There Is No Such Thing As Layer 2 In Shitcoins
Shitcoins are a labyrinth of complexity theatre and jargon few take the time to learn about or understand and take it on face value. I see many shitcoin apologists spouting half-truths and whole lies and have no cooking clue what they are talking about, how it's an algorithm that fixes it.
Can you explain how the algorithm works? No, it's an algorithm, don't you know algorithms just work?
Oh, it's a second-layer solution? Do you know how second layers work? No, but they say it's a second layer so it must be, why would anyone lie to me?
Developers are not alchemists, they write rules, they cannot enforce rules and they sure as shit cannot create value out of thin air.
This is the usual non-sensical response I hear from most shitcoiners, while the self-imposed chief operating shills of a network love to copy and paste their developer overlords' responses verbatim and think they've made an actual argument.
Check yourself before you wreck yourself
For a moment while you're getting triggered by what I say, ask yourself when was the last time you back chatted your shitcoin overlord's decision? When was the last time you disagreed with them? Why are you always cheerleading and taking with they say at face value and not asking, what's the risk? What's the trade-off?
On average, when was the last time you were critical of your shitcoin overlord?
You don't have to give me the answer, ask yourself, why are you like this? My take is that it's because you never left the fiat system, you just found a new fiat system and you're stuck in an illusionary quagmire.
Back to the topic at hand
I've been around long enough to have heard all kinds of bullshit, I remember the blocksize wars, which were all about pushing throughput on the base chain. The small blocker segwit side that eventually sided with BTC said we should follow a layered approach, which is why we have lightning and liquid today.
The big blockers sided with having larger blocks for more throughput and got BCH or bitcoin trash I mean bitcoin cash. BCH forked at 1-1 value and today it's at 10% the value of a bitcoin and it's safe to say the market agreed that layered approaches was better.
Now while lightning was still developing, shitcoiners were spouting all sorts of bullshit, their base chain is faster, and cheaper to use, and they figured out the scalability trilemma. The truth is they didn't they either sacrificed decentralisation or they didn't have any scale so their network seems like its working.
Ever used a highway with no cars on it? Works great.
Once layer 2 came around
Once Lighting started to gain traction and liquid took a lot of the exchange burden off the base chain, the main chain fees dropped as people now had 3 highways to run on all tethered to bitcoin. To scale to this level, it has worked, scaling up to the next billion is going to a lot harder and there is work being done on that in the form of softchains, spacechains, drive chains and more.
Once shitcoiners saw the growth of layer 2 networks and their failing network, it became all about layer two. Eth is a prime example with the most so-called layer 2s but there's one problem these aren't layer 2, these are side networks, remora chains with their own native token and synthetic versions of other tokens.
The issue with these chains is that they don't run the same software, they don't run on the same nodes, they don't have interoperability or settlement back to the basechain. All they are doing is creating centralised chokepoints with smart contracts and creating a massive double-spend problem with the rehypothecation of assets across the different chains.
Instead of being complementary, they are in competition, instead of focusing on one asset, they're diluting the network, adding complexity and to me, shitcoin so-called layer twos are a self-inflicted wound.
There is a reason liquid makes the trade-offs it makes, there's a reason lightning makes these trade-offs because decentralisation and security come first.
Shitcoin solutions are 95% narrative, 5% sellotape, and hopium.
If you think your so-called layer 2's can't blow up, think again, the first one will be a glorious firework show and I will have my popcorn ready when it happens. It's only a matter of time
Have your say
What do you good people of HIVE think?
So have at it my Jessies! If you don't have something to comment, "I am a Jessie."
Let's connect
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I agree. Second layers are really the future. We will not need so many different blockchains, that will face difficulties in reaching real decentralization.
Single infrastructure + layers is the way!
Once you try out things like Liquid and Lightning you realise it's only a matter of time
Layering usually just means building on an existing project. There is layering in almost every complex program. For example, the Internet was build on the TCP/IP stack. The TCP/IP stack depends heavily on programming and communication stacks laid in place in the earliest days of computer.
Terms like layers and encapsulation have a place. The humorous thing is the way that people fall for the terms in marketing. Marketers will spout out with terms like "web 3.0" or "layer 2" as if the terms actually meant anything.
Most of the buzz words used by marketers started out as legitimate concepts that helped people communication.
Of course marketers are in the business of making sales from spewing ink and they tend to erode the meaning of all terms that fall within their clutches.
Side Chains Often Undermine their Host
Your observation that side-chains often undermine their hosts.
When a group runs a con on HIVE-Engine, they will dump their alt-coins to get SWAP.HIVE. They will then dump their ill gained HIVE.
Quite frankly, I am not sure if HIVE-Engine has done more harm than good in the Hive-O-Sphere. Unfortunately, we have to live with the system that the whales created for us.
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It's just used as a need to create more inflation to give people mroe units to collect and while they are busy collecting these units you take the base currency out and swap it into fiat or bitcoin and leave them with nothing, it comes from the ETH play book of shitcoin scams
Now if you understand the problems, why do you still promote this garbage? It doesn't talk a genius to look at your comments section and you're literally saying the exact opposite
What are your top candidates for blowing up?
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Why would you need extra environments with their own native token once you move to proof of stake? You already tipped out the last tether to reality now you can manipulate eth as you like
That doesn't sound good for pHive, pHBD or PolyCUB then!
You can always just port it over to Binance shit chain and keep all the suckers happy as they continue to lose money
why not use a layer 2 of hive directly or create a new Hive layer2 ?
Lol because no one uses this chain, where are you going to attract LP providers?
why dont they use it? is it not as good as others?
Why would you want to use hive as a VC, when you can spin up your own token/chain and make all the money? HIVE's already a dead chain, Dan dumped it, then Ned dumped it, Justin doesn't care about it, no one with serious money is paying attention to it so it will go nowhere
Yes for centralised VC money it may not be interesting. Why is Hive already dead?
Who is Dan and Ned you refer? Im not up to date on that.
It's dead because you're NEVER going to attract people to purchase your token and participate in your network because the product isn't the attraction, the coin is, people in this space are just here to create things that eventually bleed out and die
You're on the dead end of the curve holding the bag and providing liquidity for others, thinking it's going to about face some day, if the founders already turned tail what makes you think you with a lack of information about the inner workings is going to have an advantage?
Ned scott and Dan Larimar were the co-founders of steem, Dan created Bitshares previously that flopped and went on to found EOS which also flopped. Ned still had steem/steemit and sold it to Justin Sun
Thanks for your insights. Appreciated. :)
It seems to me that it is necessary to clarify what kind of coins you call shitcoins. There are coins that have proven themselves over the years, which are difficult to call such a word.
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Name one that has proven themselves? they're all 50 - 90% down against bitcoin, its simple if its not bitcoin its a shitcoin
There is no need to keep counting on a 1:1 basis. When you eat bread, you understand that it consists of crushed grains of wheat). The value of flour, the fact that the bread looks more solid does not beg). Bitcoin, of course, can triple, but, some coins that I cannot call shitcoins look modest, but they can multiply your capital many times over, for example ... let it be a CTP coin, or RAL.
Lol you're living in a fantasy world my friend, the entire point of bitcoin was to reduce the effects of inflation, shitcoins just keep multiplying it and for what? So you buy the shitcoin and they move back in the other direction and leave you in an environment where you can't get out.
You are mistaken, several years of working with these coins have shown me the opposite. I am happy to buy these coins at a reasonable price for me. The doors are open both ways, the only thing required is some patience, which applies to bitcoin as well. Look, I never took loans, but I live wonderfully without income from outside, at the expense of such coins that you disdain. Especially in times of war. when prices for everything skyrocket, I owe nothing to anyone and I have everything for a happy life. except for the peaceful sky above). This is not a dumb theory, but a fait accompli where the coins you call shitcoins work really well.
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LOL you either don't know math or you don't account for opportunity cost, show me one thing you did that was profitable and I will prove you wrong.
If you can't stop wasting my time with fairy tale nonsense you can't prove
Bought 250,000 SPT - 0.003 = 750 Hive
Sold 20,000 SPT - 10000х0.05 + 10000х0.055 = 1050 Hive.
This is a recent trade with shitcoins.
I hope you're good with math
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Yoh dumbass, you're trading down, your 1050 hive lost 85% of its value,
So do yourself a favour and look at your entry dates if it was in bitcoin vs hive and you'll see you're down, way down. The idea of trading isn't to get more units, its to get more purchasing power.
Please don't comment anymore your stupidity hurts my brain
Apparently you guys don't understand how the Hive works, I didn't spend that money but made the Hive work for me, like when I upvote your post. When the price of it is right, I will remove it and resolve all issues. You talk a lot about bitcoins, but your account is poor, even compared to mine. Especially when you consider that I brought out my entire hive on a bull run. For me, the peg to the dollar in the short term does not matter. If this is important to you, then you are a deletant who was told by someone that bitcoin is the only way to earn money. I've sold my hive for $2.80, and I'm never at a loss, even when I seem to be taking the right risks. Yes, I will no longer comment on your posts, I see no reason to talk to you anymore.
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Please take your stupidity elsewhere, math was clearly not something you figured it school, I actually didn't know people as dumb as you existed wow, I'm actually kind of taken aback. No wonder shitcoiners never learn