It's more complicated than this, and it gets more complicated every year, especially with lightning. It's certainly not monero in terms of privacy, but it's not the same Bitcoin it was 10 years ago where this was more or less true.
makeasnek
joined 1 year ago
Wait till you hear about stocks and derivatives. No way are they ever gonna make it big time. Only used by sleazeballs trying to get rich.
I use it on a regular basis. I also run a non-profit that funds open source tools for scientists, it makes accepting donations a lot easier for us among other benefits for our donors (they don't have to pay capital gains on the coins they donate, just like stocks).
Bitcoin is pretty incredible and offers decent anonymity which continues to improve, Monero offers more. Lots of scams in the "crypto world", but Bitcoin has faithfully kept its fiscal policy promises for 15 years:
- Fixed supply of 21 million coins. Your money's value is not diluted by supply inflation.
- You can send funds to anybody in the world with a smartphone and a halfway reliable internet connection in under a second for pennies in fees (with Bitcoin lightning). And you can do it from your couch, no banks required.
- It has operated 24/7, 365 days a year for 15 years without a single hour of downtime, bank holiday, or hack, and has survived attacks from many angles including nation-state actors.
- At every possible turn it has chosen decentralization and security. I can't say the same for most other coins.
- And it has done this with < 1% of global electricity usage, mostly from renewables and other "stranded" supply. Pretty powerful stuff.
Monero's privacy features can be absorbed into the Bitcoin protocol whenever Bitcoin decides it wants to, that is the biggest long-term risk to Monero IMO. That and centralization of block production due to increased block size. Bitcoin worked around this block size problem with L2s like lightning, Monero chose bigger blocks though of course it could always add an L2 if it wants to.
Fees with lightning (Bitcoin) are often under a penny per transaction and transactions settle instantly. Usability has come a long way here.
There are ways to achieve significant privacy using Bitcoin, the protocol itself is pseudonymous, lightning in many ways enhances privacy. But you need to know what you are doing and there are many gotchas.
It did. With Bitcoin, anybody with a cell phone and halfway reliable internet access can send money globally in under a second for pennies in fees (with Bitcoin lightning). They can be their own bank without trusting any single third party. It doesn't matter if their country has secure banking infrastructure and it doesn't matter what their credit score is. There are countries on this planet where women aren't allowed to open bank accounts. Bitcoin doesn't give AF.
It has promoted and maintained the exact same fiscal policy for 15 years without a single hour of downtime or hack: a limited supply and a guarantee of your ability to transfer your coin to somebody else. No bank holidays, nobody devaluing your currency by increasing the supply. No having your savings robbed by an unstable central bank. It gives anybody in the world access to a currency that is already as stable or more stable than most national currencies. And it gives any country in the world an option aside from using USD and, inherently, losing some degree of autonomy in the process. There's a reason Ecuador and Argentina went in on it so hard.
People underestimate how big Bitcoin really is. It's market cap is 850 billion USD, that's the size of Sweden's GDP and puts it in the top 25 countries by GDP. On average, it has a trend of consistent growth year after year as adoption continues to increase. It is uncensorable, the US could decide to ban Bitcoin tomorrow, a gamma ray from space could blast half of the earth out of existence, and the next block would come regardless and the network would continue to function.
It does all this for around 1% of global electricity usage, mainly from renewables and is powering a new green revolution by being a "buyer of last resort" for power grids. This makes electricity cheaper for all other users of the grid as it's able to buy power when nobody else wants it, enabling power generation facilities to not lose money during times of low demand. This also makes it easier for grids to add renewable capacity. Bitcoin is a form of energy storage in that sense. Miners don't buy power during times of peak demand for price reasons, so it doesn't take power that anybody else would be using.
Y'all should know about BOINC. It's one of the world's largest distributed computing networks used for "volunteer computing" where people donate computing time to scientific research. It's federated/permissionless/open and anybody can create a BOINC project. !boinc@sopuli.xyz
Also check out #DeSci, lots of people working on interesting incentive mechanisms to fix scientific publishing. There's a whole bunch of projects listed here http://desci.world/
!boinc@sopuli.xyz if I am donating GPU power to science research. There is a BOINC client for Linux but packaging is a hot mess (though getting better) and compatibility with graphics drivers is hit-or-miss. So any crunching rigs I have w/ GPUs all run Windows.
Do not use openshot. Really bad bugs that will make it impossible to export your project and make all your time working with it wasted. Use kdenlive instead
I think you can still have users decide which projects get funding and have the system/organization/smart contract/etc automatically distribute funds to the libraries those projects depend on. 80% to the project, 20% to the libraries, etc.
If we let devs decide which projects get funding, they're just going to always pick their own project. Since that doesn't align with what users want, users won't want to donate. If you want users to donate, you need to let them have some say in what their projects their donations go to.
The discussion portion wouldn't happen over BTC, that's just for funds management and voting. Discussion could happen on a forum, lemmy community, matrix chat, discord hangout, or other space. I suggest BTC because with smart contracts you can automate the voting process among stakeholders and make it so you don't need to trust any single party to hold onto the money. It solves this exact problem of coordinating financial transactions with multiple people who can't trust each other. It also solves the "how do we accept donations internationally easily" problem. Bitcoin has a market cap which places it in the top 25 countries by GDP, higher than Sweden. 850 billion dollars. On average, adoption and market cap grows year on on year. It may not be the USD, but it's already more widely accepted than most national currencies.
Re: kivach, it's not more widely used because many people don't know about it, it's using a lesser known cryptocurrency as a base, and people reflexively go "eew crypto" even though it's perfect for solving these kinds of problems. Anytime you have a distributed decision-making process that needs to be international and you don't want to trust a single party or parties to manage that system, crypto is good at solving that problem. Most people know it for solving that problem in the realm of currency production and decentralizing finance, but it has much broader implications in terms of anywhere you have distributed decision making. Note that kivach doesn't have any kind of distributed decision making or voting, it's basically just a smart contract bot that distributes coins based on github dependencies.
Bringing the state into this just brings us a bunch of problems and no solutions. For one, every state or block of states has different currency, and for every state whose population you want to participate, you have to some how bridge access to that state's banking system and incorporate it into the system. And you can't do it in a decentralized way, so you need some legal entity to be formed to handle all this and the staff to do all this. So that's a nightmare. State-backed currencies can't easily or cheaply be transmitted electronically across borders, and often, even within the same country. Or you have to use some third-party service like PayPal or Venmo to do this, which is its own set of complications. More nightmare. Plus, hello fees and making microtransactions prohibitively expensive. And that's just moving funds from A to B, that's not even getting into managing the voting system and navigating the laws every single country whose currency you use, each of which are going to have their own interpretation of whether or not your voting system is compliant with their legal system and whether or not they agree that funding a project like the Tor project is allowed. You may say you don't care what Turkeys laws say, but if you want to maintain a bridge to their banking system, you have to. So that's what incorporating the state and fiat system brings you. Or, you could write a smart contract once and have the administration of this system run automatically forever and be available to anyone in any country automatically. Running an international organization which receives funds, holds funds, votes on how to distribute those funds, distributes those funds is exactly the kind of thing blockchain excels at.
Not with L2s like Bitcoin lightning. Your fees come in under a penny in most cases and are not tied to chain space because they are not on chain. This is 100-1000x less than credit cards, for example.