Link: https://solo.to/kiantheone
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Yeah.... this guy doesn't know the basic technical things about how BTC and Lightning work.
Mistake 1: he said taproot makes BTC transact faster. No, the blockchain always transacts at 10 minutes per block; instead, taproot's supposed promise is to increase throughput. There's a huge difference.
Mistake 2: he called Lightning a "speedy parallel blockchain". No, Lightning is not a blockchain; it's a method of linking payment channels. It's a system of IOUs that has several issues, some of which are fatal (FE: it's an active hot wallet so device compromise means your keys are available to a hacker; loss of funds due to bugs; congestion on BTC makes it possible to never be able to settle, channels can easily get out of balance making it so that it appears that you have funds but you won't be able to transact; there's still no solution to the decentralized routing problem so it is taking on a hub/spoke model which means KYC will become commonplace and required to transact [it already is on Strike]).
See this for a list of the failures of Lightning network: https://github.com/davidshares/Lightning-Network.
I hate playing this card, but I am a computer scientist that got into Bitcoin in 2011 and I'm pretty disgusted with what it turned into. The whole project was hijacked by the Bankers when Blockstream took over key Bitcoin Core developers. If you buy into BTC and Lightning you are repeating the same mistakes that led to the Federal Reserve; they are going to KYC everything and dilute BTC through Lightning and there's nothing you can do to stop them. Lightning is just a system of IOUs, but those IOUs do not matter at all if you cannot settle. On BTC the devs want the blocks to always be full, this means that settling on Layer 1 will be as expensive as possible (some suggest fees in the $1000s of dollars) which means that it's not economical to settle so you'll have to stay in the Lightning network. If the assets are forced to stay on Lightning then there will come a day when there's no way to prove the assets are backed because the intermediaries (yes, there are intermediaries because it's now a hub/spoke model) will be able to lie about liquidity.
When you decide to actually read the Bitcoin whitepaper and the history of everything, look up Bitcoin Cash. It's the real Bitcoin model, not this BTC banker trash.
After all this doom and gloom propaganda -
- Restaurants are full with people of all races not just 1%
- Houses are selling like hot cakes
- You will hear doom and gloom ... oh my God 400 K jobless claims.. reality is that businesses are struggling so hard to find workers
- Housing demand is through the roof. One bedroom costs 1800 a month and are not available in good location
- Roads are crammed with $80000 pick up with chrome wheels
- Cruises have been sold out for months
- Clubs are packed with guys tipping dancers with showering them with 20 one dollar bills at a time. Gone are the days when people tipped $1 by stick the bill under their G strings. Now is shower time. Throw 20 one dollar bills at a time
- Bitcoin has gotten whacked from 64000 to 310000
- Gold and silver are down from the price in 2011 a decade ago
- USD is up from what it was in 1991
I can go on but yet the doom and gloom continues. Why? because it's the sensational news that gets hits on YouTube.