TCP

JerryLeeDog

Are you familiar with the protocol wars? There was a handful of protocols being considered for the internet. TCP/IP won. Just like there are still a bunch of cryptos but the market has already given Bitcoin the network affect required to be digital money. It's already the chosen protocol just like TCP/IP was, and still is, decades later.

Eggs-Benny

What do you mean by "TCP/IP is already the protocol"?

JerryLeeDog

TCP/IP is already the protocol Bitcoin already won. The next phase will be this space differentiating Bitcoin and "crypto"

TomasMSM

The base protocol is stable, reliable and it works. It does exactly what it should do: move value at the speed of light in a permissionless fashion from and to any point on Earth. Messing with the base layer is idiotic and stupid. Specially at this point in time where there is more than a trillion dollars in value put into the network. And then there are unintended consequences that everybody always seems to forget when the get all hyped about adding new features to the base layer. Would you go and mess around with the base protocol of the internet - TCP/IP? Obviously not. There are other layers on top of that where new features are added. We don’t need to change Bitcoin. We just need to build on top of it. Michael Saylor speaks about this at length here. https://www.youtube.com/watch?v=lwmyaxpJwoc

thambassador

Pruned nodes only Outbound connections? I'm running Bitcoin Core in Windows and it's pruned. I opened port 8333 from my router. I checked in Terminal if it's open by using `netstat -an` and I see it's `TCP 0.0.0.0:8333 0.0.0.0:0 LISTENING` Although I can't see it in [bitnodes.io](http://bitnodes.io) when I input my public IP. I opened the Peers tab in Bitcoin Core and the direction for all my peers is Outbound.

memreleek

What’s this one protocol the internet runs on ? TCP/IP right? That’s like similar to udp and bgp but we only need the tcp one right. Oh I see. You didn’t realize there was more than one protocol in existence.

Business_Smile

Nostr doesn't replace the whole TCP IP based internet tho. I known it technically could but the network effect drivers are not strong enough 

MiguelLancaster

still runs on TCP/IP protocol

Bhob13

I often consider bitcoin a protocol like TCP/IP, the protocol that runs the internet which was invented in 1973/74. However not many people had adopted the use of it until 20yrs later when email started to invade the business and education worlds. Bitcoin turned 15 this year… we’re still early and adoption will come as more and more apps get created using the bitcoin protocol as a settlement layer.

Tasty_Action5073

It’s a game changer. It’s like asking what’s the benefit of TCP/IP or Bitcoin. It allows anyone to develop whatever social experience they want, that is cohesive and interoperable between all other experiences being developed, breaking the internet silos we ended up creating. The way it breaks the silo is instead of your Reddit account being custodied by Reddit, and you can’t move from Reddit to YouTube as person (you need to have multiple identities for each). We finally custody our identies on the internet. Because you can prove that you posted/said/shared/liked something by signing these with your secret key. Nothing on the internet works like this now, and nostr is rebuilding every internet experience that required an account with this concept. And since it’s an open protocol no one can tell you what to build and what not to build or how to build it. It’s truly remarkable.

DreadPirateButthurts

This might seem like a snarky answer but I'm being totally genuine here, that's a bit like asking what is the purpose of something which you could call a protocol, such as TCP/IP (basis of internet), or SMTP (email), or a bicameral legislature, or even the English language. All those things have countless different uses. When the Internet was really early days people also asked "what is this even for?" So I wouldn't say Bitcoin has a single use or purpose, but it depends on the entity that's using it and what their goals and problems are. I'll give you a few random use cases here: If you live in a place with extreme inflation like Argentina in recent years or Venezuela, Bitcoin is going to be extremely useful for you to store your value even in the short term. If you live in a place with a currency that is being debased at a more "normal" rate, it will still be very useful as a store of value, though your time horizon needs to be longer as you've noted Bitcoin is still volatile. For a society, Bitcoin can provide utility by introducing a "measuring stick" which keeps the government more accountable for that reckless currency debasement. It can provide an alternative to using homes as investment vehicles which has caused a severe housing affordability crisis in much of the world. If you're fleeing a warzone it's a pretty damn good method for retaining some property and wealth and not getting your shit stolen by men with guns. If you're looking to build wealth rather than just protect or maintain it, Bitcoin can be used as a speculative investment. Likely a smart one, for now, as this network is growing rapidly and shows zero signs of slowing down while the overall adoption is still a small % of people (you're still early). I'm tempted to go on but this is getting kinda long. TLDR thinking about Bitcoin as an agreed upon protocol (because it is one) will help you grok it's utility. Do you have any Bitcoin now? If not, I suggest you buy a little. Whatever is a little for you, maybe $100 USD, the number doesn't really matter just that you have some. You're clearly already interested but having a little BTC will pique your curiosity even further, and I suspect you'll naturally start paying closer attention to it and learning more about it. That's kinda how it went for me, and I think that's a common story. Enjoy that book, I bet you'll like it, even if you ultimately decide BTC isn't for you!

MinimalGravitas

Also from your comment, I don't think you know what the terms 'greater fool', 'TCP/IP' or 'Ponzi' mean...

Efficient_Culture569

You don't need to explain the mechanics of it. Just the benefits. Imagines trying to explain TCP/IP to your peers... But they all understand the benefits of using the internet. The same goes with technology, i don't know how exactly it all works, but I understand the benefits and what it enables. Focus on that part.

JerryLeeDog

Ready for tough love? Alt coins lose value against Bitcoin perpetually. In a few years they will be down even more against Bitcoin. They will all basically go to zero as new alts are made by companies looking to profit, then those will pump and then the hype will wear off, rinse repeat. Bitcoin is the only truly decentralized commodity. It's already TCP/IP You can get "lucky" with an alt or 2 that outperforms it, but after years in this space you will realize there is no reason to try.

Bhob13

Very slowly, and the jury is still out on this one… it might happen but instead it’s likely TCP/IP will adapt as it always has.

sortofhappyish

TCP/IP is slowly being replaced with better always-encrypted protocols that compress better, are more secure but require a bigger cpu % to encrypt/decrypt.

Bhob13

You think they won’t be using TCP/IP in 100yrs? Possible, but I think they will as it’s the backbone of everything we do on the internet. To me Bitcoin is also a protocol layer used for settling transactions. If we build ontop of it (think lightning network and beyond), like we did TCP/IP then the new tech will rely on this old tech and Bitcoin mining will continue on out of necessity.

Terrible-Pattern8933

Not necessarily. We still use the same version of TCP/IP with layers on top.

KaueTech

I think that by default people who run their own node use TCP connection instead of SSL/TLS, so maybe it is a vulnerability for people who don't think about this possibility. I'm going to see how to configure my Electrum server to use TLS. Servers that support it run on port 50002 and those that don't support it (exposing their addresses and transactions) run on port 50001.

MiguelLancaster

> All these things have absolutely nothing to do with Bitcoin it has everything to do with shortsightedness about the future of an emerging technology > People say it will replace all currencies in the world that's dumb, no sensible person thinks this > Those who have bought .01 of a Bitcoin hope to be multi millionaires that's dumb, no sensible person thinks this > It's had an uptake of a mere 2.7% 2.7% in 15 years from 1974 to 1995 the internet had an uptake of 0.07% > They make claims on how government currencies are bad. They will fail that is absolutely, historically true https://www.reddit.com/r/Bitcoin/comments/8nwpo9/i_made_an_infographic_there_are_152_fiat/ (I know you'll give me shit for the source being /r/bitcoin but that doesn't change the fact of the matter) > A million different computer programs can be written to replicate and outdo Bitcoin name one > Bitcoin is now old TCP/IP is older > It may be popular for illicit activities it's not popular for that, as it's 100% traceable through the blockchain -- it's kind of the main selling point cash is the most popular currency for illicit activities by an extremely large margin > but it is certainly not a currency for daily use it doesn't have to be - when is the last time you traded gold for groceries? > An interesting fact is that there are more people who believe the world is flat than those who believe in Bitcoin that is not so much interesting, as much as it is simply a sad truth that a vast proportion of humans are dumb > I personally will look towards the future as will I > and not put my hopes into the failed dream of Bitcoin in what way has it failed?

masixx

Every physical thing tends towards higher entropy. Bitcoin is not physical. This is not a 'brilliant' idea but just 5th grade physics class. If you want to know 'where' entropy in Bitcoin is the closest you can get is the entropy in the electrons every computer relies on. An example that also affects Bitcoin, just as any data, is Bitrot. Another example would be data retransmission performed by e.g. TCP when signal ist 'lost' during transmission.

kurnaso184

The 1974 entry is the development of TCP/IP. You can go even further back to the first computers, or even the transistor. Maybe electricity itself. Bottom line: Bitcoin development started already when humanity was living in the caves. We went a long way from there. /s

DiedOnTitan

You are confusing the Bitcoin protocol with wallet UI and ease of use. That’s like saying TCP/IP is too complex we have to change it to make it easier. Then along came the browser which opened up the web.

Sonicthoughts

It's not cryptic and not currency. It's like calling TCP/IP: "electron motion." Dgital assets is better.

Bitcoinbakamo

The network aspect of Bitcoin is my latest subject of self-study and yes, that last paragraph really makes sense. The TCP/IP counterpart of money has already emerged victorious and we should all just build on it.

Corbimos

Bitcoin isn't political. There are politics around bitcoin for sure. But it's is important that the protocol stays apolitical. It's just like the internet, TCP/IP. That protocol is apolitical. There are not left vs right politics on decisions for the protocol, it's only logical cost benefit analysis to improve on it. There are politics around how it's is used in countries, yes. But it's apolitical.

JerryLeeDog

The next stage of this space is going to be education on why Bitcoin is different than all the other "cryptos". Mark it. First, the space needed legitimacy and players, now the shift will be truly understanding Bitcoin within the space. Sucks that new tech has to weed out all the junk before it's adopted, but the TCP/IP has already been chosen, and it's Bitcoin.

Oheson

ETH is the equivalent to TCP/IP. Used, yes. Of monetary value, No.

Oheson

USDC and USDT run on multiple chains. The layer 1 is just a glorified TCP/IP and does not affect the price.

HSuke

Uhh. It's not even a project. It's a protocol. That's like calling TCP/IP a scam

JerryLeeDog

Same reason we wouldn't use an improved version of TCP/IP; because we already have Bitcoin. There is no "improving" to do on Bitcoin. All coins that attempt to recreate the internet have, and will continue to fail. PhD caliber computer scientists, mathematicians, physicists etc. have been trying to improve on BTC for 15 years. No one has made anything better. You can only justify minimal improvements before you start to upset the balance of Bitcoin's security and its fundamentals.

vattenj

Another box of sand is like another value transfer protocol, but a protocol have network and first mover effect. Anyone can create their own network protocol and communicate with it, but in the end TCP/IP has become the most widely accepted around the world. Value transfer protocol would be the same

justignoremeplsthx

It's akin to TCP/IP. Brilliant technological discovery in the 1970's, but it took years for surrounding technology to catch up to what we have today (the internet). Bitcoin is THE most secure 'instant settlement' transaction in the world. But we need the industry to catch up to be able to handle it. Lightning is potentially the answer to this, so far. But it's continuing to evolve.

Oheson

ETH is a glorified TCP/IP. Scarcity is one of the 5 characteristics of money. ETH has an infinite supply, therefore it can never be considered money or a store of value.

JerryLeeDog

Eventually this is a guarantee. No one really unlearns why Bitcoin is the only TCP/IP

johnnyb0083

Bitcoin is a protocol like TCP/IP...Bitcoin is math. is very dogmatic. Bitcoin can be owned by everyone and controlled by nobody is what gives it so much value to me.

TheReveling

Bitcoin is the first. Bitcoin was created altruistically. There is no pre-mine, there is no leader, there is no CEO. Proof of work imbues value because energy is input into the system and block validation is the output. Proof of stake does not. Bitcoin is a protocol like TCP/IP. Bitcoin is math. Bitcoin is not monkey pictures. When Bitcoin began to trade in terms of dollar value, many many people saw the opportunity to copy it and make money disregarding the reasons Satoshi laid out on the forums and through the genesis block: The Bitcoin genesis block, also known as Block 0, contains a specific reference to a headline from the UK newspaper “The Times.” Embedded in the coinbase parameter of this block is the following text: “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.” Bitcoin wasn’t created to enrich its founder, it was a gift to the world. The subsequent hard forks have all failed. I could go on and on, but when people talk about “crypto” they are talking about every money grubbing scammer that has followed in its wake. There is, and will only ever be one.

DiedOnTitan

This line of thinking is what leads to shitcoinery, platitudes like "pioneers get the arrows" and "the second mouse gets the cheese." Bitcoin is not a centralized platform like Myspace or Facebook. Or a technology owned by a company like Blackberry or iPhone. It's a decentralized Internet protocol that succeeded. Like TCP/IP, SMTP, and HTTPS. Just like TCP/IP, as Bitcoin continues to get integrated into the fabric of the Internet, it will become increasingly difficult to replace, if not impossible.

only_merit

It is running no problem. You only see outgoing connections as you are probably filtering the TCP port 8333. It's not an issue, but if it is an option for you, you can open it and thus help the network little more.

Trilzerobyte

It should have at least 1 incoming connection by now if the port was open. If you have good bandwidth in the upstream direction, you can help other peers connect to you by going into your router settings and forward port 8333 TCP to the machine running Bitcoin Core.

LIGHTLY_SEARED_ANUS

That's because they're never partnerships, and to refer to them as such is to accept a faulty premise. How in the actual fuck does a private corporation "partner" with a decentralised network? That type of relationship doesn't even apply between those two entities. That's like saying Walamrt has "partnered" with TCP/IP and HTTP because they have a website. The word "partner" does not, and cannot, apply in that situation.

IndubitablePrognosis

Same, but remember, people's eyes glaze over if you say "TCP/IP" -- but they'll still use it all day long.

JerryLeeDog

I'm 40 and have held Bitcoin for years. I started out buying "crypto" scams but thankfully it only took a few years to realize all of that stuff will bleed against Bitcoin forever. There is only 1 TCP/IP and it is far more risky to not hold Bitcoin at this point in time. The needle has only moved one way in 15 years. Stack sats and stay humble :)

JanPB

It's like "ossification" of the TCP/IP or TeX. Certain inventions, like the wheel, reach a certain stage where no substantial upgrades are a consideration.

RobDaGoer

Hashing falls under then broad category of encryption methods(cryptography is under this category as well), sha256 is a just specific kind of hashing, that gets gets special treatment because it is used as an encryption method for many protocols in the TCP/IP suite. Usually patents only last 20 years but the government has licensed it for free from the start. It is not getting broken anytime soon because the algorithm it runs on is kept secret

MachaMacMorrigan

The Bitcoin network is a trustless monetary layer running on the Internet, which itself runs Internet Protocol and Transmission Control Protocol as lower level layers. TCP is designed specifically to be fault-tolerant, ensuring that committed transactions at higher levels (such as Bitcoin) will always get through. I'm confused by what you describe as "incorrect transactions". Badly formatted ("wrongful"?) transactions will fail. Correctly constructed transactions *should* always get through, and by definition there cannot be a putative authority to 'reverse' them. That's the whole point of a blockchain. Surely this is *exactly* the immutable behavior we want and need from a trustless monetary network? Is it possible you're looking for a human authority over the Bitcoin network, to 'fix' things when another human says 'Oops'?

RobDaGoer

Put bitcoin aside for a bit and look into the hashing algorithm, which is patented by the US government, which is so important they license it for FREE. They are required to protect and defend it as it is used to encrypt many protocols in the TCP/IP suite. Ie. TLS encrypts every https website, which is all. Then read the paper by the Chinese researchers about how stout sha256 is with merkle damgard construction and DM compression function

Oheson

ETH’s fee model is not sustainable. A layer 1 is basically a glorified TCP/IP. They have value while we are in this speculative phase of crypto. As time goes on, layer 1’s will be transparent to the end user and one will dominate. Right now that looks like it will be Solana, but something else may come along. An ETH ETF changes absolutely nothing about ETH. The ETH ETF will get only a fraction of the BTC ETF volume. ETH is fundamentally broken tech. It was the first smart contract platform, but eventually ETF will be the Netscape of crypto.

Objective_Digit

> TCP/IP isn't a household protocol. You mean household name? It doesn't have to be well known to the public. No one is hoping that people will adopt it. They are forced to use it. Ah, the old only ETH has smart contracts line. Not true at all. Bitcoin has always had them. And even more so now with Taproot.

royDank

I'm aware, but thanks. It was an analogy. TCP/IP isn't a household protocol. Neither is IPv4 or IPv6. People care about what works for them and makes their lives better. Bitcoin is a pet rock at best. And don't get me wrong, products/services with a single use case are compelling, sure, but smart contracts are far more interesting than anything Bitcoin can do, and the vast majority of smart contract activity is happening on Ethereum. I've had no regrets about my bets so far.

Objective_Digit

Myspace and Facebook are not protocols. Once a protocol becomes established it is extremely hard to shift. Look at TCP/IP.

JerryLeeDog

You are right. I don't think there needs to be any effort whatsoever towards "maximalism" Was there TCP/IP maximalism I wonder? It's happening organically through people's increasing knowledge in the space

TG_King

BUIDL is just a tokenized fund. Chainlink is an oracle network protocol. Not sure why you’re implying that BUIDL or something like it would ever be a competitor to Chainlink, they don’t even remotely do the same thing. The existence of funds like BUIDL is why Chainlink is needed. That’s like saying Hyundai Elantra is a competitor to highway construction companies or something like that. Or that Reddit is a competitor to TCP/IP

uncapchad

First you bed down the architecture, then you start building on top of that. The internet was originally text based. You had to know how to navigate at the lower levels using TCP/IP, FTP, SMTP, IRC, explore directories and bulleting boards, before the evolution of HTTP. The tools and standards for Bitcoin and other blockchains will come. There are enough users now, enough reason to go forward with projects and in general, it's easier to make a case for funding than it was in the past. Don't underestimate the world-wide IT community. Just because legislators and the fearful see everything with centralised goggles, doesn't mean that is the only way to solve a problem.

Odd_Monk_132

>You buy Bitcoin to make profit Faulty premise to start with. Bitcoin isn't a stock. People buy bitcoin to use it. The human rights foundation a list of things that they **need** bitcoin for. There are also tonnes of softwares and products that are building on top of bitcoin protcol layer, the same way TCP/IP is used. So you have products like Strike, Bitrefil and apps like Lightning and Nostr as well as protocols like DID. Others use it for p2p trade, international payments, Micro-fee services and so on. One could perhaps argue the degree of utility, but to say that there is none is a disingenous argument.

Corbimos

2 things, 1) You don't understand open source protocols. Bitcoin is not Nokia. Bitcoin is TCP/IP. Do you think there will be a better Internet? The answer is no. Even if a better protocol comes along, it won't be competing with TCP/IP. It will be worked into that stack and make everything better. We won't have two competing internets until one wins. The protocol will evolve. Bitcoin is the same. If a new protocol comes along that is proven, it will either be incorporated into the current Bitcoin stack, or Bitcoin will be forked. Either way, the UTXO set will live on, and we all still have the coins we hold the keys for. 2) Check your financial privilege. Bitcoin isn't about the price. It's about the freedom it enables. That is the utility. That is what Bitcoin grows. Sovereignty and freedom. Price in relation to its Scarcity is just a wonderful side effect. https://bitcoinmagazine.com/culture/check-your-financial-privilege

godofleet

i just don't see a world where people stop caring about all the endless comfort and abundance we have, especially in the west... even if we have a massive and horrific world war - even if we use nukes to (some extent) i expect there will always be humans in the future still using electricity, the internet, and so on... we didn't stop using electricity or communications technology after the first and second world war... in fact adoption of those techs only ever increased - the wars were just tiny distractions comparatively. sure, there might be disruption... there could be some horrible nuclear winter and maybe no one survives... but if we do, bitcoin would still be a thing... if somehow every single node was lost, the IDEA of bitcoin would still be a thing... just like TCP/IP and Email ... you're not holding it for wartime, your holding it for the peace and prosperity time that comes after.

Corbimos

Seeds are a standard, a protocol. Same with the passphrase. If the wallet supports that standard (BIP39), it will be interoperable. Bitcoin is like TCP/IP (the internet). The internet works the same on different types of computers because they support the same protocol. You don't have a different internet on different types of hardware. If a wallet supports BIP39 or a node supports Bitcoin, it will all work the same.

JerryLeeDog

This is totally normal for a halving. Look at the 2016 halving. Besides, BTC just blew up from $40k to $70k in a couple weeks. Can't go up like that forever. As a matter of fact, we need a long cool down after what happened before the halving. As for ETH, don't mean to sound "condescending" but the truth is: ETH is a pre-mined and centralized, made for profits, shitcoin. It will bleed against Bitcoin forever because more and more people will understand this in the same way more and more people will understand why Bitcoin is already the TCP/IP of digital money. People cannot unlearn these things.

Ruzhyo04

TCP/IP is a scam

misunderstandingit

I have no fucking CLUE how TCP/IP works and I use it every day.

JanPB

It's like saying TCP/IP or MIDI are not "modern" enough. All that stuff you mention is done on level 2 layers. Like TCP/IP is not burdened with the WWW, it's done by the HTML protocol riding on top instead. Same thing with Bitcoin. Sheesh, it's really a super-old hat, why do people get constantly confused by the basics?

JerryLeeDog

Did anything flip TCP/IP? No. And there is a reason. It's not even a chance at this point.

JerryLeeDog

It's already the TCP/IP of digital money. It succeeded. Now will just be the adoption curve of monetization, which takes a LONG time.

FenwickDTR

Scaling will be achieved through layers 2 like lightning network. It's like saying that you want to increase TCP maximum segment size (which is around 1.5kb). It makes no sense.

Corbimos

You don't understand open source protocols. Bitcoin is not doomed to fail. It is literally built for resilience. Bitcoin is a protocol just like TCP/IP. Would you say the internet is doomed to fail? It's isn't. Even if we get a new protocol that is better than TCP/IP, we'd still call that new system "The Internet". Bitcoin will work the same way. The only ones using shitcoins are speculators who day trade. If your company is a shotcoin casino, then I guess you would limit your customers. If it's not, you are just wasting your time and effort.

Digital_Scarcity

As cooked as it is, it is also necessary. It will always be that way. Bitcoin is an open protocol like TCP/IP, ethernet. Anyone can run it and build on top of it and interoperate with it. BTC base protocol has achieved all this and guaranteed security + scarcity, albiet not privacy. This is why coinjoins and future privacy tools are important to defend for accessible privacy options for BTC users. "CoinJoin is a trustless method for combining multiple Bitcoin payments from multiple spenders into a single transaction to make it more difficult for outside parties to determine which spender paid which recipient or recipients. Unlike many other privacy solutions, coinjoin transactions do not require a modification to the bitcoin protocol." - Bitcoin wiki

Alfador8

Bitcoin is a foundational protocol, like TCP/IP. When TCP/IP was invented in 1974 no one could have imagined http, email, could storage, or messaging apps. All of which are built on top of TCP/IP in a layered fashion. You don't use TCP/IP itself to send email, you use a protocol built on top of TCP/IP. We're already seeing signs of this type of development on top of Bitcoin with second layer protocols like chaumian ecash, Lightning and Liquid. And more applications will be built on top of *those* in the future.  Bitcoin's strength is in its simplicity. Leave the complexity for higher layers, like other successful computer protocols have done in the past.

vinniedamac

Money is pretty much used for everything as well. I saw a comparison that BTC is the TCP/IP of money.

JerryLeeDog

1. Bitcoin 2. Bitcoin 3. Bitcoin Its like asking what protocol you would use besides TCP/IP. Um, none. TCP/IP already won.

danielfd83

Central Governments are planing very tight controls over people’s money. Bank accounts are already constantly being frozen by some banks in Europe for deposits as small as 300€. (Revolut subreddit is full of people with frozen accounts). The President of the EU Central Bank has said that they are planing to make ilegal transactions of 1000€ outside of their banking system. The new Digital Euro & Dollar will just tighten the government control on money. All this big brother movements will push people towards Crypto. Bitcoin is the TCP IP of money. It is such a great invention that even governments are working on creating their own Centralized version.

VictorOgorodnov

Crypto enters cleansing era. Two misconceptions to overcome here: 1. Bitcoin is one and only forever, only 21 mil coins for 8 billion people, everything is a scam except Bitcoin, etc. Lies shilled by maxis to cash in their chips. You can literally create as much Bitcoin-like blockchains as you want, it’s all about adoption really. 2. Investing in tech is wrong idea. Tech was always free and will be, what people actually invest in is infrastructure and service. You don’t pay for TCP/IP, you pay for cables. Blockchains should be as simple as cables, and tech is being built upon.

0x0000001B

The TCP/IP of money? 😂 What does that even mean. Apples to oranges. 😂

Financial_Design_801

Bitcoin (the monetary layer) uses the communication layer (TCP/IP protocol) which came before it

TradeApe

But...it currently isn't the TCP/IP of money???

Qwahzi

Spam, QoS, fair queuing, & flow control are well understood computer science concepts. How do you think HTTP, SMTP, DNS, TCP/IP, and other internet protocols handle spam so well now (without fees), despite struggling in the early days of the internet? Nano is implementing the same things, it just takes time Fees don't solve the problem of an unusable network - Bitcoin just hit $100+ fees and multi-hour confirmations last week. Nano has almost always been faster and cheaper than that, even during a span attack Nano already has node incentives. It uses the same incentive model as Bitcoin full nodes (and almost every other internet protocol)

ammo_john

Let me ask you? How much do you value the discovery of digital scarcity? Because that is what Bitcoin is which no other copy of the chain can replicate (they can't attain escape velocity and full decentralisation, it's a miracle we got there with Bitcoin). So what does this digital scarcity give us? Well, it's the first time in human existence that we have a protocol for apolitical, uninflatable, uncensorable, and unconfiscatable transfer of digital scarcity. This has value because it fills a clear need, in times where money is being devalued, censored and confiscated, through human corruption. This is true everywhere, but even more acutely noticeable if you live in a country with a weaker currency and capital control. Because we now have true scarcity that can be settled online, we can build a whole more robust economy on top of it. So it's also a base layer of things to come (just like TCP/IP was for the internet). By the monetary properties it gives us, it's aiming for reserve currency of the world. So the value of Bitcoin is either zero or everything. This ultimate valuation of this asset is what leads to the volatility, people who buy and sell think it's either worth zero or everything, so volatility is to be expected. The volatility will come down over time, bitcoin will one day become the most boring asset there ever was, a reserve currency that is not only stable in price but that pegs the price of everything else, but this is most likely 25-50 years into the future. Enjoy the ride. Price is ultimately decided by buyers and sellers on the open market, betting on what the ultimate price of Bitcoin will be, zero or everything divided by 21.000.000.

JerryLeeDog

Why does that have to be people's reason to drop a pre-mined for insiders, centralized, POS shitcoin for the TCP/IP of digital assets and the hardest money on earth? That said, yeah I'd be shocked if ETH is every approved for an ETF. I'd be shocked if anything outside of Bitcoin even worth paying attention to is approved. It will be a sell the news event in any case

Spl00ky

I didn't realize TCP and UDP packets trade for $63k

sex6666666

If you think orange pilling people is hard, try to make them understand the TCP/IP protocol and you will see how much harder it is

combustioncat

TCP/IP truly is an amazing thing.

nerdiestnerdballer

TCP IP is the Internet protocol, Is the Internet being replaced or are we building on the Internet?

arcrad

Why do you think TCP/IP survived when others didn't? Might be some parallels.

ProfessionalCowbhoy

Hate to burst your bubble here but TCP/IP has been updated several times as it adapts to the ever changing network system. Bitcoin on the other hand and it's main user base are completely against this. They don't want it to move to a different consensus method for example they want it to remain proof of work even though that is terrible for the environment and energy prices and chips prices. They don't want to fork to a more efficient or faster chain that can handle more transactions even though that would ensure it's survival. I could go on for days

Vapourhands

Did they replace the TCP IP protocol yet?