Comments by "SAL" (@SAL-fs1mr) on "Peter McCormack" channel.

  1. Altcoiners are deathly afraid of how well bitcoin can scale with the lightning network.
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  2. Wow, this was very informative. It clearly explains why altcoins are not needed for scalable day to day payments that are instant and extremely cheap, because it's already available on Bitcoin's lightning network.
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  3. So many altcoiners say the same thing about their favorite coin. But since they're all divided on pumping different altcoins, this will cement Bitcoin as the default digital money of the information age. Bitcoin is the schelling point.
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  4. This guy definitely understands that the use case of bitcoin as a global store of value; this means bitcoin absorbing a $50-100 trillion global market demand. All the altcoin pumpers who talk about cheap, fast, scalable, energy saving, smart contract focused, and anonymous payments are really missing the big picture here. The global demand for all those other things is going to be so extremely small compared to a bitcoin adopted as a global store of value.
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  5. "exposed" isn't the right word, it was really just speculation / fud campaign.
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  6.  @SuperSkandale  the conspiracy theory of Adam being satoshi goes back many years ago
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  7. Maybe you are too used to hearing from people pushing their altcoins in an energetic fashion... Liquid isn't an altcoin.
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  8. If you're paying attention, the largest Bitcoin miners are filing for bankruptcy. Mining favors the small and medium miners who have flexibility to find ultra cheap energy.
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  9.  @RA-fv4bt  and you definitely don't need a blockchain transaction for everyday purchases like buying an ice cream.
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  10. For a large publicly traded corporation storing over $400 million, they'll have to trust others to store the gold.
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  11. I remember being able to run an eth full node back in the day when very few people used it. Now with many more users, running an eth full node is very challenging. That's an example of it becoming more centralized with more users.
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  12.  @ujjwalkumar1141  if it isn't Bitcoin, you are wasting your time and money.
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  13. "Sometimes the absence of a feature is the feature" - altcoiners are just not capable of understanding this
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  14.  @murrayflewelling1258  at that point, what are you selling for? Dollars?
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  15. The BCH approach of "just move to using SPV, no more letting widespread full nodes flourish" means you will forever have to trust others for accurate blockchain data and you can no longer be a peer on the peer to peer network. BCH community is so hyperfocused on being "cash" that it is no longer going to be able to be peer to peer.
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  16. Satoshi had the fixed supply in place when he launched the genesis block. bip 42 just fixed the way it was coded up.
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  17. Bcash is the correct term. The term Bitcoincash is an attempt to misdirect newcomers.
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  18. Yuck. No thanks.
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  19. Using the word "merely" with Store of value means you don't fully grasp how world changing it is. The total global addressable market for a such a store of value is $100 trillion! Don't get suckered into altcoins, their addressable markets are merely peanuts by comparison.
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  20. Why would they do that tho? It would just signal to the market that none of the assets they are protecting are valuable long-term.
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  21. Bitcoin alone accounts for 99% of all POW energy usage. Don't hold your breath.
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  22. I love how you are trolling all the BSV losers on this special day :)
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  23. Plan B is only interested in having a conversation about bitcoin (which is fine, it's a logical approach). I imagine he gets shilled so many altcoins that he has to block them to keep his Twitter experience tolerable/manageable. I would too if I was in his position.
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  24. Exactly, BTC's fundamentals (at least at the blockchain level) are geared towards being a global sound money.
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  25.  @hitlerinsklo7935  yes you do, spv can't count the total number of bitcoins, so basically, if there is only miners and spv users, then that means all the spv users are trusting the miners to ensure the 21 million coin limit is being enforced. Spv works great is you just want bitcoin to be "cash", but terrible if you think bitcoin is supposed to be sound money.
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  26. Only a newb would believe that a double spend happened.
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  27. There will naturally be central hubs of liquidity, but that doesn't mean lightning network is centralized.
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  28. So you recommend staying indoctrinated into the Fiat church? Just trust in the high priests of Fiat, the central bankers and politicians?
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  29. That is for second layer protocols like lightning network and sidechains.
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  30.  @alexjohnward  people won't mind the bitcoin blockchain fees to store and protect inter-generational wealth. I definitely wouldn't want to use a cheaper system. Using a cheaper system for everyday payments though, sure.
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  31. Nah, SV just needs to lumped in with the other altcoins. Stop trying to mislead newbs.
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  32.  @kpdad72  sv is another example of a altcoin project that lacks a solid base layer protocol. This is clearly evident by sv only having about 1% of the hashing power Bitcoin does, which is so pathetic. This means sv is a non-starter and is why it lost its place in the top 10.
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  33.  @kpdad72  You're too focused on hypotheticals and not the facts. Sv it's not a solid based protocol when it only has 1% of the power that Bitcoin has. Until that changes meaningfully, none of what you bring up holds water.
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  34. There are lightning hubs that have high liquidity, but they can fail and lightning would keep working. Lightning is decentralized.
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  35. You control one end of a lightning channel and someone else controls the other end. You both have to agree to update it, so there is no room for double spending. Lightning transactions are instant, but for any disagreement, it would require settling on the blockchain which would take some time.
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  36. Why do you think it is expensive? It is possible to easily go buy $20 worth of bitcoin.
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  37. Nope. All variations of Proof of Stake are garbage.
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  38.  @hughtube86  Michael Saylor. In 2013 he said bitcoin wouldn't work, then this year, used his company Microstrategy to buy $250 million of bitcoin recently.
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  39. This comment will upset xrp fanboys.
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  40. It seems you like sharing your wet dreams haha
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  41. I'm not sure what Jeff's critique would be. But for me, the inability to verify the coin supply with only simple addition really bothers me about monero. It is possible for there to be an undetected inflation bug evaporating your wealth overnight.
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  42. I'll wait to build them using taproot on bitcoin.
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  43. Bitcoin already has instant payments, so there is no need for an altcoin that is easy to replicate.
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  44.  @usercos187  Both systems are more decentralized and censorship resistant than bch. The main developer of bch, Amaury Sechet, is soon going to force the entire bch network to divert 8% of all mined bch to himself, otherwise, those blocks will get censored. If he can do that, then nothing about bch is really censorhip resistant or decentralized.
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  45. no, he's all in on BTC (the real bitcoin).
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  46. Ew, no. Let's hope that never happens.
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  47. Actually, with bitcoin having that block cap, it drives transaction fees upwards, which means the majority of mining power will always be paid well and will never have an incentive to leave to altcoins such as BCH and BSV.
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  48. Yea, it's generally been less than $5.
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  49.  @Captain_Tiger  trading fee is very different from transaction fee. Moving any amount of bitcoin anywhere in the world costs less than $5.
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  50.  @jsnow6925  EDIT: nevermind, misread your comment.
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  51. Even if bitcoin are leaving the exchanges, the total value of the remaining coins on exchanges goes up, dampening volatility.
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  52. Title should've been: Raven eating crow 😅
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  53. They spun out the Bitcoin holding part of the business and called it that
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  54. Wrong.
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  55. Defi is just the new buzzword. It was "ICO" before.
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  56.  @donaldoarmand212 yup, I've heard it all. Again, it's just the new buzzword. There were tons of bitcoins involved into ICOs too, in case you don't remember.
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  57. You don't need to be involved in mining to exchange bitcoin and you don't need a bank either. There are peer to peer exchanges like BiSQ and Localbitcoins.
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  58. That's why we need one more softfork: covenants
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  59. Nah, we just need BTC and Lightning network. No need for a new coin.
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  60. Nah, the top 50 altcoins will be almost completely different every few years, so no, they aren't good hedges against inflation.
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  61. If you're wealthy, you get access to abundant cheap credit and if you're poor, you don't. The theft is real, it's a true story.
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  62. PoS, you pay once, win forever (favors centralization). In proof of work, new players always have a fair chance of displacing the old players (favors decentralization).
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  63. You can run a light client and retain full control of your coins.
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  64. It seems you are unaware of previous episodes that had vitalik.
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  65. He's a billionaire and you're not 🙃
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  66. Nah. Altcoins are easy to replicate. The answer is only Bitcoin.
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  67. At the end of the day, there is no scarcity of POS smart contract platforms, each with a premined token.
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  68. No.
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  69. We have to stay vigilant against all the various attacks against bitcoin, we can't take things for granite.
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  70. No need, bitcoin has orders of magnitude more POW energy behind it compared to those altcoins. Why should anyone put money in one of those systems that has 100 times less POW security behind it?
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  71. Thank goodness Bitcoin doesn't have the huge centralizing vulnerability known as POS.
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  72. Bitcoin has a built-in mining difficulty adjustment algorithm, so if there is less energy and mining power, then it will self adjust automatically.
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  73. Bitcoin always was halal
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  74. Doesn't matter bro. No one is going to put their wealth in a system where 100% of the supply was premined by a single company.
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  75. Stacking opportunities are a blessing.
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  76. That was a bug, not a change in monetary policy.
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  77. Yes, but we need more
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  78. You do realize that the actual units on the bitcoin blockchain are satoshi's, right? 1.85 quadrillion satoshi supply is more than enough for global trade.
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  79.  @TheBanterCity  these days I've been paying about $1.00 worth of bitcoin for on-chain transactions, about $0.005 worth of bitcoin for lightning network transaction fees.
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  80. Nope. There is no second best.
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  81. Keep your long term funds in cold storage, like a hardware wallet. Easy payment wallets, whether lightning or not, have a risk of being hacked due to your online device being hacked.
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  82. Bitcoin will save our future.
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  83. Nah. Monero sacrifices simple auditability of the coin supply.
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  84. He started up several successful companies. So I know he's definitely smarter than me.
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  85. You are terrible at math
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  86. No, it is designed to "look perfect", but it isn't.
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  87. I like phoenix wallet.
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  88. "he has some normal beliefs" 🤣
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  89. Over the years, Bitcoin has made optimizations for being money over currency.
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  90. I think he meant it being difficult knowing if you are getting your gold from a reputable dealer or not. how do I know the specific gold coins I buy are pure gold?
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  91.  @usercos187  in bitcoin, the price is increasing due to increased demand. Poor people will just used smaller fractions, such as satoshi's, so if doesn't matter if Bitcoin's price is high. It is possible to achieve negligible fees on 2nd layer protocols such as lightning network and sidechains.
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  92.  @usercos187  you are too focused on on-chain fees. Let me just copy and paste from my previous comment for you: "It is possible to achieve negligible fees on 2nd layer protocols such as lightning network and sidechains." For example, I'm using the bitcoin lightning network for transactions, I pay about 5 sats as a fee, so when bitcoin reaches $44,000, that is still a fee of less than half a cent. So it seems pretty clear that cheap fee transactions are achievable without bch, and it seems the market has realized that, which is why bch keeps losing when priced in btc.
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  93. you skipped doing fractions of a cent. So after 1 sat is 1 cent, it might then be 1.000001 cent shortly after.
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  94.  @voluntarism335  look up Sybil attack, which spv would be susceptible to.
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  95. Silvio Micali is a lying grifter, trying to push his altcoin scam.
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  96. $50 mil*
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  97.  @ctcsys  but you're the one with the empty dispute! Which block number do you think the double spend happened? There are no conflicting transactions in the Bitcoin blockchain (the longest proof of work blockchain).
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  98. Nah, it isn't theft when you voluntarily opt into the 21 million limit. Nano is such a small insignificant project, and it lacks the security of proof of work.
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  99.  @smartmoney607  he's a nano scammer.
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  100. Many will give up properties they aren't living in to buy more Bitcoin, yes.
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