I love to see how BTC users are so optimistic.
Read this post.
TL;DR: BTC users think that L2 solutions, like Lightning Network (LN) and Liquid, will make Bitcoin the backbone of the financial sytem, that Bitcoin will become the dominant currency, what a lie, lol!
Here is why:
L2 solutions depends of the L1, you need to do on-chain transactions to open and close LN channels (when you talk about this, BTC users go nuts!), the BTC network that is crippled to 4-5 TPS, can not suppory millions of users opening and closing channels, the solution is to everyone to open a channel and never close, doing all their transaction off chain. (Not mentioning the liquidity issue that LN have)
The only way to do this is to people to connect to huge hubs, so that they can buy BTC from a exchange and do payments without creating another channel, so LN becomes more centralized as time passes, and it becomes custodian, the hub can simply stop routing your transactions, censoring you, so you will need to close the channel, pays insane fees, open a channel with another huge hub, pays more insane fees, and hopes that this hub will not censor you.
Liquid is a sidechain from Blockstream, it uses smart contracts, so that Liquid BTC is backed by a real BTC, i do not need to say that it is centralized, 1 entity controls all validators, just like Binance Smart Chain.
Even if by some miracle, the issues of LN and Liquid were solves, there still a problem:
As time passes, less coins will be minted, and miners will need to get more fees to keep the network secure, LN and Liquid creates a tragedy of the commons, here is why:
If almost all users migrate to LN and Liquid, that means that very few people will use the main chain, wich means less fees for the miners, this is a conflit of interests, miners wants more fees, users wants less fees, so the main chain will have be less secure as time passes, eventually a 51% attack will become dirt cheap, since the hashrate can not grow with the price increase.
Bitcoin Cash solves this: everyone can enjoy a decentralized network for a tiny fee, and as time passes, more people will use Bitcoin Cash, so the fees revenue will grow with the amount of users, those tiny fees will add up and secure the network, if everyone pays a half a cent and the network does 10k TPS, that means $3 millions of fees every block, wich is enough to incentive miners, and Bitcoin Cash can have more demand than this, and the network can handle this future demand. The users and miners achieve their goals.
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