into stable coins at the edges (see TARO for example). A problem is also that most of the payment providers that offer crypto solutions are quite slow to adopt new developments. I have quite a lot of options for example in shops in my region to pay with Bitcoin, but none of them implement Lightning, which would be so much better for every party involved, as it basically already does what a POS does.
>Gavin Wood developed EVM, solidity. That's the only difference from Bitcoin Solidity is basically a javascript fork too. They made some huge blunders when forking bitcoin like not even implementing checksum for address. For people who don't know what that is, in bitcoin this prevents you from ever sending bitcoin to an invalid address by mistake. When it was pointed out, they said it's not a big deal because you're not supposed to send coins to addresses but only to nameregs. The nature of solidity is that it will never be secure and it's also impossible to say which transactions may fail or when. Smart contracts were invented by Nick Szabo. The term was used by ethereum foundation to market turing complete scripting which is a bug, not a feature. It's the cause for [tens of billions](https://decrypt.co/86503/defi-users-lost-billion-theft-fraud-2021-mostly-ethereum-report) of dollar value every year and [millions of failed transactions](https://cryptopotato.com/over-1-2-million-ethereum-transactions-failed-in-may/) every month that users lose fees on. Bitcoin Script intentionally limits loops, thus making functions deterministic and eliminating such security hazards. Yes, bitcoin has scripts (smart contracts) and does a tremendous variety of [complex transactions](https://mempool.space/tx/a3393847eb603c21970f509852cede958cf99ffe729f4b4908177b2b5d447d9d), some of which altcoins cannot even do, let alone as securely. Most crypto "projects" have no good reason to issue a token or even use a blockchain and don't solve anything. Just silicon valley start ups affinity marketing and playing information and regulatory arbitrage in the name of bitcoin and hiding behind bitcoin just because they also use blockchain and cryptography. They're companies with executive board of directors, branding teams, marketing teams, business plans. The information arbitrage is pretty remarkable because they get a bunch of money for printing air tokens out of thin air and selling a portion of it. They then use the money mainly to control narratives. How many people even know that literally all eth traffic runs through [central infura servers](https://i.redd.it/0v1sptvqrfga1.jpg)? Why? Because it doesn't scale without central servers. It also doesn't scale on-chain which is what they promised 7 years ago when they asked you to give them bitcoin to create a turing complete blockchain. They tried a lot of other stuff before roll-ups with centralized sequencers with trusted multisigs. They even tried to copy Lightning and funded [Raiden network](https://raiden.network/). Blockchain is inefficient to do anything but maintain global state of timestamped transactional database at the base layer without losing security and making it centralized. It's really that simple. When the topic of BitDNS came up, Satoshi argued it would be better as a sidechain (or similar to a drivechain) and should not complicate the base layer. All networks scale in layers. Like TCP/IP, Bitcoin is "conservative in what it does, liberal in what it accepts" from layers built on top of it. This is Postel's Law. Experimental applications can only securely be implemented through layers of abstraction and they do not require premine, ICO tokens just to make insiders rich. Lightning has no token. Liquid has no token (but it's a federated protocol for securities, not decentralized or even marketed as decentralized). RGB, TARO protocols have no token. Satoshi touched on the concept of STARKs in 2010 which bitcoin developer Greg Maxwell made a proposal for in 2013 but the tech was quite rudimentary then. It's come a long way since and it may soon be possible to not only have a node on your phone but also trustless two-way pegs. But I don't think any protocol built on bitcoin will ever have a premine token. [There's never been a better industry vertical for scammers as long as the window is open](https://twitter.com/coryklippsten/status/1595564120782172160)
All networks scale in layers. You don't know anything about layers of abstraction built into the Internet protocol today but go ask someone from 40 years ago and they'll tell you internet can never scale, because until Jon Postel's seminal work establishing standards of layering protocols, everyone was looking at internet as a monolithic architecture. Postel argued that monolithic internet design can never scale and we cannot violate the principles of layering protocols. About TCP he said "be conservative in what you do, be liberal in what you accept from others". This is Postel's Law. Internet would not exist as it is today without separation of application layer. Blockchain is inefficient to do anything but maintain global state of timestamped transactional database at the base layer without losing security and making it centralized. It's really that simple. Bitcoin base layer protocol is the settlement network and it [settles](https://www.nasdaq.com/articles/bitcoin-is-the-worlds-most-efficient-value-settlement-network) higher value than US GDP. Day to day payments is an application of money as medium of exchange. The Lightning protocol is a P2P payments protocol and has a throughput potential of several million TPS. As of March 2022, [nearly 100 million users](https://arcane.no/research/nearly-100-million-people-have-access-to-lightning-payments) had access to Lightning payments and it's powering [bitcoin circular economies](https://twitter.com/BitcoinNewsCom/status/1630893028855431175) around the world in places like Africa, Asia, Latin America. Bitcoin is solving ([\[1\]](https://np.reddit.com/r/Bitcoin/comments/zd5vnj/bitcoin_is_for_everyone/), [\[2\]](https://np.reddit.com/r/Bitcoin/comments/zvlzb4/togolese_human_rights_activist_explains_french/)) centuries old problems in the real world today. Lightning is not a separate network, despite the moniker. It's a [graph](https://lnrouter.app/graph) of interconnected multisig channels native to bitcoin protocol that functions as an abstracted private, peer-to-peer payments protocol. Think of it as HTTP to TCP/IP. Satoshi understood the limitations of monolithic design as well and discussed about layered protocols even before Bitcoin was launched. So did Nick Szabo and another person the average bitcoiner will not know today, that is James A. Donald. Donald was among the first people to critique Satoshi’s white paper and design. He argued with Satoshi about scaling and detailed that he believed Bitcoin needed a layer of account. “We will need a layer of account money on top of the bitcoins, supporting transactions of a hundred-thousandth the size of the smallest coin, and to support anonymity, Chaumian money on top of the account money,” [Donald wrote](https://www.metzdowd.com/pipermail/cryptography/2008-November/014834.html) on November 8, 2008. Within a week of the Bitcoin whitepaper being published, Hal Finney also talked about similar ideas for protocols like Lightning and Fedimint on top of bitcoin arguing for “building light-weight anonymous payment schemes on top of heavy-weight non-anonymous systems, so Bitcoin could be leveraged to allow for anonymity even beyond the mechanisms discussed in the paper,” he was basically describing Lightning protocol. So if the settlement network is throughput limited, how can billions onboard to Lightning? To begin with, let's clarify that 7 TPS figure is oft-repeated but inaccurate following SegWit and Taproot activations. There are transactions like [this](https://mempool.space/tx/a3393847eb603c21970f509852cede958cf99ffe729f4b4908177b2b5d447d9d) and these are counted as 1 transaction. You'll have noticed some blocks with 6-7k transactions as well. In short, bitcoin supports a tremendous variety of complex transactions that it can go up to 9-12 tps right now (comparable to Fedwire) even without any further developments. With Lightning, it's possible to open dual-funded channels and ways to on ramp directly to Lightning in a fully self-custodial way. Then there's something called channel factories (part of 'eltoo' proposal), which would allow opening very large multi-party channels and establishing and closing further channels without further on-chain transactions. Just a 10-party channel factory transaction is 45 channels with 1 transaction which reduces onchain footprint by > 91%. There's an insane amount of innovation happening on Lightning. [DLCs](https://10101.finance/), [Stablesats](https://stablesats.com/), [Lightning address](https://github.com/andrerfneves/lightning-address) and onion messaging, [P2P markets](https://lists.linuxfoundation.org/pipermail/bitcoin-dev/2023-April/021556.html), privacy improvements like trampoline payments and route blinding which will make it more private than cash. There will be other applications beyond Lightning from the likes of TARO, RGB, STARKs, Drivechains, Statechains... multiple layers supporting different use cases. STARKs as a concept is also something Satoshi talked about in 2010 and Bitcoin developer Maxwell first proposed the idea in 2013 but the tech was very rudimentary back then. It's come a long way since and it could soon be possible for bitcoin to have trustless two-way pegs in the near future.
>Full mempool Which mempool? My node's mempool or your node's mempool? There is no global mempool. At any given time, there's a priority fee and if you want to get in the next block, you pay this priority fee and get immediate confirmation. Back in 2017, we didn't have Lightning and surge in demand for blockspace was a problem. Today Lightning is easily accessible to anyone. People can on ramp straight to Lightning. Any exchange or service that doesn't offer both on chain and Lightning doesn't care about user experience and you shouldn't give them any business. As I said [here](https://np.reddit.com/r/Bitcoin/comments/116e2j1/comment/j96icnw/), in the future on chain will only be used for large settlements. We'll have not only Lightning payments but DLCs, TARO, RGB, STARKs... multiple layers of abstraction supporting different use cases. All networks [scale in layers](https://np.reddit.com/r/Bitcoin/comments/10j7k8r/hot_dang_lightning_is_a_freaking_beast/j5j4yqc/).
Morning all, When I first started in crypto before I found some more down to earth forums and of course r/cc I was going off a lot of crypto news sites linked via coinbase along with articles that I found on crypto news sites and linking in to youtubers etc. At first I got the impression that the way to do it was to get into a crypto project that was in pre release and reap the rewards when it took off. At the time the projects they were toting were FIGHTOUT and TARO. so I was really confused when I have not heard word one on here about either of those projects or other pre releases. Main question is what has been your experience of buying into pre release projects?
tldr; According to current crypto trends, you should opt for investing in one of these cryptos: Love Hate Inu (LHINU), DeeLance (DLANCE), Metropoly (METRO), Ecoterra (ECOTERRA) RobotEra (TARO) SingularityNET (AGIX) *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
Doesn't need to. His idea is too outdated and not decentralized. Only risk it solves is fiat collateral risk. People are already working on stablesats using DLCs and of course the TARO protocol.
Centralized and backed by USDC marketed as decentralized. Tether is backed chiefly by short duration US treasuries managed by Cantor Fitzgerald, has been around 5 years longer than USDC and has never once stopped conversions. I don't recommend it and don't really care for stablecoins but that's the best option right now. Lightning wallets like Bitcoin Beach wallet, Lightning apps like Kollider have stablesats that lets you have dollar balance without fiat-backed stablecoins. There are emerging trust-minimized stablecoin protocols like the [TARO](https://i.redd.it/bnzksocdbun91.png) protocol and trustless bitcoin-backed P2P fiat using DLCs. I think that's where we're headed. People got too comfortable in recent years building centralized trash that cannot survive adversarial environments or aggressive regulatory scrutiny.
Cutting it just fine with estimated millions of transactions per day. Get a lightning address, jump on [Nostr](https://nostr.how/) and get [zapped](https://zaplife.lol/). Read [this](https://medium.com/breez-technology/the-breez-open-lsp-model-scaling-lightning-by-sharing-roi-with-3rd-party-lsps-e2ef6e31562e) and get educated on some incredible developments happening on Lightning. Then read about channel factories, DFC, BOLT12, TARO, DLCs.
It's really not though. Ethereum foundation decides what's ethereum. There's a formal specification defined by ethereum foundation. All clients are funded by ethereum foundation and simply follow their formal specification. 99.9% of clients [here](https://ethernodes.org/?synced=1) (Geth, nethermind, besu, erigon) are [directly maintained by ethereum foundation](https://www.coindesk.com/learn/ethereum-nodes-and-clients-a-complete-guide/). [Ethereum Foundation creates an altered version of Ethereum on July 20 2016 to reverse the DAO theft (to recover founders' coins). As trademark rights holders, the Ethereum Foundation applies the Ethereum (ETH) brand to the new forked chain](https://ethereumclassic.org/knowledge/history) This is why there's never any contention over hard forks. This is why they're able to pull off a hard fork every six months. Ethereum upgrades require no consent from users or token holders. A hard fork breaks consensus and enforces new consensus chain on users. It's only possible to do frequently if there's a central authority. You either upgrade to the new chain or leave. You have no other option. There are also only a handful of economically significant nodes like infura that all wallets and dapps rely on. To explain this differently by way of comparison, let's say hypothetically that someone hard forked bitcoin or monero to proof of stake, what would happen? Will the current PoW chain require a hard fork just to remain a PoW chain as it is? No, it will just continue to work as it is and those who want to remain on the current chain will remain as it is. It is ONLY those who want to hard fork that will have to migrate to the new chain and whichever chain has economic majority node consensus becomes canonical chain. No one can determine this beforehand. Ethereum PoW chain was required to also hard fork to a new chain just to remain the same with no changes. Why? Who put the difficulty bomb (which they also kept repeatedly hard forking to push back for 6 years) to "enforce" consensus migration to ethereum foundation's PoS chain? While we're on this topic, [this](https://twitter.com/CurveFinance/status/1555237094385147905) is the largest "defi" by TVL on ethereum admitting stablecoin issuers control all liquidity and therefore all future fork choices. This should be obvious to anyone but that's straight from the horse's mouth so to speak. I don't know what would happen should stablecoin issuers ever disagree with ethereum foundation over a hard fork. But it's very likely that stablecoins will also be required to register as securities as they're centrally issued and controlled. Even if ethereum somehow was not required to register, this is a whole another issue that could affect all liquidity. There are some newer stablecoin protocols like the [TARO](https://i.redd.it/bnzksocdbun91.png) protocol and trustless bitcoin-backed P2P fiat using DLCs. I think that's where we're headed. Anything that's not truly decentralized is going to become problematic. People got too comfortable in recent years building centralized protocols that cannot survive an adversarial regulatory environment. "Governments are good at cutting off the heads of centrally controlled networks. Pure P2P networks can hold their own" - Satoshi (2008)
>If we successfully establish higher layer protocols that aggregate fees then it will never become an issue. STARKs was already proposed a decade ago and it's first [coming to TARO](https://youtu.be/pStJqHrJhVs) later this year. There's also more momentum than ever behind drivechains idea now although I'm not personally sold until at least SV2 becomes ubiquitous.
A blockchain is just a database management system. Most people don't understand the difference between technology and open protocols. A technology can be an open protocol. An open protocol cannot just be narrowly described as technology. There has been a serious breakdown in understanding of what a blockchain (a term never used in the whitepaper) is useful for due to the [noise and scam](https://twitter.com/rusty_twit/status/1296596310921900034) negative feedback loop that began once it was possible to exchange bitcoin for dollars. There were no altcoins for 2.5 years. Not a single one. Bitcoin reached dollar parity in April 2011, and reached a price of $5 that month. Guess when the first altcoin was launched? >!April 2011.!< Blockchain is inefficient to do anything but maintain global state of timestamped transactional database at the base layer without losing security and making it centralized. Great for settlements and bitcoin network is the [most efficient settlement network in the world](https://www.nasdaq.com/articles/bitcoin-is-the-worlds-most-efficient-value-settlement-network) already settling higher value than US GDP but sucks for micropayments. If we go back to the formative years of the internet, it had a similar problem. Then along came "god of the internet", Jon Postel who argued that monolithic internet design can never scale and we cannot violate the principles of layering protocols. About TCP he said "be conservative in what you do, be liberal in what you accept from others". This is Postel's Law. Internet would not exist as it is today without separation of application layer. Application functions and experimental functions can only exist at higher layers and they absolutely do not require [premine, ICO, VC tokens](https://twitter.com/coryklippsten/status/1595564120782172160) just to make insiders rich. For bitcoin, day to day payments is an application of money as medium of exchange and Lightning is that payments layer. Bitcoin is conservative in what it does, but liberal in what it accepts from layered protocols built on top of it. Lightning is [private like cash](https://twitter.com/LN_Capital/status/1614308872973344768) (with Taproot) and has a theoretical throughput of several million TPS, likely to get [even faster](https://twitter.com/benbenbrubaker/status/1615781398022864927). There are so many cool things happening with Lightning. [Lightning login](https://twitter.com/apollosats/status/1593003920930275328) and P2P Lightning apps are going to take the web by storm and completely transform revenue models for all internet applications. It will also transform journalism and potential for public to directly incentivize and demand unbiased, independent journalism. Article behind a paywall cannot cost $0.0001 because of cumbersome legacy rails and middlemen rent seekers. No such problems with Lightning and [BOLT12](https://twitter.com/LN_Capital/status/1589321548133203968) will make this so much simpler and user friendly. Bitcoin protocol will be ossified just like TCP because if you sacrifice any of its properties even a little bit, it will become unsuitable as the base layer of money for the world. This is why layering protocols is critical. [This](https://twitter.com/BitPaine/status/1615764109638914049) is not as useful and solves no problems. Linking a centralized licensed wallet software to legacy browser to swap centrally issued premine, ICO coins interfacing with a central AWS server is hardly innovation. Impervious AI is doing something much more exciting than this. Nostr is infinitely more innovative than this solving a real problem. In fact, Nostr was able to build a decentralized social network protocol "because" it does not use a blockchain. Blockchain is not a panacea for every use case in the world but you can build layered protocols on top of it or parallel protocols that interface with them. TARO, RGB, DLCs, Robosats, Fedimint, Machankura, Zion, Impervious AI, Kollider, Nostr which are layered protocols and applications leveraging Lightning. There will be many more to come. Bitcoin is also not an investment, no one ever sold it to you. It's an open protocol built upon 40 years of research to fix money by removing trust in humans and released to the world for free. The same people (cypherpunks) who were involved in TCP/IP were involved in the research that contributed to the invention of bitcoin. It's a new monetary system built from the ground up by us, literally random people on the internet voluntarily supporting, securing and developing it. There's no company, foundation, premine, ICO, VCs, licenses, trademarks, branding or marketing teams, not even an official website, code repo or even a formal specification. Bitcoin had no right to succeed. Through voluntary adoption, bitcoin is where it is today against all odds, having started from zero 14 years ago. Learn how to [run a node](https://np.reddit.com/r/Bitcoin/comments/zturtd/think_bitcoin_is_inevitable_think_again/) and [Lightning node](https://np.reddit.com/r/Bitcoin/comments/zvj4xp/lighting_statistics_of_my_routing_node_6_months/) (very inexpensive to do), then a [home miner](https://np.reddit.com/r/Bitcoin/comments/zzraj0/comment/j2njt2a/) if you can. If you can code, you can [contribute to development](https://twitter.com/summerofbitcoin/status/1584910670814142465) and get paid through grants and sponsors. If you think something can be improved about bitcoin, who do you expect to do it but you?
A blockchain is just a database management system. It can be permissionless or permissioned. It can have network incentives that eliminate human trust or it can be based on human trust. But if it's permissioned and based on human trust, then it's kinda pointless because for such a system, blockchain is just terribly inefficient. Most people don't understand the difference between technology and open protocols. A technology can be an open protocol. An open protocol cannot just be narrowly described as technology. There has been a serious breakdown in understanding of what a blockchain (a term never used in the whitepaper) is useful for due to the [noise and scam](https://twitter.com/rusty_twit/status/1296596310921900034) negative feedback loop that began once it was possible to exchange bitcoin for dollars. There were no altcoins for 2.5 years. Not a single one. Bitcoin reached dollar parity in April 2011, and reached a price of $5 that month. Guess when the first shitcoin was launched? >!April 2011!< Blockchain is inefficient to do anything but maintain global state of timestamped transactional database at the base layer without losing security and making it centralized. It's really that simple. Bitcoin L1 is a settlement network and it [settles](https://www.nasdaq.com/articles/bitcoin-is-the-worlds-most-efficient-value-settlement-network) higher value than US GDP. Day to day payments is an application of money as medium of exchange. The Lightning protocol is a P2P payments protocol and has a throughput potential of several million TPS. As of March 2022, [nearly 100 million users](https://arcane.no/research/nearly-100-million-people-have-access-to-lightning-payments) had access to Lightning payments (more than all altcoins combined) and it's powering [bitcoin circular economies](https://threadreaderapp.com/thread/1573283006835482624.html) around the world in places like Africa, Asia, Latin America. Bitcoin is solving ([\[1\]](https://np.reddit.com/r/Bitcoin/comments/zd5vnj/bitcoin_is_for_everyone/), [\[2\]](https://np.reddit.com/r/Bitcoin/comments/zvlzb4/togolese_human_rights_activist_explains_french/)) centuries old problems in the real world. Bitcoin has the most efficient and advanced scripting features in terms of monetary functions many of which altcoins can never do as efficiently, reliably and economically, like sending several hundred output transactions (multiple transactions rolled into one) and extremely large multisig contracts, even upto 1000 participants for nearly the same fee as a single sig using Taproot. The potential use cases of this are even beyond our current scope of imaginations. Application functions and experimental functions can only exist at higher layers and they absolutely do not require [premine, ICO, VC tokens](https://twitter.com/coryklippsten/status/1595564120782172160) just to make insiders rich. There will be more applications from the likes of TARO protocol, RGB, drivechains, spacechains, statechains etc. TARO is a [most elegant](https://i.redd.it/bnzksocdbun91.png) decentralized stablecoin and assets protocol without central issuer which will allow users to hold self hosted bitcoin and stablecoin balance and swap between them through Lightning rails without going through any exchange at all. Bitcoin protocol will be ossified just like TCP because if you sacrifice any of its properties even a little bit, it will become unsuitable as the base layer of money for the world. This is why layering protocols is critical and ideally you want to build on the most secure and decentralized protocol known to mankind. Anything that is safe, secure and useful will be built on top of Bitcoin. [This](https://twitter.com/BitPaine/status/1615764109638914049) is not as useful and solves no problems. But people are throwing money at this because there's a lot of VC money hyping it up as something that it is not. Linking a centralized licensed wallet software to legacy browser to swap centrally issued premine, ICO coins interfacing with central AWS server (infura) is hardly innovation. Impervious AI is doing something much more exciting than this. Nostr is infinitely more innovative than this solving a real problem. Bitcoin is not an investment, no one ever sold it to you. It's an open protocol built upon 40 years of research to fix money by removing trust in humans and released to the world for free. The same people (cypherpunks) who were involved in TCP/IP were involved in the research that contributed to the invention of bitcoin. It's a new monetary system built from the ground up by us, literally random people on the internet voluntarily supporting, securing and developing it. There's no company, foundation, premine, ICO, VCs, licenses, trademarks, branding or marketing teams, not even an official website, code repo or even a formal specification. Bitcoin had no right to succeed. Through voluntary adoption, bitcoin is where it is today against all odds, having started from zero 14 years ago. Learn how to [run a node](https://np.reddit.com/r/Bitcoin/comments/zturtd/think_bitcoin_is_inevitable_think_again/) and [Lightning node](https://np.reddit.com/r/Bitcoin/comments/zvj4xp/lighting_statistics_of_my_routing_node_6_months/) (very inexpensive to do), then a [home miner](https://np.reddit.com/r/Bitcoin/comments/zzraj0/comment/j2njt2a/) if you can. If you can code, you can [contribute to development](https://twitter.com/summerofbitcoin/status/1584910670814142465) and get paid through grants and sponsors.
Blue wallet, Phoenix, Breez, Zeus Blue wallet is the most versatile and feature rich. You can make in-app purchases through HodlHodl. It's currently my favourite but that could change with all the cool stuff happening right now. Obviously TARO and RGB but even more exciting to me are DLCs. Check out [10101](https://10101.finance/) and [Atomic Finance](https://atomic.finance/). You can sign up for beta access and help test both.
First you need to understand the term smart contracts correctly beyond the way altcoin companies use it for marketing. Bitcoin at base layer supports smart contracts. It's the first implementation of smart contracts. However scripting features are intentionally limited [for good reason](https://np.reddit.com/r/CryptoCurrency/comments/10grn7s/comment/j54smsf/). >How can I learn about writing smart contracts? Look into [TARO](https://river.com/learn/what-is-taro-in-bitcoin/), [RGB](https://www.rgbfaq.com/faq/what-is-rgb), [DLCs](https://10101.finance/), [miniscript](https://twitter.com/KLoaec/status/1605627027746324497).
>assuming this is even possible of course Bitcoin development is high signal, zero noise. If you say you're interested in contributing to developments on top of bitcoin, you should have already done at least cursory level research into protocols like TARO, RGB and DLCs. >smart contracts Bitcoin at base layer supports smart contracts. It's the first implementation of smart contracts. However scripting features are intentionally limited [for good reason](https://np.reddit.com/r/CryptoCurrency/comments/10grn7s/comment/j54smsf/).
!lntip 1000 The first challenge with money was "how do I transact with you if we don't both have something the other needs?" The next challenge with money was "how do I transact with someone who is physically separated form me?" Then there's another challenge too. If something that represents value can be easily produced then it loses its value which is not ideal because it doesn't actually solve the first challenge. The money needed to be hard and hold its value till you have the need to exchange it for goods. The solutions we found were first to agree to use something that was not inherently valuable itself but represented a notional value and then we introduced middlemen to issue money and maintain accounts and ledgers backed by something that cannot be easily reproduced but that's a problem too because the maintainer of ledgers can easily reproduce IOUs. Until 2008, we never really had a solutions. We had to settle for workarounds. We had to settle for "trust me, bro". Bitcoin solves ALL these problems. It's gold with a superpowers. Unforgeable cost of work, absolute mathematical scarcity and teleportation. For being a hard asset, bitcoin is also the easiest asset ever to self custody, it's the first time you have ever been able to truly own anything that is not subject to the whims of authority, it's unconfiscatable and you physically can take it literally anywhere with you without anyone knowing, even to the grave. But bitcoin has a problem too. Blockchain is inefficient to do anything but maintain global state of timestamped transactional database at the base layer without losing security and making it centralized. Great for settlements and bitcoin network is the [most efficient settlement network in the world](https://www.nasdaq.com/articles/bitcoin-is-the-worlds-most-efficient-value-settlement-network) already settling higher value than US GDP but sucks for micropayments. If we go back to the formative years of the internet, it had a similar problem. Then along came "god of the internet", Jon Postel who argued that monolithic internet design can never scale and we cannot violate the principles of layering protocols. About TCP he said "be conservative in what you do, be liberal in what you accept from others". This is Postel's Law. Internet would not exist as it is today without separation of application layer. For bitcoin, day to day payments is an application of money as medium of exchange and Lightning is that payments layer. Bitcoin is conservative in what it does, but liberal in what it accepts from layered protocols built on top of it. Lightning is [private like cash](https://twitter.com/LN_Capital/status/1614308872973344768) (with Taproot) and has a theoretical throughput of several million TPS. There are so many cool things happening in Lightning. I am not even fully up to speed with all of it. BTCPay Server has enabled [unified QR code](https://twitter.com/BtcpayServer/status/1596193870509137920) for on-chain and lightning. There's no more any confusion for the end user whether they pay on chain or lightning. Your wallet decodes accordingly. This is massive for UX. [Lightning login](https://twitter.com/apollosats/status/1593003920930275328) and P2P Lightning apps are going to take the web by storm and completely transform revenue models for all internet applications. It will also transform journalism and potential for public to directly incentivize and demand unbiased, independent journalism. Article behind a paywall cannot cost $0.0001 because of cumbersome legacy rails and middlemen rent seekers. No such problems with Lightning and [BOLT12](https://twitter.com/LN_Capital/status/1589321548133203968) will make this so much simpler and user friendly. TARO, RGB, Fedimint, Machankura, Zion, Impervious AI, Kollider, Nostr which are layered protocols and decentralized applications leveraging Lightning. [This](https://twitter.com/BitPaine/status/1615764109638914049) is noise. [This](https://decrypt.co/86503/defi-users-lost-billion-theft-fraud-2021-mostly-ethereum-report) is scam. [This](https://np.reddit.com/r/Bitcoin/comments/zd5vnj/bitcoin_is_for_everyone/) is signal.
So TARO is nothing the original poster said it was, can't say I'm too surprised. The simplest description is that it's ERC-20/721 standard for centralized L2. Why the fuck is this supposedly some huge innovation?
If TARO facilitates swapping of assets ( like he said it would/does ) that would make it an exchange by definition. If TARO is "the most elegant stablecoin" it has to somehow know what the current market price of BTC is so that it can facilitate that swap and that means TARO has to be the "ultimate truth" for BTC's price at any given time which makes it the issuer of said stablecoin. No I have no clue what TARO is. I have never heard of it. I'm pointing out the stupidities of what that guy wrote. Maybe TARO is something amazing but his silly network chart about TARO didn't convince me of that.
More like huge dose of copium "for things to come". I particularly liked the part about TARO, as if TARO itself isn't the "issuer" and also the "exchange" which he claims there is no need to use. Also how dense does someone has to be to claim that "no one ever sold it to you"? It's not much of a monetary system if all bitcoin was and forever would be held by the person/entity who mined said bitcoin. smh...
>Let’s talk once you can differentiate between unsecure smart contracts and failed transactions. You’re conflating two things here. No. My comment clearly states "The nature of ethereum's scripting language is such that it will never be secure and it's (also) impossible to say which transactions may fail or when" The reason for these two things are same however. >The internet would also be more secure if there’d be no possibility to run apps that utilize it, wouldn’t it be? Smart boy. Now you're learning. Let's continue learning. This is exactly why internet does not complicate TCP layer which does not get exploited. There has been a serious breakdown in understanding of what a blockchain (a term never used in the whitepaper) is useful for due to the [noise and scam](https://twitter.com/rusty_twit/status/1296596310921900034) negative feedback loop that began once it was possible to exchange bitcoin for dollars. Blockchain is inefficient to do anything but maintain global state of timestamped transactional database at the base layer without losing security and making it centralized. Bitcoin L1 is a settlement network and it [settles](https://www.nasdaq.com/articles/bitcoin-is-the-worlds-most-efficient-value-settlement-network) higher value than US GDP. Day to day payments is an application of money as medium of exchange. The Lightning protocol is a P2P payments protocol and has a throughput potential of several million TPS. As of March 2022, [nearly 100 million users](https://arcane.no/research/nearly-100-million-people-have-access-to-lightning-payments) had access to Lightning payments (more than all altcoins combined) and it's powering [bitcoin circular economies](https://threadreaderapp.com/thread/1573283006835482624.html) around the world in places like Africa, Asia, Latin America. Bitcoin is solving ([\[1\]](https://np.reddit.com/r/Bitcoin/comments/zd5vnj/bitcoin_is_for_everyone/), [\[2\]](https://np.reddit.com/r/Bitcoin/comments/zvlzb4/togolese_human_rights_activist_explains_french/)) centuries old problems in the real world. Bitcoin has the most efficient and advanced scripting features in terms of monetary functions many of which altcoins can never do as efficiently, reliably and economically, like sending several hundred output transactions (multiple transactions rolled into one) and extremely large multisig contracts, even upto 1000 participants for nearly the same fee as a single sig using Taproot. The potential use cases of this are even beyond our current scope of imaginations. Application functions and experimental functions can only exist at higher layers and they absolutely do not require [premine, ICO, VC tokens](https://twitter.com/coryklippsten/status/1595564120782172160) just to make insiders rich. Take the example of TCP and HTTP. Internet would not exist as it is today without separation of application layer. Read about Postel's law, named after "god of the internet" Jon Postel who argued that monolithic internet design cannot scale and we must adopt the principles of layering protocols. There will be more applications from the likes of TARO protocol, RGB, drivechains, spacechains, statechains etc. TARO is a [most elegant](https://i.redd.it/bnzksocdbun91.png) decentralized stablecoin and assets protocol without central issuer which will allow users to hold self hosted bitcoin and stablecoin balance and swap between them through Lightning rails without going through any exchange at all. Bitcoin protocol will be ossified just like TCP because if you sacrifice any of its properties even a little bit, it will become unsuitable as the base layer of money for the world. This is why layering protocols is critical and ideally you want to build on the most secure and decentralized protocol known to mankind. Anything that is safe, secure and useful will be built on top of Bitcoin. Bitcoin is not an investment, no one ever sold it to you. It's a new monetary system built from the ground up by us, literally random people on the internet voluntarily supporting, securing and developing it. Through voluntary adoption, bitcoin is where it is today having started from zero 14 years ago. There's no company, foundation, premine, ICO, VCs, licenses, trademarks, branding or marketing teams, not even an official website, code repo or even a formal specification. Learn how to [run a node](https://np.reddit.com/r/Bitcoin/comments/zturtd/think_bitcoin_is_inevitable_think_again/) and [Lightning node](https://np.reddit.com/r/Bitcoin/comments/zvj4xp/lighting_statistics_of_my_routing_node_6_months/) (very inexpensive to do), then a [home miner](https://np.reddit.com/r/Bitcoin/comments/zzraj0/comment/j2njt2a/) if you can. If you can code, you can [contribute to development](https://twitter.com/summerofbitcoin/status/1584910670814142465) and get paid through grants and sponsors.
>Please don’t hate me for getting into crypto because of an altcoin with an animal on it It's understandable. There has been a serious breakdown in understanding of what a blockchain (a term never used in the whitepaper) is useful for due to the [noise and scam](https://twitter.com/rusty_twit/status/1296596310921900034) negative feedback loop that began once it was possible to exchange bitcoin for dollars. There were no altcoins for 2.5 years. Not a single one. Bitcoin reached dollar parity in April 2011, and reached a price of $5 that month. Guess when the first shitcoin was launched? >!April 2011!< From an open protocol built upon 40 years of research to fix the money by removing trust in humans and released to the world for free, people are today looking for "projects" they can trust and invest in so that they can become fiat millionaires overnight. In the last 5-6 years, it has gotten completely out of hand with blatantly centralized premine, ICO scams. Blockchain is inefficient to do anything but maintain global state of timestamped transactional database at the base layer without losing security and making it centralized. When the topic of a DNS protocol came up in the early days and some people were discussing to add more complexity to Bitcoin protocol, Satoshi suggested it as a sidechain instead saying, "Piling every proof-of-work quorum system in the world into one dataset doesn't scale." Bitcoin L1 is a settlement network and it [settles](https://www.nasdaq.com/articles/bitcoin-is-the-worlds-most-efficient-value-settlement-network) higher value than US GDP. As I have a Glassnode subscription, I can see that bitcoin settled $16 trillion change-adjusted value in 2022 during a bear market (I'll share the charts sometime). Day to day payments is an application of money as medium of exchange. The Lightning protocol is a P2P payments protocol and has a throughput potential of several million TPS. As of March 2022, [nearly 100 million users](https://arcane.no/research/nearly-100-million-people-have-access-to-lightning-payments) had access to Lightning payments (more than all altcoins combined) and it's powering [bitcoin circular economies](https://threadreaderapp.com/thread/1573283006835482624.html) around the world in places like Africa, Asia, Latin America. Bitcoin is solving ([\[1\]](https://np.reddit.com/r/Bitcoin/comments/zd5vnj/bitcoin_is_for_everyone/) [\[2\]](https://np.reddit.com/r/Bitcoin/comments/zvlzb4/togolese_human_rights_activist_explains_french/)) centuries old problems in the real world. Bitcoin has the most efficient and advanced scripting features in terms of monetary functions many of which altcoins can never do as efficiently, reliably and economically, like sending several hundred output transactions (multiple transactions rolled into one) and extremely large multisig contracts, even upto 1000 participants for nearly the same fee as a single sig using Taproot. The potential use cases of this are even beyond our current scope of imaginations. Altcoins at large are terribly unsecure hypeware garbage, all easily corrupted and hacked with users losing [tens of billions](https://decrypt.co/86503/defi-users-lost-billion-theft-fraud-2021-mostly-ethereum-report) of dollars value to exploits every year, [millions of failed transactions](https://cryptopotato.com/over-1-2-million-ethereum-transactions-failed-in-may/) every month users lose fees on. Application functions and experimental functions can only exist at higher layers and they absolutely do not require any [premine, ICO, VC tokens](https://twitter.com/coryklippsten/status/1595564120782172160) just to make insiders rich. Take the example of TCP and HTTP. Internet would not exist as it is today, and you wouldn't be here without separation of application layer. Read about Postel's law, named after "god of the internet" Jon Postel who argued that monolithic internet design cannot scale and we must adopt the principles of layering protocols. There will be more applications from likes of TARO protocol, RGB, drivechains, spacechains, statechains etc. TARO is a [most elegant](https://i.redd.it/bnzksocdbun91.png) decentralized stablecoin and assets protocol without central issuer which will allow users to hold self hosted bitcoin and stablecoin balance and swap between them through Lightning rails without going through any exchange at all. Bitcoin blockchain will be ossified just like TCP because if you sacrifice any of its properties even a little bit, it will become unsuitable as the base layer of money for the world. This is why layering protocols is critical and ideally you want to build on the most secure and decentralized protocol known to mankind. Anything that is safe, secure and useful will be built on Bitcoin. Bitcoin is not an investment. It's a new monetary system built from the ground up by us, literally random people on the internet voluntarily supporting, securing and developing it. Through voluntary adoption, bitcoin is where it is today having started from zero 14 years ago. There's no company, foundation, premine, ICO, VCs, licenses, trademarks, branding or marketing teams, not even an official website, code repo or even a formal specification. >In wanted to ask you guys for advice on which wallet to use for Bitcoin so I can get them off the exchange Recommended HW wallets, [Coldcard](https://coldcard.com/) [Jade](https://blockstream.com/jade/) [SeedSigner](https://seedsigner.com/) [Passport](https://foundationdevices.com/passport/) [BitBox](https://shiftcrypto.ch/bitbox02/bitcoin-only/) Ideal setup, get 2 different Bitcoin only HW wallets and multisig with a Bitcoin only software wallet (something like Bluewallet has beginner friendly UI to do this). If you ever acquire a good understanding of key management, which you should care about acquiring, then you can boot Tails OS on a USB. Run [electrum offline](https://electrum.readthedocs.io/en/latest/coldstorage.html) and use a watch only wallet to broadcast your transactions. Blue wallet, Phoenix, Breez, Zeus are great Lightning wallets. Blue wallet has on-chain + Lightning with in-app P2P purchases through HodlHodl. Once you have taken self custody, learn how to [run a node](https://np.reddit.com/r/Bitcoin/comments/zturtd/think_bitcoin_is_inevitable_think_again/) and a Lightning node (very inexpensive to do), then a [home miner](https://np.reddit.com/r/Bitcoin/comments/zzraj0/comment/j2njt2a/) if you can. If you can code, you can [contribute to development](https://twitter.com/summerofbitcoin/status/1584910670814142465) and get paid through grants and sponsors. There are a lot of ethical bitcoin only companies like Spiral, Brink, Opensats etc. supporting independent bitcoin developers.
We've had a serious breakdown in understanding of what a blockchain (a term never used in the whitepaper) is useful for due to the [noise and scam](https://twitter.com/rusty_twit/status/1296596310921900034) negative feedback loop that began once it was possible to exchange bitcoin for dollars. There were no altcoins for 2.5 years. Not a single one. Bitcoin reached dollar parity in April 2011, and reached a price of $5 that month. Guess when the first shitcoin was launched? >!April 2011!< Blockchain is inefficient to do anything but maintain global state of timestamped transactional database at the base layer without losing security and making it centralized. When the topic of a DNS protocol came up in the early days and some people were discussing to add more complexity to Bitcoin protocol, Satoshi suggested it as a sidechain instead saying, "Piling every proof-of-work quorum system in the world into one dataset doesn't scale." Bitcoin L1 is a settlement network and it [settles](https://www.nasdaq.com/articles/bitcoin-is-the-worlds-most-efficient-value-settlement-network) higher value than US GDP. As I have a Glassnode subscription, I can see that it settled $16 trillion change-adjusted value in 2022 during a bear market (I'll share the charts sometime). Day to day payments is an application of money as medium of exchange. The Lightning protocol is a P2P payments protocol and has a throughput potential of several million TPS. As of March 2022, [nearly 100 million users](https://arcane.no/research/nearly-100-million-people-have-access-to-lightning-payments) had access to Lightning payments (more than all altcoins combined) and it's powering [bitcoin circular economies](https://threadreaderapp.com/thread/1573283006835482624.html) around the world in places like Africa, Asia, Latin America. Bitcoin is solving ([\[1\]](https://np.reddit.com/r/Bitcoin/comments/zd5vnj/bitcoin_is_for_everyone/) [\[2\]](https://np.reddit.com/r/Bitcoin/comments/zvlzb4/togolese_human_rights_activist_explains_french/)) centuries old problems in the real world. Bitcoin has the most efficient and advanced scripting features in terms of monetary functions many of which altcoins can never do as efficiently, reliably and economically, like sending several hundred output transactions (multiple transactions rolled into one) and extremely large multisig contracts, even upto 1000 participants for nearly the same fee as a single sig using Taproot. The potential use cases of this are even beyond our current scope of imaginations. Altcoins are terrible unsecure hypeware garbage, all easily corrupted and hacked with users losing [tens of billions](https://decrypt.co/86503/defi-users-lost-billion-theft-fraud-2021-mostly-ethereum-report) of dollars value to exploits every year, [millions of failed transactions](https://cryptopotato.com/over-1-2-million-ethereum-transactions-failed-in-may/) every month users lose fees on. Application functions and experimental functions can only exist at higher layers and they absolutely do not require [premine, ICO, VC tokens](https://twitter.com/coryklippsten/status/1595564120782172160) just to make insiders rich. Take the example of TCP and HTTP. Internet would not exist as it is today, and you wouldn't be here without separation of application layer. Read about Postel's law, named after "god of the internet" Jon Postel who said that monolithic internet design cannot scale and we must adopt the principles of layering protocols. There will be more applications from likes of TARO protocol, RGB, drivechains, spacechains, statechains etc. TARO is a [most elegant](https://i.redd.it/bnzksocdbun91.png) decentralized stablecoin and assets protocol without central issuer which will allow users to hold self hosted bitcoin and stablecoin balance and swap between them through Lightning rails without going through any exchange at all. Bitcoin blockchain will become ossified just like TCP because if you sacrifice any of its properties even a little bit, it will become unsuitable as the base layer of money for the world. This is why layering protocols is critical and ideally you want to build on the most secure and decentralized protocol known to mankind. Anything that is safe, secure and useful will be built on Bitcoin. Bitcoin is not an investment. It's a new monetary system built from the ground up by us, literally random people on the internet voluntarily supporting, securing and developing it. Through voluntary adoption, bitcoin is where it is today having started from zero 14 years ago. There's no company, foundation, premine, ICO, VCs, licenses, trademarks, not even an official website, code repo or even a formal specification. First [run a node](https://np.reddit.com/r/Bitcoin/comments/zturtd/think_bitcoin_is_inevitable_think_again/) and a Lightning node (very inexpensive to do), then a [home miner](https://np.reddit.com/r/Bitcoin/comments/zzraj0/comment/j2njt2a/) if you can. If you can code, [contribute to development](https://nitter.net/summerofbitcoin/status/1584910670814142465#m) and get paid through grants and sponsors. There are a lot of ethical bitcoin only companies like Spiral, Brink, Opensats etc. supporting independent bitcoin developers.
We've had a serious breakdown in understanding of what a blockchain (a term never used in the whitepaper) is useful for due to the [noise and scam](https://twitter.com/rusty_twit/status/1296596310921900034) negative feedback loop that began once it was possible to exchange bitcoin for actual dollars. There were no altcoins for 2.5 years. Not a single one. Bitcoin reached dollar parity in April 2011, and reached a price of $5 that month. Guess when the first shitcoin was launched? >!April 2011!< Blockchain is inefficient to do anything but maintain global state of timestamped transactional database at the base layer without losing security and making it centralized. When the topic of a DNS protocol came up in the early days and some people were discussing to add more complexity to Bitcoin protocol, Satoshi suggested it as a sidechain instead saying, "Piling every proof-of-work quorum system in the world into one dataset doesn't scale." Bitcoin L1 is a settlement network and it [settles](https://www.nasdaq.com/articles/bitcoin-is-the-worlds-most-efficient-value-settlement-network) higher value than US GDP. Since I have a Glassnode subscription, I can see that it settled $16 trillion change-adjusted value in 2022 during a bear market (I'll share the charts sometime). Day to day payments is an application of money as medium of exchange. The Lightning protocol is a P2P payments protocol and has a throughput potential of several million TPS. As of March 2022, [nearly 100 million users](https://arcane.no/research/nearly-100-million-people-have-access-to-lightning-payments) had access to Lightning payments (more than all altcoins combined) and it's powering [bitcoin circular economies](https://threadreaderapp.com/thread/1573283006835482624.html) around the world in places like Africa, Asia, Latin America. Bitcoin has the most efficient and advanced scripting features in terms of monetary functions many of which altcoins can never do as efficiently, reliably and economically, like sending several hundred output transactions (multiple transactions rolled into one) and extremely large multisig contracts, even upto 1000 participants for nearly the same fee as a single sig using Taproot. The potential use cases of this are even beyond our current scope of imaginations. Altcoins are terrible unsecure hypeware garbage, all easily corrupted and hacked with users losing [tens of billions](https://decrypt.co/86503/defi-users-lost-billion-theft-fraud-2021-mostly-ethereum-report) of dollars value to exploits every year, [millions of failed transactions](https://cryptopotato.com/over-1-2-million-ethereum-transactions-failed-in-may/) every month users lose fees on. Application functions and experimental functions can only exist at higher layers and they absolutely do not require [premine, ICO, VC tokens](https://twitter.com/coryklippsten/status/1595564120782172160) just to make insiders rich. Take the example of TCP and HTTP. Internet would not exist as it is today, and you wouldn't be here without separation of application layer. Read about Postel's law, named after "god of the internet" Jon Postel who said that monolithic internet design cannot scale and we must adopt the principles of layering protocols. There will be more applications from likes of TARO protocol, RGB, drivechains, spacechains, statechains etc. TARO is a [most elegant](https://i.redd.it/bnzksocdbun91.png) decentralized stablecoin and assets protocol without central issuer which will allow users to hold self hosted bitcoin and stablecoin balance and swap between them through Lightning rails without going through any exchange at all. Bitcoin blockchain will become ossified just like TCP because if you sacrifice any of its properties even a little bit, it will become unsuitable as the base layer of money for the world. This is why layering protocols is critical and ideally you want to build on the most secure and decentralized protocol known to mankind. Everything that is safe, secure and useful will be built on Bitcoin. Stop whining about bitcoin. Stop asking what bitcoin is doing for you. Start asking what you can do for bitcoin. Who the fuck are you expecting to do anything? This is fucking bitcoin! It's not an investment. It's a new monetary system built from the ground up by us, literally random people on the internet voluntarily supporting, securing and developing it. There's no company, foundation, premine, ICO, VCs, licenses, trademarks, not even an official website, code repo or even a formal specification. First [run a fucking node](https://np.reddit.com/r/Bitcoin/comments/zturtd/think_bitcoin_is_inevitable_think_again/) and a Lightning node (very inexpensive to do), then a [home miner](https://np.reddit.com/r/Bitcoin/comments/zzraj0/comment/j2njt2a/) if you can. If you can code, [contribute to development](https://nitter.net/summerofbitcoin/status/1584910670814142465#m) and get paid through grants and sponsors.
We've had a serious breakdown in understanding of what a blockchain is useful for due to the noise and scam negative feedback loop that began once it was possible to exchange bitcoin for actual dollars. There were no altcoins for 2.5 years. Not a single one. Bitcoin reached dollar parity in April 2011, and reached a price of $5 that month. Guess when the first shitcoin was launched? >!April 2011!< Blockchain is inefficient to do anything but maintain global state of timestamped transactional database at the base layer without losing security and making it centralized. When the topic of a DNS protocol came up in the early days and some people were discussing to add more complexity to Bitcoin protocol, Satoshi suggested it as a sidechain instead saying, "Piling every proof-of-work quorum system in the world into one dataset doesn't scale." Bitcoin L1 is a settlement network and it [settles](https://www.nasdaq.com/articles/bitcoin-is-the-worlds-most-efficient-value-settlement-network) higher value than US GDP. Since I have a Glassnode subscription, I can see that it settled $16 trillion change-adjusted value in 2022 during a bear market (I'll share the charts sometime). Day to day payments is an application of money as medium of exchange. The Lightning protocol is a P2P payments protocol and has a throughput potential of several million TPS. As of March 2022, [nearly 100 million users](https://arcane.no/research/nearly-100-million-people-have-access-to-lightning-payments) had access to Lightning payments (more than all altcoins combined) and it's powering [bitcoin circular economies](https://threadreaderapp.com/thread/1573283006835482624.html) around the world in places like Africa, Asia, Latin America. Bitcoin has the most efficient and advanced scripting features in terms of monetary functions many of which altcoins can never do as efficiently, reliably and economically, like sending several hundred output transactions (multiple transactions rolled into one) and extremely large multisig contracts, even upto 1000 participants for nearly the same fee as a single sig using Taproot. The potential use cases of this are even beyond our current scope of imaginations. Altcoins are terrible unsecure hypeware garbage, all easily corrupted and hacked with users losing [tens of billions](https://decrypt.co/86503/defi-users-lost-billion-theft-fraud-2021-mostly-ethereum-report) of dollars value to exploits every year, [millions of failed transactions](https://cryptopotato.com/over-1-2-million-ethereum-transactions-failed-in-may/) every month users lose fees on. Application functions and experimental functions can only exist at higher layers and they absolutely do not require [premine, ICO, VC tokens](https://twitter.com/coryklippsten/status/1595564120782172160) just to make insiders rich. Take the example of TCP and HTTP. Internet would not exist as it is today, and you wouldn't be here without separation of application layer. Read about Postel's law, named after "god of the internet" Jon Postel who said that monolithic internet design cannot scale and we must adopt the principles of layering protocols. There will be more applications from likes of TARO protocol, RGB, drivechains, spacechains, statechains etc. TARO is a [most elegant](https://i.redd.it/bnzksocdbun91.png) decentralized stablecoin and assets protocol without central issuer which will allow users to hold self hosted bitcoin and stablecoin balance and swap between them through Lightning rails without going through any exchange at all. Bitcoin blockchain will become ossified just like TCP because if you sacrifice any of its properties even a little bit, it will become unsuitable as the base layer of money for the world. This is why layering protocols is critical and ideally you want to build on the most secure and decentralized protocol known to mankind. Everything that is safe, secure and useful will be built on Bitcoin. Stop whining about bitcoin. Stop asking what bitcoin is doing for you. Start asking what you can do for bitcoin. Who the fuck are you expecting to do anything? This is fucking bitcoin! It's not an investment. It's a new monetary system built from the ground up by us, literally random people on the internet voluntarily supporting, securing and developing it. There's no company, foundation, premine, ICO, VCs, licenses, trademarks, not even an official website, code repo or even a formal specification. First [run a fucking node](https://np.reddit.com/r/Bitcoin/comments/zturtd/think_bitcoin_is_inevitable_think_again/) and a Lightning node (very inexpensive to do), then a [home miner](https://np.reddit.com/r/Bitcoin/comments/zzraj0/comment/j2njt2a/) if you can. If you can code, [contribute to development](https://nitter.net/summerofbitcoin/status/1584910670814142465#m) and get paid through grants and sponsors.
>you could have participated in the initial public ETH sale as well ​ >Ethereum is a silicon valley start up hiding behind bitcoin and blockchain buzzwords to escape silicon valley regulations. The trend of premine, ICO coins started by ethereum is a stain on this space and the root of all evil. It's dirty, unethical and there's nothing decentralized about it. Did I also mention that I'm a decentralization maxi? Just making sure you read this time. No company, foundation, premine, ICO, VCs, license, trademarks, branding, marketing, official website, code repo or even a formal specification. This is the benchmark for decentralization Ethereum is only propped up by promising a new update every six months. Think about what's actually happened? Nothing except move to proof of stake which was promised to happen "in 6 months" for 6 years. The next update apparently is the groundbreaking ability for people to withdraw coins. Linking a centralized licensed wallet software to your legacy browser to swap shitcoins through central AWS servers is not a meaningful use case and solves no real problems. No one is already running nodes on L1. The L2s getting shilling now are blatantly centralized. Lightning has more than 5 times as many nodes as eth. Blockchain is actually inefficient to do anything but maintain global state of timestamped transactional database at the base layer without losing security and making it centralized as ethereum is finding out. When the topic of BitDNS came up in the early days and some people were discussing to add more complexity to Bitcoin protocol, Satoshi suggested it as a sidechain protocol instead. Bitcoin has the most efficient and advanced scripting features in terms of monetary functions many of which altcoins like eth can never do as efficiently. Application functions and experimental functions can only exist at higher layers and they do not require premine, ICO, VC tokens. Ethereum can be a bitcoin sidechain without a token which was only created to make insiders rich. Paul Sztorc has already demonstrated this. Take the example of TCP and HTTP. Internet would not exist as it is today, you and I wouldn't be here without separation of application layer. Read about Postel's law, named after "god of the internet" Jon Postel who said that monolithic internet design cannot scale and we must adopt the principles of layering protocols. Lightning is an application layer for payments and has more users than all altcoins combined. There will be more applications from likes of TARO protocol, RGB, drivechains, spacechains, statechains etc. TARO is a [most elegant](https://i.redd.it/bnzksocdbun91.png) decentralized stablecoin and assets protocol without central issuer which will allow users to hold self hosted bitcoin and stablecoin balance and swap between them through Lightning rails without going through any exchange at all. Bitcoin's core protocol is likely to become ossified just like TCP because if you sacrifice any of its properties even a little bit, it will become unsuitable as the base layer of money for the world. This is why layering protocols is critical and ideally you want to build on the most secure and decentralized protocol known to mankind.
>wallet of satoshi Ok for beginners but it's custodial. Blue wallet has flexibility of hosting your own instance. Phoenix, Breez, Zeus are self custodial. Lightning has come a long way as you said but it also has a long way to go. TARO will be a big step change.
[Nearly 100 million users have access to Lightning payments (as of March 2022)](https://arcane.no/research/nearly-100-million-people-have-access-to-lightning-payments) and it's powering a growing number of [bitcoin circular economies](https://threadreaderapp.com/thread/1573283006835482624.html) around the world in Africa, Asia and Latin America. [Bitcoin payment chain - streaming sats in different ways like passing around cash, digitally](https://nitter.net/CoinCorner/status/1588201644361121794#m) [South Africa's largest supermarket chain Pick n Pay enables Bitcoin payments nationwide at all outlets](https://www.businessinsider.co.za/pick-n-pay-expands-bitcoin-lightning-payments-test-plans-to-go-national-2022-11) Lightning protocol is only 3-4 years old but there are already 20k public Lightning nodes, more nodes than any altcoin. There's plenty of cool stuff happening on Lightning. Just a couple of cool little things recently. Open-source, self-hosted payment processor BTCPay Server has enabled [unified QR code](https://nitter.net/BtcpayServer/status/1596193870509137920#m) for on-chain and lightning. There's no more any confusion for end user whether they pay on chain or lightning. Your wallet decodes accordingly. This is massive for UX. Then [Lightning logins](https://nitter.net/apollosats/status/1593003920930275328#m) along with P2P Lightning apps are going to take the web by storm and completely transform revenue models for all internet applications. It will also transform journalism and let people directly incentivize and demand unbiased, independent journalism. Article behind a paywall cannot cost 1 sat ($0.0001) due to cumbersome legacy rails and middlemen rent seekers. No such problems with Lightning and [BOLT12](https://nitter.net/LN_Capital/status/1589321548133203968#m) will make all this so much simpler and user friendly. Look at all the posts and comments stacking sats on Stacker News, 1 sat per like. [Robosats](https://learn.robosats.com/) is a self hosted, self custodial P2P fiat on/off ramp and trading protocol on Lightning which is growing rapidly. Impervious AI is a P2P browser and suite of web tools built on Lightning. Kollider is an exchange on Lightning which lets you trade directly from your self hosted wallet, peg sats value in your wallet to a fiat currency and withdraw your bitcoin instantly through Lightning. RGB testnet wallet, Iris wallet is on play store and app store now. TARO is also in testnet now. It's a [very elegant](https://i.redd.it/bnzksocdbun91.png) decentralized stablecoin and assets protocol without central issuer which will allow users to hold self hosted bitcoin and stablecoin balance and swap between them through Lightning rails without going through any exchange at all. There's a lot going on with Lightning I'm not fully up to speed myself. If you want to get started with Lightning, Blue wallet would be a great choice. You can either host your own Lndhub instance with your node as I do or just use their instance. It has both on chain and lightning and in-app P2P purchases through HodlHodl.
A blockchain is inefficient to do anything but maintain global state of timestamped transactional database at the base layer without losing security and making it centralized. When the topic of BitDNS came up in the early days and some people were discussing to add more complexity to Bitcoin protocol, Satoshi suggested it as a sidechain protocol instead. Bitcoin L1 is a settlement network and it [settles](https://www.nasdaq.com/articles/bitcoin-is-the-worlds-most-efficient-value-settlement-network) higher value than US GDP. Day to day payments is an application of money as medium of exchange. The Lightning protocol is a P2P payments protocol and has theoretical throughput of several million TPS. As of March 2022, [nearly 100 million users](https://arcane.no/research/nearly-100-million-people-have-access-to-lightning-payments) had access to Lightning payments (more than all altcoins combined) and it's powering [bitcoin circular economies](https://threadreaderapp.com/thread/1573283006835482624.html) around the world in places like Africa, Asia, Latin America. Bitcoin has the most efficient and advanced scripting features in terms of monetary functions many of which altcoins can never do as efficiently. They are all easily corrupted and hacked and users are losing [tens of billions](https://decrypt.co/86503/defi-users-lost-billion-theft-fraud-2021-mostly-ethereum-report) of dollars value to altcoin exploits every year. Application functions and experimental functions can only exist at higher layers and they do not require premine, ICO, VC tokens just to make insiders rich. Take the example of TCP and HTTP. Internet would not exist as it is today, you and I wouldn't be here without separation of application layer. Read about Postel's law, named after "god of the internet" Jon Postel who said that monolithic internet design cannot scale and we must adopt the principles of layering protocols. There will be more applications from likes of TARO protocol, RGB, drivechains, spacechains, statechains etc. TARO is a [most elegant](https://i.redd.it/bnzksocdbun91.png) decentralized stablecoin and assets protocol without central issuer which will allow users to hold self hosted bitcoin and stablecoin balance and swap between them through Lightning rails without going through any exchange at all. Bitcoin blockchain will become ossified just like TCP because if you sacrifice any of its properties even a little bit, it will become unsuitable as the base layer of money for the world. This is why layering protocols is critical.
Can't wait to see what happens when TARO drops! !lintip 1000
Money is singular. Applications are many. Blockchain is inefficient to do anything but efficiently maintain global state of timestamped transactional database at the base layer without losing security and making it centralized. When the topic of BitDNS came up in the early days and some people wanted to add more complexity to Bitcoin protocol, Satoshi suggested it as a sidechain protocol instead. Bitcoin L1 is a settlement network and it [settles](https://www.nasdaq.com/articles/bitcoin-is-the-worlds-most-efficient-value-settlement-network) higher value than US GDP. Day to day payments is an application of money as medium of exchange. The Lightning protocol is P2P payments protocol and has theoretical throughput of several million TPS. As of March 2022, [nearly 100 million users](https://arcane.no/research/nearly-100-million-people-have-access-to-lightning-payments) had access to Lightning payments and it's powering [bitcoin circular economies](https://threadreaderapp.com/thread/1573283006835482624.html) around the world right now in places like Africa, Asia, Latin America. Bitcoin has the most efficient and advanced scripting features in terms of monetary functions many of which altcoins cannot do as efficiently and they are all easily corrupted and hacks with users losing billions of dollars value to exploits every year. Application functions and experimental functions should only exist at higher layers. Take the example of TCP and HTTP for internet. Internet would not exist as it is today without separation of application layer. Read about Postel's law, named after "god of the internet" Jon Postel who said that monolithic internet design cannot scale and we must adopt the principles of layering protocols. There will be more applications which come from likes of TARO protocol, RGB, drivechains, spacechains etc. TARO is a [most elegant](https://i.redd.it/bnzksocdbun91.png) decentralized stablecoin and assets protocol without central issuer which will allow users to hold self hosted bitcoin and stablecoin balance and swap between them through Lightning rails without going through any exchange at all. Bitcoin blockchain will be ossified just like TCP because if you sacrifice any of its properties even a little bit, it will become unsuitable as the base layer of money for the world. This is why layering protocols is important.
Speaking from a technical perspective when talking about DeFi and smart contracts on bitcoin as far as I know there are 2 real (decentralized) options and a 3rd centralized option: 1. Try to use Bitcoin Script to do this. Script has serious limitations that restrict the complexity of what you can program with it, because it cannot handle recursive functions. [https://bitcoin.stackexchange.com/questions/111337/loops-in-bitcoin-scripting](https://bitcoin.stackexchange.com/questions/111337/loops-in-bitcoin-scripting) 2. You can use something like RGB or TARO which uses bitcoin as a layer to effectively sign messages, but all of the state is kept off chain. This means that state is the responsibility of state has to move to some other system. If that system of state breaks in some catastrophic way, there is no way to rebuild it. 3. You can build applications that can integrate with the lightning network (lapps). It's important to highlight though that nothing about this enforces any kind of decentralization. Any lapp could be fully centralized. Out of the three I find the second to be the most interesting conceptually, but also think that the state issue is highly problematic if you want to engage in anything complicated and/or long running.
TARO does not bring decentralized apps, it just brings alternative assets to Bitcoin that don't pollute the main chain, because they are hidden in a Taproot tree. I thing what you mean is RGB, this will bring client side validated smart contracts and with it the possibility to build apps that actually scale. Then there is also the idea of apps on top of a Layer 3 federated chaumian mint, but that is probably a couple years in the future
The core protocol will never have apps. This is intentional. Read what Satoshi had to say about BitDNS in 2010. L1 should have no complexities or you trade off security and decentralization. Complex protocols can be implemented as sidechains or ideally L2, L3. All the experimental application functions can occur on RGB and TARO. The best part is if you don't want to involved in any of that then it doesn't affect you in any way. TARO is so amazing that it doesn't even affect you as a Lightning user if you have no interest in stablecoin and custom assets but as a routing node you can still earn sats routing these other asset transfers. Only the sender and receiver need to actually interact with the custom asset.
I can't believe you didn't mention the number one application which is Robosats and it's completely self hosted, self custodial P2P fiat on/off ramp and trading protocol on Lightning. Impervious AI is a P2P browser and suite of web tools built on Lightning. Kollider is an exchange on Lightning which lets you trade directly from your self hosted wallet, peg sats value in your wallet to a fiat currency and withdraw your bitcoin instantly through Lightning. Some Lightning apps do have decentralized hosting or client side hosting but some are just Lightning integrated applications. Developments are happening so fast on Lightning that I'm not sure if I'm fully up to speed myself. People are amazed just by making Lightning payments but until you run your own Lightning node, you can't appreciate how freaking awesome the protocol is and we're just getting started. Just a couple of cool things recently. BTCPay Server has enabled [unified QR code](https://nitter.it/BtcpayServer/status/1596193870509137920#m) for on-chain and lightning. There's no more any confusion for the end user whether they pay on chain or lightning. Your wallet decodes accordingly. This is massive for UX. Then [Lightning login](https://twitter.com/apollosats/status/1593003920930275328). Lightning login and P2P Lightning apps are going to take the web by storm and completely transform revenue models for all internet applications. It will also transform journalism and potential for public to directly incentivize and demand unbiased, independent journalism. Article behind a paywall cannot cost $0.0001 because of cumbersome legacy rails and middlemen rent seekers. No such problems with Lightning and [BOLT12](https://twitter.com/LN_Capital/status/1589321548133203968) will make this so much simpler and user friendly. Look at posts on Stacker News stacking sats, 1 sat per like. In terms of protocols on Lightning, TARO and RGB have limitless potential and will allow all sorts of experimentations without messing with the core Bitcoin protocol. RGB testnet wallet called Iris wallet is on play store and app store right now. TARO is an [incredibly elegant](https://i.redd.it/bnzksocdbun91.png) decentralized stablecoin and custom assets protocol without central issuer which will allow users to hold self hosted bitcoin and stablecoin balance or other assets and swap between them through Lightning rails without going through any exchange at all. It's one of the most exciting developments right now. Bitcoin developments are always high signal, low noise. Lightning is also private by default. This is the most ideal form of privacy. We want to have privacy for individuals but also transparency with regards to governments and large corporations. Bitcoin allows this brilliantly because Lightning will never be suitable for large settlements but at the same time it's perfect for day to day payments and micropayments. There's a $625,000 IRS bounty since 2020 for anyone who can crack Lightning or Monero privacy. Bad news for them Lightning only becomes even more private with Taproot. It's time for every wallet provider to switch to bech32m as default.
TARO looks amazing. There is also the ability to send Elements assets on the Lightning Network, including Blockstream's Liquid sidechain. Presumably there could be a stable coin on Elements as well. Personally I'll never touch such a thing. The only way stable coins can work is with a custodian somewhere holding the underlying fiat currency, and that means counterparty risk.
The only problem at the moment is bitcoin volatility, merchants don't want to expose themselves to bitcoin market price fluctuations. To solve this they need to do a direct conversion of bitcoin in dollar or euro... This introduce gateway keepers, fees and track records... Probably this problem will be solved with TARO and the possibility to send stable coins directly on the lightning network : https://docs.lightning.engineering/the-lightning-network/taro
People are amazed just by making Lightning payments but until you run your own Lightning node, you can't appreciate how freaking awesome it is. We're just getting started as well. So much innovation is happening. Just a couple recently. BTCPay Server has enabled [unified QR code](https://twitter.com/BtcpayServer/status/1596193870509137920) for on-chain and lightning. There's no more any confusion for the end user whether they pay on chain or lightning. Your wallet decodes accordingly. This is massive for UX. Then ApolloSats [Lightning login](https://twitter.com/apollosats/status/1593003920930275328). Lightning login and P2P Lightning apps are going to take the web by storm and completely transform revenue models for all internet applications. This is the real web 3. Of course in terms of protocols, TARO and RGB have limitless potential and will allow all sorts of experimentation without messing with the core Bitcoin protocol. Bitcoin development is high signal, low noise. >Privacy by design This is the most ideal form of privacy. We want to have privacy for individuals but also transparency with regards to large corporations and governments which are basically the largest corporations. Bitcoin allows this so brilliantly because Lightning will never be suitable for large settlements but at the same time it's perfect for day to day payments. There's a $625,000 IRS bounty for anyone who can crack Lightning privacy. Bad news for them Lightning only becomes even more private with Taproot. It's time for every wallet provider to switch to bech32m as default.
>There is more wbtc than btc on lightning Unless you have no idea how any of this works, you can't compare someone holding bitcoin into a permissioned custodial address to Lightning "routing capacity" which doesn't need to be several billions. What matters is number of nodes and channels. There are 3 times more Lightning nodes than ethereum nodes. After reading the rest of your comment, you clearly don't have much idea. 74% blocks censored in the last 7 days, 77% blocks censored in the last 24 hours and ever increasing. The super majority of these central staking banks can simply fail to attest to non compliant blocks and form 100% censored OFAC compliant chain already right now. You're simply trusting them not to do it. The chain is already dead. It will also forever be [held hostage by stablecoin issuers](https://nitter.it/CurveFinance/status/1555237094385147905#m) and staking banks will control protocol level censorship. There's already talk about on chain KYC and the official wallet is now [tracking every user](https://nitter.it/mysticryuujin/status/1596157372334215170#m). You literally hand over your coins to staking banks. You can't even withdraw it for 2 years because the central authority in charge of ethereum won't allow it. Even if you can ever withdraw, you will always require permission to withdraw. Just as with banks. Just use paypal. The fees are also similarly high and you get censored by central authority. It's the same experience. Next about security. [$10.5 billion](https://decrypt.co/86503/defi-users-lost-billion-theft-fraud-2021-mostly-ethereum-report) lost to theft and hacks in 2021. Not to mention 1 million [failed transactions](https://blockchair.com/ethereum/transactions?q=failed(true)) every month users lose fees on. All these centrally issued premined coins have the same human conflict of interest. These aren't things that will ever be fixed. They're created for VC/founders profits. These are not built on solid foundation to last forever. People connecting a centralized wallet software to a web browser to swap two random coins created just like FTT out of thin air by a central issuer is not something that should ever be built into L1 protocol at all. It's not a real use case. This is correctly described as gambing. There's no moat. Check out TARO and RGB. You will see real innovation happening.
RGB and TARO are both very exciting. You can download Iris Wallet on your mobile and try out RGB on testnet right now. TARO is [the most elegant](https://i.redd.it/bnzksocdbun91.png) stablecoin protocol without central issuer which will allow users to hold self hosted bitcoin and stablecoin balance and swap between them or other custom assets through Lightning rails without going through any exchange at all. If you have the vision to look past VC noise who are using crypto as a way to skip the 10yrs to dump on wall street and instant 100x and dump on retail with crypto until regulators catch up, then you know that all the high signal developments are happening on Bitcoin. There's no premine, ICO, VC tokens. You will be shocked how many people here don't know about Bisq and Robosats. Adoption of real, lasting use cases happen organically while most people get rekt by noise chasing overnight riches.
>smart contracts Smart contracts were invented by Nick Szabo. Bitcoin is the first implementation of such scripting features that you are referring to as smart contracts. In terms of monetary functions bitcoin's scripting is most advanced and can execute enormous scripts very efficiently. Bitcoin's scripting is otherwise deliberately limited for reasons such as maximizing security and decentralization. You see how money tens of billions is lost on all these alt chains due to exploits? If what you mean by smart contracts is more expressivity like being able to issue custom assets and create your own shitcoins then bitcoin already had these features a long time ago with protocols like counterparty. In fact the very first NFTs were created on Bitcoin. But it was not premined, didn't have any ICO or VC marketing. As you saw reported recently, the whole NFT buzz last year was orchestrated by VC shilling and most of the trades were fake. >Are there any other Bitcoin L2s worth researching RGB and TARO. RGB testnet wallet called Iris wallet is on play store and app store right now. TARO is an \[incredibly elegant\](https://i.redd.it/bnzksocdbun91.png) decentralized stablecoin and custom assets protocol without central issuer which will allow users to hold self hosted bitcoin and stablecoin balance or other assets and swap between them through Lightning rails without going through any exchange at all. It's one of the most exciting developments right now. But Bitcoin developments are always high signal, low noise.
>how you can use a equity(security) to pay for a transaction You don't. People copy bitcoin code and add shit to it that makes it unsecure and centralized and they create their own coins, give it to themselves for free and market it as something similar to bitcoin to make themselves rich. There's no need to issue your own tokens. Blockchain is extremely inefficient to do anything but maintain global state of timestamped transactional database at base layer without losing security and making it centralized which defeats the whole point of it. Internet would not exist as it is today without separation of application layer. Just like with TCP, HTTP for internet, application functions can only be efficiently built in layers. Not only project building on bitcoin is creating their own centralized premine, ICO token. Lightning payments has 100 million users as of March 2022. All altcoins combined don't have half as many users as Lightning. There will be a lot more applications which come from likes of TARO protocol, RGB, drivechains or spacechains. TARO is a [most elegant](https://i.redd.it/bnzksocdbun91.png) decentralized stablecoin and assets protocol without central issuer which will allow users to hold self hosted bitcoin and stablecoin balance and swap between them through Lightning rails without going through any exchange at all. Bitcoin already supports on chain batch verification once Taproot is fully adopted. Cross Input Signature Aggregation, musig2, channel factories etc. all improve block space efficiency and interfacing with applications on layers above.
For all you know stablecoins are air tokens too and when you have it on L1, the people who issue them basically hold the chain hostage forever. TARO fixes this!
All shitcoin defi is trash. Massively vulnerable and unsecure, tens of billions exploited every year. Linking a centralized wallet software to your browser and gambling with shitcoins printed out of nothing by central issuers is not a use case, you're not solving any real problems and it's definitely not growing faster than bitcoin adoption. Bitcoin has 180 million users. 100 million users have access to Lightning payments. Shitcoins all combined don't have half the adoption as Lightning payments. Money is singular. Applications are many. Blockchain is extremely inefficient to do anything but maintain global state of timestamped transactional database at base layer without losing security and making it centralized. Bitcoin L1 is a settlement network and it [settles](https://www.nasdaq.com/articles/bitcoin-is-the-worlds-most-efficient-value-settlement-network) higher value than US GDP. Day to day payments is an actual application of money as medium of exchange. Lightning protocol is P2P, secure and has theoretical throughput of several million TPS. This is real and tangible use case. It's powering dozens of [circular bitcoin economies](https://thebitcoinmanual.com/articles/btc-circular-economies/) around the world in places like Africa, Asia, Latin America. There will be a lot more applications which come from likes of TARO protocol, RGB, drivechains, spacechains etc. and we should be focused on building layers on top of Bitcoin instead of creating useless centralized shitcoins for gambling. TARO is a [most elegant](https://i.redd.it/bnzksocdbun91.png) decentralized stablecoin and assets protocol without central issuer which will allow users to hold self hosted bitcoin and stablecoin balance and swap between them through Lightning rails without going through any exchange at all. Bitcoin already supports on chain batch verification once Taproot is fully adopted. Cross Input Signature Aggregation, musig2, channel factories etc. all improve block space efficiency and interfacing with applications on layers above. Application functions for blockchain can only exist at higher layers and ideally built on the strongest and most decentralized foundation. Take the example of TCP and HTTP for internet. Internet would not exist as it is today without separating application layer.
All shitcoin defi is trash. Massively vulnerable and unsecure with tens of billions exploited every year. Linking a centralized wallet software to your browser and gambling with shitcoins printed out of nothing by central issuers is not a use case, you're not solving any real problems and it's definitely not growing faster than bitcoin adoption. Bitcoin has 180 million users. 100 million users have access to Lightning payments. Shitcoins all combined don't have the same adoption as Lightning payments. Money is singular. Applications are many. We don't need premine, ICO tokens to build applications for money unless the goal is making VCs and founders rich. Blockchain is extremely inefficient to do anything but maintain global state of timestamped transactional database at base layer without losing security and making it centralized. Read about what Satoshi said when the topic of BitDNS came up in the early days and some people wanted to add more complexity to Bitcoin protocol. Bitcoin L1 is a settlement network and it \[settles\](https://www.nasdaq.com/articles/bitcoin-is-the-worlds-most-efficient-value-settlement-network) higher value than US GDP. Day to day payments is an actual application of money as medium of exchange. Lightning protocol is P2P, secure and has theoretical throughput of several million TPS. This is real and tangible use case. It's powering dozens of \[circular bitcoin economies\](https://thebitcoinmanual.com/articles/btc-circular-economies/) around the world in places like Africa, Asia, Latin America. There will be a lot more applications which come from likes of TARO protocol, RGB, drivechains, spacechains etc. and we should be focused on building layers on top of Bitcoin instead of creating useless centralized shitcoins for pump and dump gambling. TARO is a \[most elegant\](https://i.redd.it/bnzksocdbun91.png) decentralized stablecoin and assets protocol without central issuer which will allow users to hold self hosted bitcoin and stablecoin balance and swap between them through Lightning rails without going through any exchange at all. Bitcoin already supports on chain batch verification once Taproot is fully adopted. Cross Input Signature Aggregation, musig2, channel factories etc. all improve block space efficiency and interfacing with applications on layers above. Application functions for blockchain can only exist at higher layers and ideally built on the strongest and most decentralized foundation. Take the example of TCP and HTTP for internet. Internet would not exist as it is today without separating application layer. Impervious AI is actually building something way more impressive than the scammy nonsense you're shilling, a suite of P2P web protocols on Lightning without any VC noise or premine, ICO tokens. It's live on Mac and Linux, soon available on Windows.
Been meaning to research TARO, going to dive into it now. Will take a look at the other applications you mentioned as well. Need to look into taproot too. Thanks for providing some great material to research.
Money is singular. Applications are many. You don't need some new premine, ICO tokens to build applications for money unless the goal is making VCs and founders rich. Blockchain is actually extremely inefficient to do anything but maintain global state of timestamped transactional database at base layer without losing security and making it centralized. Read about what Satoshi said when the topic of BitDNS came up in the early days and some people wanted to add more complexity to Bitcoin protocol. Bitcoin L1 is a settlement network and it [settles](https://www.nasdaq.com/articles/bitcoin-is-the-worlds-most-efficient-value-settlement-network) higher value than US GDP. Day to day payments is an actual application of money as medium of exchange. Lightning protocol is P2P, secure and has theoretical throughput of several million TPS. As of March 2022, nearly 100 million users had access to Lightning payments. This is real and tangible use case. It's powering dozens of circular bitcoin economies around the world in places like Africa, Asia, Latin America. There will be a lot more applications which come from likes of TARO protocol, RGB, drivechains, spacechains etc. and we should be focused on building layers on top of Bitcoin instead of creating useless centralized shitcoins. TARO is a [most elegant](https://i.redd.it/bnzksocdbun91.png) decentralized stablecoin and assets protocol without central issuer which will allow users to hold self hosted bitcoin and stablecoin balance and swap between them through Lightning rails without going through any exchange at all. Bitcoin already supports on chain batch verification once Taproot is fully adopted. Cross Input Signature Aggregation, musig2, channel factories etc. all improve block space efficiency and interfacing with applications on layers above. Application functions for blockchain can only exist at higher layers and ideally built on the strongest and most decentralized foundation. Take the example of TCP and HTTP for internet. Internet would not exist as it is today without separating application layer. Read about Postel's law, named after the legendary internet pioneer Jon Postel who said that monolithic internet design would fail and layering protocols was the only way to scale the internet.
> Chains that support smart contracts are trying to make insiders rich by printing money out of thin air Money is singular. Applications for it are many and you don't need some new tokens to build applications for that money unless the goal is making VCs and founders rich. Blockchain is actually extremely inefficient to do anything but maintain global state of timestamped transactional database at base layer without losing security and making it centralized. Read about what Satoshi said when the topic of adding more complexity to Bitcoin protocol came up. Bitcoin's base layer is a settlement network and it [settles](https://www.nasdaq.com/articles/bitcoin-is-the-worlds-most-efficient-value-settlement-network) significantly higher value than US GDP. Day to day payments is an actual application of money as medium of exchange. Lightning protocol is P2P, secure and has theoretical throughput of several million TPS. As of March 2022, nearly 100 million users had access to Lightning payments. This is real and tangible use case. As I cited at the end of the previous comment, it's powering dozens of circular bitcoin economies around the world in places like Africa, Asia, Latin America. The largest supermarket chain in South Africa just [adopted](https://www.businessinsider.co.za/pick-n-pay-expands-bitcoin-lightning-payments-test-plans-to-go-national-2022-11) Bitcoin Lightning payments across the whole country. There will be a lot more applications which come from likes of TARO protocol, RGB, drivechains or spacechains. TARO is a [most elegant](https://i.redd.it/bnzksocdbun91.png) decentralized stablecoin and assets protocol without central issuer which will allow users to hold self hosted bitcoin and stablecoin balance and swap between them through Lightning rails without going through any exchange at all. Bitcoin already supports on chain batch verification once Taproot is fully adopted. Cross Input Signature Aggregation, musig2, channel factories etc. all improve block space efficiency and interfacing with applications on layers above. Application functions for blockchain can only exist at higher layers and ideally built on the strongest and most decentralized foundation. Take the example of TCP and HTTP for internet. Internet would not exist as it is today for us all to communicate so easily without separating application layer. Read about Postel's law, named after the legendary internet pioneer Jon Postel who said that monolithic internet design cannot scale and we must adopt the principles of layering protocols. Shitcoin scammers promote linking a centralized wallet software to a web browser for swapping random shitcoin tokens "trusting" that they will not get censored from doing so as a use case. It has enormous vulnerabilities to ever be considered secure and most importantly it's not solving any real problems and there's no moat. More money has been lost to hacks, exploits, in these unsecure protocols than even CEX hacks, failed transactions which people lose fees on which is absolutely regarded. Impervious AI is actually building something way more impressive than this, a suite of P2P web protocols on Lightning without any VC noise or premine, ICO tokens. It's live on Mac and Linux, soon available on Windows. Don't get rekt by noise. Pay attention to the signal. Pay attention to real use cases like [this](https://arcane.no/research/nearly-100-million-people-have-access-to-lightning-payments) and [this](https://thebitcoinmanual.com/articles/btc-circular-economies/).
Money is singular. Applications for it are many and you don't need some new tokens to build applications for that money unless the goal is making VCs and founders rich. Blockchain is actually extremely inefficient to do anything but maintain global state of timestamped transactional database at base layer without losing security and making it centralized. Read about what Satoshi said when the topic of Namecoin came up in the early days and some people wanted to add more complexity to Bitcoin protocol. Bitcoin base layer is a settlement network and it [settles](https://www.nasdaq.com/articles/bitcoin-is-the-worlds-most-efficient-value-settlement-network) higher value than US GDP. Day to day payments is an actual application of money as medium of exchange. Lightning protocol is P2P, secure and has a theoretical throughput of several million TPS. As of March 2022, nearly 100 million users had access to Lightning payments. This is real and tangible use case. As I cited in the previous comment, it's powering dozens of circular bitcoin economies around the world in places like Africa, Asia, Latin America. The largest supermarket chain in South Africa just adopted Bitcoin Lightning payments. There will be a lot more applications which come from likes of TARO protocol, RGB, drivechains or spacechains. TARO is [the most elegant](https://i.redd.it/bnzksocdbun91.png) decentralized stablecoin protocol without central issuer which will allow users to hold self hosted bitcoin and stablecoin balance and swap between them through Lightning rails without going through any exchange at all. Bitcoin already supports on chain batch verification once Taproot is fully adopted. Cross Input Signature Aggregation, musig2, channel factories etc. all improve block space efficiency and interfacing with applications on layers above. Application functions for blockchain can only exist at higher layers and ideally built on the strongest and most decentralized foundation. Take the example of TCP and HTTP for internet. Internet would not exist as it is today for us all to communicate so easily without separating application layer. Read about Postel's law, named after the legendary internet pioneer Jon Postel who said that monolithic internet design cannot scale and we must adopt the principles of layering protocols.
If you're trying to suggest defi as some use case in its current form, basically people connecting a centralized wallet software to a web browser to swap two random coins created just like FTT out of thin air by a central issuer, this is not something that should ever be built into L1 protocol at all. Users have lost several billions more on unsecure defi protocols than they have ever lost on even centralized exchanges. Defi is experimental at best, highly vulnerable in reality and unlikely in current form to ever be considered secure or decentralized. Money is singular. Applications are many. Blockchain is extremely inefficient to do anything but maintain global state of timestamped transactional database at the base layer without losing security and making it centralized. Bitcoin network [settles](https://arcane.no/research/nearly-100-million-people-have-access-to-lightning-payments) higher value annually than US GDP. Day to day payments is an actual application of money. Lightning protocol is P2P, secure and has a theoretical throughput of several million TPS. As of March 2022, [nearly 100 million users](https://arcane.no/research/nearly-100-million-people-have-access-to-lightning-payments) have access to Lightning payments. This is real and tangible use case. There will be a lot more applications which come from likes of TARO protocol, RGB, drivechains or spacechains. TARO is [the most elegant](https://i.redd.it/bnzksocdbun91.png) decentralized stablecoin protocol without central issuer which will allow users to hold bitcoin and stablecoin balance and swap between them through Lightning rails without going through any exchange. Bitcoin already supports on chain batch verification once Taproot is fully adopted. Cross Input Signature Aggregation, musig2, channel factories etc. all improve block space efficiency and make interfacing with applications easier. Application functions for blockchains can only exist at higher layers. Take the example of TCP and HTTP for internet. We can say for certain that internet would not exist as it is today without separating application layer. "We are screwing up in our design of internet protocols by violating the principle of layering. Specifically we are trying to use TCP to do two things: serve as a host level end to end protocol, and to serve as an internet packaging and routing protocol. These two things should be provided in a layered and modular way. I suggest that a new distinct internetwork protocol is needed, and that TCP be used strictly as a host level end to end protocol." — Jon Postel, Pioneer of Internet Protocol
The value of Bitcoin is discovered on the market, based on supply and demand, just like with everything else. It has nothing to do with the miners. Bitcoin is developed in layers. While other crypto currencies are still fiddling around with their blockchain parameters and different trade-offs, the Bitcoin community went a different route. Instead of compromising security or risking centralization on the base layer, it's throughput is kept artificially low, to make sure everyone can afford to run a node to access the network directly in a decentralized fashion, without the need for third party providers. Scaling is solved on a second layer called the Lightning Network, and I recommend that you read up on that. We are also now seeing the first appearance of third layers, like RGB for client validated smart contracts and assets, as well as fedimint, a decentralized custody solution that tries to create a better alternative to stranger custody on exchanges. There is a lot going on with Bitcoin. But the interesting thing isn't the blockchain anymore, that has been solved and is working. The real innovation is happening in Lightning, RGB, TARO, fedimint and other protocols on top of Bitcoin.
>Or.. resist any significant changes to the code that would be against their interests. The resistance is fully nodes. There's no company telling users what to run. If you have a proposal and it gets BIPed then you convince people running nodes why they should run it. Convince me why I should ACK something. This is not easy and the fact that it's not easy is why Bitcoin sets the benchmark for security. ​ >Why hasn't BIP 300 & 301 been included in Bitcoin Core if there are many people who are for it? I'm myself only sort of for it. I think it's ok to let people experiment with drivechains and spacechains away from core protocol but the way the core protocol needs to be aligned or how it may affect the core protocol are critical debates in Bitcoin. Paul needs to campaign for it and get users on board. If users are on board and want to run something, it happens. I will say the same thing for Jeremy Rubin as well. He's barking up the wrong tree. For Bitcoin users to be willing to run a major software change you need to make a really compelling case for it and maybe it should be on a sidechain or on Litecoin first. This is how SegWit, Lightning and Taproot all got adopted. TARO and RGB are happening because they will have no impact on the core protocol but exists on fringes of Lightning. Even Lightning nodes can run their Lightning protocol as they are without being affected by these but still collect routing fees routing TARO asset transfers denominated in sats.
> where's the AMM AMM model is the most insecure and the worst way to do it. $10.5 billion hacked in 2021, 1 million failed transactions on ethereum every month which users lose fees on. You seem to be arguing for this like it's proven tech. It's proven to be insecure tech which can never be widely adopted except for speculation due to massive vulnerabilities. Look into how TARO implements asset protocols for truly decentralized stablecoins.
This post title should be "I have no idea what Bitcoin is except what I've read shitcoin influencers tweeted to shill their bags" and I'm too lazy to do my own research on things like Taproot, TARO, CISA, eltoo, channel factories, simplicity script, drivechains, spacechains etc. [Nearly 100 million people have access to Lightning payments (as of March 2022)](https://arcane.no/research/nearly-100-million-people-have-access-to-lightning-payments) [Circular bitcoin economies around the world](https://threadreaderapp.com/thread/1573283006835482624.html) [South Africa's largest supermarket chain Pick n Pay enables Bitcoin Lightning payments nationwide at all outlets](https://www.businessinsider.co.za/pick-n-pay-expands-bitcoin-lightning-payments-test-plans-to-go-national-2022-11) [Bitcoin Lightning payment chain - streaming sats in different ways like passing around cash, just digitally](https://nitter.it/CoinCorner/status/1588201644361121794#m)
I didnt say its bad. Dunno why ppl downvote me for not understanding Bitcoin. But it will become really expensive in the near future to do a Layer1 transaction in Bitcoin. Its the right way to implement Lightning and I'm pretty hyped about TARO. Thats the way to go. Thanks for your infos.
It's "settlement" layer and already settles billions in value as physical bearer instrument across borders and around the world faster than any legacy systems. Lightning is payments layer and settles value instantly. Take the example of TCP and HTTP for internet. We can safely say that internet would not exist as it is today without separation of application layer. Application functions should only exist at higher layers. Payments is an application of money. Lightning protocol itself is P2P and has a theoretical throughput of several million TPS. There will be many more applications from the likes of TARO protocol, RGB, drivechains or spacechains. Once Taproot is fully adopted, Bitcoin already supports on chain batch verification. Cross Input Signature Aggregation, musig2, channel factories etc. all will play a role in improving block space efficiency.
You new here? These kind of posts are for shilling heavy alt bags. I do make 2/3rds of my payments in bitcoin. I think one day soon, I'll have no reason to touch fiat at all. It's already the case in a dozen or so [circular bitcoin economies](https://threadreaderapp.com/thread/1573283006835482624.html). Once TARO protocol is live people will also be able to hold bitcoin and fiat balance in the same wallet and swap between them almost for free through Lightning channels without going through any exchanges. Instead of payment processor converting bitcoin and dollars at points of sale, both parties to transaction will be able to do it natively without third party.
Money is singular. Applications are many. Blockchain is actually inefficient to do anything but maintain global state of timestamped transactional database at Layer 1 without losing security and making it centralized. Bitcoin's Script and recently introduced Tapscript, and maybe soon to come Simplicity Script at Layer 1 have incredibly advanced scripting features in terms of monetary functions. Just last week, someone did a 998-of-999 sig script spend for a very low cost as a test for TARO and channel factories. But application functions should only exist at higher layers just like with TCP and HTTP for internet. Internet would not exist as it is today without separation of application layer. Premine, ICO, VC coins are just corporate fiat. There's no need to create corporate, VC coins except greed. They are a long term scourge for the space. They associate themselves with Bitcoin using deceitful marketing. 9 out of top 10 coins are premine, ICO coins or stablecoins issued by central entities, there are 24 premine coins are above Monero. That tells you everything about how regressive it has gone now. Gamblers will trade and speculate on anything, monkey pictures or meme coins or farts in a jar, but nobody is going to take this space seriously when 99.99% of 25000 coins are centralized trash and only use case is pumpenomics. Coins frequently changing monetary policy to artificially pump the price and people talk up these narratives like it's a positive.
Lightning labs, a company got 80 mil for TARO, which is a new protocol in parts similar to RGB. Non of this competes with Lightning the technology. In fact both RGB and TARO will work on top of Lighting
I think this is not a solved problem. LN incentivizes centralization around large nodes with many channels and this is definitely problematic for LN's security. ​ There is this somehow new protocol called TARO. It seemed like it **might** incentivize decentralization on LN although I am not sure about the specifics.
Certainly not. Rare Pepe sold for over $3 million last year. That's not how TARO works at all. You don't understand. The contracts still have centralized governance mechanisms. TARO routes stablecoins without having to issue or hold reserves in them. The value is routed through Lightning backed by sats. Here's an illustration.
You should actually take the time to read how TARO works. You're talking about stablecoins with central issuers which are basically security tokens with single point of failure. TARO routes stablecoins backed by bitcoin without issuers or central reserve. Stablecoins and NFTs were actually first created on Bitcoin through Omni and counterparty, but without hype or VC marketing.
Capacity has doubled since ATH. Average channel capacity is up from 3.9 million sats to 5.9 million sats. Capacity per node is up from 34 million sats to 57 million sats with an average of ~10 channels per node. Once TARO is live, LN capacity is going to explode past 10k BTC. [Nearly 100 million users have access to Lightning payments](https://arcane.no/research/nearly-100-million-people-have-access-to-lightning-payments) [Circular bitcoin economies around the world](https://threadreaderapp.com/thread/1573283006835482624.html)
What do you think about the TARO update on BTC?
I don’t know if you follow the lightning developments but if you do, TARO is a very cool upgrade to keep your eye on.
Yes, it is working well as a store of value when you take into context both what a long-term store of value is and Bitcoins current position in its “life-cycle” so to speak. Historically, every Bitcoin purchase is in the green after 4 years of holding. (I forgot the exact statistics, and this trend was also broken not too long ago, albeit only for 1 day.) A good store of value is hard to produce and has a supply that does not fluctuate with demand, Bitcoin takes the cake here with a 4 year halving schedule and fixed enforceable supply that individuals can verify themselves. Long-term for a store of value (in my opinion) should be referring to, at a bare minimum, 5 years time. Bitcoin has always historically performed incredibly well over this amount of time. Do not forget that Bitcoin is also still in its infancy. People like to imply Bitcoin is old at a mere 13 years while failing to acknowledge that a building an entirely new financial system from the ground up is a decades long mission and we are planting the seeds (lightning, TARO) now that will be fruitful when the day comes that Bitcoin begins its transition for a global store of value to medium of exchange. Volatility like this is to be expected (both directs) due to the infancy of what it potentially (definitely IMO) the best digital asset on earth.
thanks appreciate it. Niave question but I'm still confused; so this is brings smart contract capability to something similar to BTC? How is this different than ethereum other than its a more simple, so perhaps more nimble form of ETH? Why not just work of BTC and build on top of it, kind of like what TARO is doing?
Channel factories, CISA... Taproot already supports on chain batch verification once fully adopted (no premine foundation with trademark here, users adopt everything organically). Unlike you I'm well versed in both coins history and tech stack so I don't embarrass myself in arguments like this. Do better research and you will learn how centralized stablecoin issuers who will literally control which eth fork is valid for eternity are going out of business after TARO. Also pray that ethereum foundation owning the ethereum trademark, stablecoin issuers and OFAC compliant staking companies don't ever get into a tiff. That would be fun.
The website linked by u/netclectic does describe how it works and is quite literally the official website of the company developing the TARO protocol. I believe you may be conflating "buzzwords" with "complex words." The bitcoin magazine article is helpful if you need an "explain like I'm 5" explanation.
I never claimed TARO was any better, just the reason they didn't work with RGB. Two disagreeable parties won't work well together either.
Except it isn’t a shitcoin, it’s an additional layer on top of Bitcoin. I don’t see how this is such a hard thing for you to comprehend. I’m actually baffled at how idiotic the things you’re saying are, but I’m so curious to hear you try and defend and clarify them, because I know you can’t do it. Do you know the difference between an additional layer built on Bitcoin and a shitcoin? Have you ever read anything about TARO? Do you know what taproot is? Do you seriously think increased usage of Bitcoin is an attack on Bitcoin? You’re so anti-shitcoin yet you can’t see how TARO enables Bitcoin to destabilise most of them by removing their use case. Maybe you should [learn something](https://river.com/learn/what-is-taro-in-bitcoin/) before you say these stupid things.
> People have shared links below. Learn how it works before having an opinion. Mhm.. If you actually go and read the documentation the people have shared below, instead of just dropping the link and assuming you know what's in it from looking and misinterpreting at a picture, you will find that the point of TARO is that you can issue tokens inside a taproot structure on the Bitcoin blockchain. This assets can then be used to create channels at the edges while the rest of the route uses regular channels with Sats. That token in the Taproot structure has to be issued just like shitcoins are issued on other chanins, and if it is a stablecoin someone has to maintain the peg by for example only issuing or destroying them in exchange for dollars. Yes, this is shitcoiner vocab, because TARO is basically shitcoins on Bitcoin.
The TARO team has also been known to be disagreeable, uncooperative, hostile to other members of the ecosystem, and had some buggy software. So maybe things are a little more nuanced than you claim.
I really appreciate the Lightning conversations you are having lately u/mccormack555 Would love to hear you have somebody on to raise awareness about TARO and how it plays into BTC/LN.
Sounds awesome! I wonder what kind of (financial attractive) opportunities TARO creates for early adopters if it’s coming as it supposed to. If you look at what kind of extreme growth other chains had with those development I think it must be insane.
For somebody who literally just discovered TARO in this thread you seem to have some very strong opinions against it. You think more channels opening and closing on LN due to increased usage of LN is an attack on Bitcoin? State your position with clarity, if you have any.
The actual update related to this is Taproot, as it allows for some limited forms of smart contracts. TARO is one such construct that utilizes Taproot for it's implementation and became possible because of that update. Bitcoin only very rarely adopts new features that have a large consensus in the community. Taproot was such a rather uncontroversial feature. But those features where so far always backwards compatible, so they don't change established rules but simply add new ones.
I think what he's trying to get at is that even if these altcoins are still built on BTC They're still shitcoins We have seen many examples of this on other shitcoinery, mainly the E shitcoin, tons of even garbagier shitcoins trailing behind I'm personally a little mixed about TARO There's potential, but you'll also see a lot of new shitcoins trying to use BTC as a source of credibility, which leaves a bad taste in my mouth This is of course assuming we are under the agreement that any coin that isnt BTC, is a shitcoin. Even stablecoins are shitcoins What's worse than a gift ticket issued by a government? A gift ticket issued by a company that probably isn't backed! Stablecoins are kinda like banks in that sense
TARO is a protocol built on top of BTC/LN much like LN is a protocol built on top of LN. This is building money in layers. No “shitcoin” is being created, but shitcoins may be transferred along the rails of this new protocol. You shouldn’t have replied because now you’re doubling down on looking stupid, take the L and learn about what TARO is before you so vehemently oppose it because the name “TARO” looks like a shitcoin ticker.
I figured making a controversial statement and having someone challenge it would give me the opportunity to link some actual useful and relevant information to my point rather than the first webpage that shows up on google when you search “Bitcoin TARO”.
What I don't get is why the TARO team (lightning labs) are not working with the RGB team since they are doing the same thing more or less and RGB should be way ahead in development. On the plus side, some healthy competition may speed things up.
TARO, if successful, will make LN nodes charging abysmally small fees profitable.
You seem to be the fool here, speaking so certainly on something you seem to know little about. TARO stands for Taproot Asset Representation Overlay and utilises the BTC/LN stack to issue and transfer any digital assets placed on the protocol. This issuance and subsequent transfers will all be settled on LN, instantly and for free between parties with open channels and a small fee for routing, all paid in the native currency BTC. Your knee-jerk reaction can be excused though, as we all have seen it far too many times. But your response here is that of someone thinking that LN uses a different “coin”.
We got to watch Bitcoin grow and teach use the value of digital scarcity, decentralisation and immutability. We are witnessing Lightning grow and teach us the importance of building in layers and how only introducing complexity around the edges of simplicity is the best path forward for not only Bitcoin, but any digital currency. Soon TARO (Taproot asset representation overlay) will open eyes in a similar way. I believe this will have a similarly large impact on Bitcoin to the likes of LN. A fleshed out and widely used TARO onto of the BTC/LN stack spells irrelevancy for any digital asset trying to pose primarily as digital money.
I remember when LN had less than 10 BTC on it, (Now has 4,500 BTC, a 44,900% increase) I love seeing it come so far. Discovering how Lightning intertwines with Bitcoin felt like re-discovering Bitcoin for the first time. I feel as if discovering TARO on LN and the impact it can have, is going to be similar. [How Bitcoin Destroy all Altcoins (TARO)](https://youtu.be/vGnba_Si5_E)
It’s called [XDEX](https://xdex.ch) and uses Liquid. With projects like this, other additional layer development such as TARO and adjacent advancements like StratumV2, Bitcoin is looking to become a robust all-encompassing financial system over the coming decade or two.
By 2027? - People, Companies and Institutions will more widely recognise Bitcoin as a competitive store of value - Rapid Lightning Network growth of nodes, channels, capacity and adoption over the next 5 years - I strongly believe we will have a Bitcoin community-wide realisation of the importance of TARO - Continued production of blocks containing censorship-resistant global transfers of monetary value - Energy producers embracing Bitcoin mining - Uptick in known public holdings of Bitcoin for companies, institutions and notable individuals - Production of Bitcoin miners will be an increasingly large industry with many widely known companies
Contrary to the opinion above, Bitcoin Amsterdam has a program that gives free tickets to open-source developers or bitcoin core devs. There is also a specific stage called the "Open Source Stage" led by Matt Odell, one of the largest privacy and open source advocates in the space. The conference roots itself in Bitcoin education and has hosted keynote speeches from Elizabeth Stark herself to educate the audience on Lightning, Taproot, TARO, and many other application layers and building out the bitcoin ecosystem. For Bitcoin Amsterdam, the team has announced the "Sats Stage", which will focus on quick lightning sessions from some of the leading developers in the space. The plebs hung out around the open source stage last year, and I think this will be similar vibes. All this to say, I think the opposite. If you are looking for an event to participate in a high-level technical conversation around bitcoin, then Bitcoin Amsterdam is exactly the event you want to go to. If you want some tickets, you can use code MOON for 10% off.
This concept is completely pointless. But, gold on blockchain could have some potential. With the implementation of TARO on Bitcoin, we could have gold on the Bitcoin blockchain.
I hope we get RGB and TARO interoperability.
Money velocity (instant settlement, cost, speed) means that LN capacity can be a fraction of what traditionally you'd need, and because L1 is below it, anytime demand surged and LN fees augmented, L1 bitcoin would rapidly arrive to soak up those fees and provide liquidity. 4000 BTC now, but if BTC was $100k, that's worth 20,000 BTC now in liquidity terms. With deflation/halving, the number of necessary sats should decrease over time too. But yeah, Lightning has a LOT of work to do. **LOTS**. Miner BTC stockpiles might arrive soon to *Amboss Magma* channel liquidity and provide capacity for TARO and other things. Still haven't got Taproot though which is a fundamental LN building block. Really exciting times though.
And RGB stole the idea from Peter Todd's research... Welcome to an open source world. RGB as imagined currently is not better than TARO. Very similar but I'd much rather see TARO because it's certain to be smoother and optimized as Lightning Labs is responsible for the LND implementation on the LN. And because they plan on BOLT spec'ing it. I've heard no such plans from RGB. They probably want to license it and other shit which is why they're complaining.
Do you consider an orgy of swaps, wraps, burns, mints, and stakes run by dapps that do nothing but optimize token interaction to keep the orgy going, "functionality". Altcoins are vaporware scams that rely upon derivative outside money (stablecoins, wrapped collateral) for liquidity. They also rely upon exchanges. Bitcoin was born long before exchanges existed, and long before VC's helped destroy the space. The goal is to *separate money from state*. Bitcoin is money. Bitcoin is the transparent base layer everything gets built over. And you've spent so much time on other subs or listening to altcoin shills that your brain is tethered to 2018 information (not your fault, they've networked themselves to capture newbs). Wild innovation is happening with the Lightning Network. See Taproot scripting, TARO especially, and DLC's. These will form the backbone for commercial grade simple smart contracting, and non-vaporware finance. In 2018 there were 5000 shitcoins. Bitcoin's dominance was 42%. Today there are 20,000 shitcoins. Bitcoin's dominance is 47%. This statistic should be enough to send you fleeing from shitcoinery.
I smashed him once on twitter when he quoted a paper that posited transactions scale linearly with energy. Disproving it with math. He once said the LN was stupid because you would never get enough suckers to run nodes without being paid as much as L1 node operators...huh? He doesn't understand bitcoin and often conflates it with "crypto". He's blocked me since I believe, but his most embarrassing moment will come when he's using the bitcoin network but doesn't even know he is. Wether that's the LN running on his debit card or a TARO asset being converted from BTC that he doesn't see.
Do you know about Lighting Network and TARO ? Yes Bitcoin is king. But for more reasons than you mention.