Will Taro bring shitcoins to Bitcoin? \ stacker news ~bitcoin

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1289 sats \ 15 comments \ @HardMoney 30 Oct 2022 bitcoin

Probably...

However the Bitcoin network having the functionality of issuing assets and receipts will expand the TAM for Bitcoin's Timechain ledger use case and essentially end arguments for many "multichain" hypothesizes. Any asset or token issued on a blockchain has counter-party risk except for Bitcoin (where the risk is encryption mathematics).

While there are sure to be some shitcoinery things issued on Taro the pros will outweigh the cons imo. It will be an exciting future to see how entrepreneurs build bitcoin oriented products and make it easy for newcoiners to get off 0.

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979 sats \ 0 replies \ @rijndael 30 Oct 2022

Shitcoins will exist no matter what. Might as well have them settle in bitcoin

492 sats \ 1 reply \ @timechain 30 Oct 2022

As for positives I feel it could increase the amount of money spent on development of Bitcoin and Lightning as well as (hopefully) make Lightning routing profitable.

We see how centralizing it is on other chains when mining/validating/even hosting a copy of the blockchain CAN only be done by few actors due to resources necessary or IS only done by a few actors because there is no incentive.

I would love (eventually) a non-custodial wallet that holds Bitcoin, Lightning Bitcoin, and USD, with all channel opening closing and liquidity management to be done automatically. It would be huge for developing nations to be able to put what they need for the week to eat in USD and put the rest in Bitcoin, as one needs a guarantee of not starving due to Bitcoin's volatility.

0 sats \ 0 replies \ @SatRat 31 Oct 2022

Or how about and automated redemption and exchange like Strike. If you want Bitcoin your wallet automatically converts usd deposits to BTC and if you want to spend it convert the correct amount of BTC/LN value to usd if that is what the other party wants to be paid in. So you store in BTC and spend in whatever is the optimal output to the receiver.

273 sats \ 0 replies \ @takaponka 30 Oct 2022

Let's see how it plays, maybe moonboys and shitcoiners will like LN performance. I doubt tho.

12 sats \ 0 replies \ @firedev 31 Oct 2022 freebie

It’s irrelevant. Will eth bring shitcoins to US Dollar?

10 sats \ 0 replies \ @TheBTCManual 31 Oct 2022

Yes, if you give people an open protocol they are going to use it to create coupons they can sell in exchange for real money and then not honour the coupon, its a tale as old as time.

If you're dumb enough to buy a shitcoin just because it's built on bitcoin tech, then you didn't understand bitcoin and for that you pay the price, if you do understand it, there won't be a market for shitcoins on bitcoin and those ideas will remain in an ecosystem that requires constant inflation to thrive, places like the shitcoin market itself

0 sats \ 0 replies \ @f6287b82CC84bcbd 31 Oct 2022

no because it's not layer 1 the source of truth.

0 sats \ 0 replies \ @theswissroadtocrypto 31 Oct 2022

Yeah I agree shitcoins will exist no matter what. on Twitter or the internet, there is a lot os shit and a lot of great stuff. that will happen with coins too. I suppose the good ones might be on taro- we will see. But if it is using zk proofs, and nodes can't check the underlying logic of the contracts, what do you do when you have a disagreement? it reverts back to a bi-party dispute, so what is the point of a bc in this case?

0 sats \ 0 replies \ @notgeld 31 Oct 2022

There are 100500 ways to bring shitcoins into Bitcoin. You just focused on the single one that overhyped.

0 sats \ 0 replies \ @02947a7fb5 31 Oct 2022

Short answer yes. Along with property tokens, company tokens and whatever else people can think to tokenize.

Just remember shitcoins are temporary and bitcoin is forever.

0 sats \ 0 replies \ @Ge 31 Oct 2022

Your taking bitcoin out of the hands of the people that need bitcoin. When u issue stables coins...y they should switch up their unit of accounting to sats...it's like back in the day when gold etfs were made and pushed to the common man "Don't buy the physical gold it's heavy and u have to take it to the silversmith instead buy this paper gold it's easier to transfer and u dont have to go to a silversmith it's better!"

0 sats \ 0 replies \ @DeezSats 31 Oct 2022

Shitcoins are such because at least one of:

Premine scam
Poses as decentralized when it's not
Purports to solve problems that it doesn't
Ponzi scheme
Promoted as better than bitcoin

It will be a lot harder to create a shitcoin on top of bitcoin, as the incentives are not there. Bitcoin promotes honest business, a seeming rarity in clown world.