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7390762 No.7390762 [Reply] [Original]

Isn't telling people to make transactions on the Lightning Network effectively the same as telling them to make transactions with some other cryptocurrency instead of Bitcoin?
Doesn't that lower the demand for Bitcoins to use in transactions, thereby decreasing the price from where it would otherwise be?
DESU, I'm a bit skeptical that LN will work seamlessly or add truly desirable functionality, and I'm even more skeptical that it will do anything to help with merchant adoption--which is clearly the path forward for Bitcoin's long-term success.
But for argument's sake, even if LN was wildly successful to those ends, wouldn't its use just drive down the Bitcoin price from where it would otherwise be, effectively cannibalizing the value of the coin?
Someone might argue that LN increases the value of BTC by adding "features", but this seems silly for two reasons:
1) It's not like people are buying Bitcoin so they can use LN. They are using LN so they can use their Bitcoin.
2) Any other crypto can just adopt LN, if it really does add value (which seems a bit doubtful) thereby taking any LN "advantage" away from BTC...if there does turn out to be one at all.

Why LN wouldn't just drive down the price of any properly-working crypto, relative to where it would otherwise be according to Gresham's Law*?
* https://en.wikipedia.org/wiki/Gresham%27s_law

>> No.7390781
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7390781

>>7390762

inb4butthurtcorecucks

>> No.7390911

>>7390781
>LN was always about REPLACING BTC, not complementing it. That is why it is also being implemented for LTC, VTC, DGB, and 24bn other tokens.
Why do you think we get all this smoke and mirrors and endless smear and confusing noises from Blockstream/Lightning Labs? It is so people don't pay attention to what is really done to BTC.
>That big BTC advocate who was crying on Youtube two days ago, had just discovered what LN was meant to do, aka destroy BTC.
Whether LN succeeds (so unlikely) or fails, BTC is stuffed

>> No.7391149

>DESU

stopped reading, kys OP

>> No.7391183

This is what happens when Bcash gets BTFO with Coinbase changing over to Segwit.

They come up with more bullshit..

Sage in all fields

>> No.7391206

>>7390762
i'm never having kids but if she told me she wanted some i'd be like "alright"

>> No.7391230

>>7391149
It's 4chan doing that

>> No.7391261

Steal value from miners
put value into LN hub operators
who happen to be LN developers

whats not to like?

>> No.7391282

>>7390762
it adds to the use. it becomes a currency then too now it's a gold version 2.0

>> No.7391294

>>7391183
>They come up with more bullshit..
This is economics 101.
LN has the same effect of increasing money supply, e.g. QE, and that will definitely lower bitcoin's value. In fact any off-chain transaction reduce the real demand for bitcoin thus bring its value down

>> No.7391298

>>7391149
Welcome to 4chan you newfag.

>> No.7391299

>>7391230
desu senpai

>> No.7391348

>>7391261
The LN will end as a graph of endless IOU's between an unknown number of peers.

>> No.7391371
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7391371

>>7390762

>BTC will fail since transaction time/cost is too large
>*develops a second layer solution*
>BTC will fail since its not profitable to offload transactions

KEK roger ver bcash FUD is my favorite

>> No.7391383

>>7390762
Gresham's law doesn't apply here because LN is not a currency, it's an IOU until you settle the transaction on-chain. On top of that your Bitcoins can be stolen if at any point your payment channel loses connection to another channel.

>> No.7391444

>>7391282
>it's a gold version 2.0
But the only thing which gives gold value is its scarcity, and the LN will take that away, unless you're so dumb you can't understand that.

>> No.7391512

>>7391383
'LN ready' coins at Blockstream's initiative (inc. Segwit), will join BTC in the pool of LN settlement tokens:

GRS
SYS
BTX
DGB
MON
LTC
VTC
NAV
VIA
CRE
XMY

From 21 million to 24 BILLION coins, all INDISTINGUISHABLE as 'LN store of value tokens'.