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0 sats \ 16 replies \ @AJ1992 2 Dec 2023 freebie \ on: Not a bitcoin block was mined in the last 2hs! bitcoin
And once again another validation of one of the most important flaws of Bitcoin. THIS. This is why Bitcoin will fall short of other cryptocurrencies in the long run that doesn't have this problem. No one is going to want to wait hours or even minutes for their money to be available (most wallets don't allow you to spend unconfirmed coin..) when other cryptocurrencies confirm transactions instantly or within seconds. THIS IS A MASSIVE PROBLEM AND ONE OF THE MOST IMPORTANT THAT MUST BE ADDRESSED. BITCOIN IS NOT FLAWLESS LIKE YOU BRAINWASHED MAXI'S THINK IT IS. WAKE UP.
If you believe in the Store of Value narrative then that is enough by itself :)
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You have instant settlement with Lightning Network.
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Like Elizabeth Warren says if the problem you are trying to solve is that you need fast payments, a CBDC should be able to do that for you. Lol.
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Sarcasm?
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I'm neither a maxi nor brainwashed, but the layered nature of btc, and the nature of its transactions -- and the time courses of those transactions -- has been explored at length in various places. A solid consensus is that a settlement layer that occasionally takes a couple hours to settle is not a big deal, when considered in the broader context.
You might check out Broken Money to work through this very slowly and very thoroughly.
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What do you suggest? Other forks like BCH failed in this concept. This is a rare scenario. We are still seeing the results of Ordinals in the bitcoin chain and how do they play on block space and blocks mining.
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It happens more often than you think. I've seen 45-60 mins between blocks a lot over the years especially when I was forced to use on chain Bitcoin frequently before altcoin support because more integrated into the things I use it for. The 10 min between blocks line is propaganda and totally false and even if it was true that's still too long when people can use an altcoin or cashapp/paypal/venmo to pay someone and its confirmed instantly.
The majority of the world doesn't give enough fucks about staying anonymous to push the issues I mentioned to the side. It's inconvenient for them, that's what you Maxi's don't get.
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I've seen 45-60 mins between blocks a lot over the years
It'd be great to see the actual data on this.
that's still too long when people can use an altcoin or cashapp/paypal/venmo to pay someone and its confirmed instantly
I actually agree with this for the most part. The Bitcoin maxi position is to use the lighting network, which is kind of an alt-network, but it uses Bitcoin. Why use some altcoin when you can use the lightning network?
The majority of the world doesn't give enough fucks about staying anonymous to push the issues I mentioned to the side
What does staying anonymous have to do with the amount of time it takes to mine a block?
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Staying anonymous is just a general major benefit of transacting Bitcoin on chain but my point was that maxi's think the complete anonymity of Bitcoin will bring people to Bitcoin in droves and that couldn't be more wrong. And even if these people are using Bitcoin most of them will be doing it on a platform which requires KYC information which throws anonymity out the window.
Also, I've said repeatedly that mass lightning integration for in person payments for goods and services is the only possibly savior for Bitcoin as a whole. And right now that's not looking too good especially here in the United States. And when I mean mass integration I mean the same integration that happened with Google pay/apple pay/Samsung pay/tap to pay a few years ago. Using nfc on your phone with those apps to pay in stores or even at vending machines now you can use those payment methods simply by tapping your phone to the reader. That's the kind of mass integration we need to see with lightning but the probability of that happening anytime soon is highly unlikely IMO
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stackers have outlawed this. turn on wild west mode in your /settings to see outlawed content.