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JordanMMcK
Jordan McKinney
24 episodes
6 days ago
"It is time for man to fix his goal. It is time for man to plant the seed of his highest hope. His soil is still rich enough for it. But this soil will one day be poor and weak; no longer will a high tree be able to grow from it… I tell you: one must have chaos in one, to give birth to a dancing star. I tell you: you still have chaos in you… The time is coming when man will give birth to no more stars…" — Nietzsche
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"It is time for man to fix his goal. It is time for man to plant the seed of his highest hope. His soil is still rich enough for it. But this soil will one day be poor and weak; no longer will a high tree be able to grow from it… I tell you: one must have chaos in one, to give birth to a dancing star. I tell you: you still have chaos in you… The time is coming when man will give birth to no more stars…" — Nietzsche
Show more...
Technology
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Bitcoin Lightning Network has Failed
JordanMMcK
30 minutes 7 seconds
1 year ago
Bitcoin Lightning Network has Failed

The Lightning Network cannot scale Bitcoin to mass adoption. Payment channel technology, like Lightning, requires management via the L1. So that means users must make L1 transactions in order to manage their L2 channels. Therefore the L2 is bottlenecked by the L1. Therefore Lightning cannot actually handle global/mass adoption. Not only that, Bitcoin itself cannot handle mass adoption. Even if it were only being used as "digital gold" (buy once and hold forever), it would still take 100 years(!) to onboard the world to the Bitcoin L1 — which is a pre-requisite to moving to the L2. So the L1 is too slow to support its L2, and the L1 is too slow to handle mass adoption in any case. The current trajectory then is to "scale" Bitcoin via custodial services that offer users IOUs. These are banks! This is our current system! If this is the outcome then the whole project will have failed, because there's no way to stop these custodial services from engaging in fractional reserve and breaking the 21 million supply hardcap! No to mention other rent-seeking behavior.

JordanMMcK
"It is time for man to fix his goal. It is time for man to plant the seed of his highest hope. His soil is still rich enough for it. But this soil will one day be poor and weak; no longer will a high tree be able to grow from it… I tell you: one must have chaos in one, to give birth to a dancing star. I tell you: you still have chaos in you… The time is coming when man will give birth to no more stars…" — Nietzsche