The altcoins are simply technical graft. Lightning is for transferring value. It doesn't matter how good payment rails get, there'll always be scammers taking marks.

Keep asking this, but never learn anything about LN and NGMI. More sats for me.

If its not trying to be money, it doesn't need a coin. If its useful, it can be built to use Bitcoin proper as a payment method.

That's what nostr was created to prove.

For some, my question seemed silly. However, it was not for me. I got some useful information. Thank you!

LN itself is not in competition with blockchains. You could in principle settle LN channels on any blockchain, or simply on trust, or on government-enforced contracts if you feel like licking boots. There's LN for Litecoin and also there's Raiden for Ethereum.

With Taro upgrades which will allow intermediate nodes to exchange assets it is not inconceivable that you could send BTC over LN and the recepient would get ETH over Raiden, exchanged somewhere in between.

NFTs, DAOs, Ethereum, Oracles are here to stay. Lighting and Bitcoin alone will never destroy them.

Note: I do use Bitcoin and other blockchains.

LN is not decentralized and cannot be restored from seedphrase.

Shitcoins will never fully disappear because their marginal cost of production is negligible and the incentive to create them will always be there.

There are some shitcoins that are legit in the sense that they weren't put out with fraudulent intentions (like BAT), but they do not have any advantage over the lightning network. In other words, Brave Browser + BAT is a great idea but Brave Browser + sats is even better. I have yet to see an alt that provides value where bitcoin does not.

I think there always be people trying to get scammed on crypto. Bitcoin/Lightning is for a working society who wants a better tomorrow.

If the World goes for one currency, that might be true that Lightning covers them all. Because it is sure that using the same kind of devices and networks for the smooth workings of payments or transactions.

Naive shitcoiners don't understand that they are investing in unregistered securities of shity software startups doing blockchain bla bla rubbish. There is no use case for all this crap. All these coins will go down to 0. Bitcoin is the way.

Over time, I think, they will mostly die out as more and more projects are launched on the LN that is built on the best monetary system that humans have to offer. The ones remaining will be for trying to build projects outside of the LN due to the difficulty or inability to actually build it on the LN (funding for these projects will also play a role in keeping them around as it seems to be easier to get funding for these things by issuing hyped up coins than it would be to ask for direct investments on the LN)

So if a project is a good project that addresses a certain gap in the market (which ever market) and the team behind it doesn't want to integrate into the LN, then the market has to use their chain in order to bridge that gap if no competitor offers a similar solution on the LN, which is also possible

Overall my feeling is that I only "trust" Bitcoin and no altcoins but I think the general market still sees Bitcoin and alts as similar investments with differentiating potential increases in value. For this reason I own some altcoins, but I don't see them as investments. They are projects that have been around for a while, has solid teams behind them and address a specific need in the market, but I still see it as more of a gamble than an investment (so what, I used to try my luck at the casino every now and then, so I decided I'd rather put that money in alts). As soon as another bull run comes along I plan to liquidate everything (if there is anything left) and channel whatever I can get into Bitcoin, over time. I think that around the bear market after the, hopefully, coming bull market the market will start to realize that the best way to build a project is to use Bitcoin/LN and investors will also start to prefer such projects whereas they love to chase those possible 1000X gains in the alts market

I think Taproot assets could attract some shitcoining but I don't see it migrating the entire market there is already so much being done there to cater to this cohort so let them trade their delusions and dilutions as they get demonetised.

I see welcoming shitcoining like BRC-20 and taproot assets as Ethereum envy, that capital was going to be wasted regardless and is fickle, it's not the kind of capital you want chasing projects in your space, you want capital driving projects that will remain, and bring value to the user base.

I am more than happy to see all these altcoins on bitcoin fail and see this behaviour head back to alt coin land where they trade in circles and waste their purchasing power and become irrelevant with time, while learning some lessons in humility as they have to stack sats like the rest of us

Welcome to the world of Bitcoin! We are happy to have you here! Don't be afraid to ask questions :)

So the harsh reality is that over time you will find that what @DarthCoin tells you about Bitcoin is actually true - even though it will sound super harsh, offensive, triggering and so on. With time you get over it.

When you see a blockchain that looks "interesting", then look at the incentives model, look at who actually holds all those tokens and got them initially, look at the history of people that tell you that it's interesting, look at how hard/easy it would be to run that blockchain node on your computer, actually try running it with old computer, look at how many people are using it, how much traction is it getting, does provide anything that other/newer blockchain can't just easily replace. To answer your question - there are always going to be scams and get-rich-quick schemers.

Yes, along with Taproot, RGB and Carbonado, which we just debuted today: #190121 Bitcoin has everything it needs to absorb all "altcoin" (scamcoin) functionality. Real Bitcoin maxis don't tell degens to buy something other than Bitcoin. Real Bitcoin maxis believe in proof of work, and will build it on Bitcoin and do it right, no matter how hard that might be.

𝐇𝗼𝐰𝐝𝐲 𝐝𝗼 ? 🤠 👋