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."
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