On Friday afternoon, Matthias Steinig shared this video on Twitter in which he showed off a proof of concept for using the Lightning Network to quickly unlock and rent a bike. Pretty innocuous, I know, but what I'd like to point out with this particular proof of concept is that people have tried to spin up their own tokens in the past to perform this particular task, or at least one very similar to it. In case you freaks forgot about the DAO, it is the reason that we now have Ethereum and Ethereum Classic. What some of you freaks might now know is that the team behind the DAO, Slock.it, wanted to create what our buddy Matthias did using the Lightning Network, but, again, with a native token. This is a big theme here at the Ƀent and TFTC, a lot of what altcoiners are trying to accomplish with their own networks will eventually be able to come to fruition via some part of the Bitcoin stack. As we saw last week with the official launch of Liquid from Blockstream, people participating in that particular sidechain will be able to utilize confidential transactions and issue assets; two major selling points of the "highest caliber" altcoins that are competing with Bitcoin. Now we have Matthias proving that the DAO fiasco could have been avoided if we humans possessed the virtue of patience en masse.
That's one of my biggest problems with this "industry" at the moment, no one is patient. Everyone wants every functionality ever conceived out of the box or they deem these blockchains "inadequate" or "rudimentary". No one has developed the time preference and patience necessary to approach these systems. It took nearly a decade for Bitcoin to build out a sufficiently secure base layer (probably not even sufficiently secure yet) with a second layer for instant transactions that allow the use case Matthias demonstrates in his video. It is going to take more time to build out the distributed financial system that we envision being built on Bitcoin. During that time, there will be shitcoins launched to make up for Bitcoin's perceived shortcomings that will eventually be serviced over time. Don't fall for these siren calls. Be better than these high time preference swindlers. Patience is 🔑
Now run off and go enjoy your Tether + Bitfinex FUD. This has been a long time coming. And always remember freaks; stablecoins are only stable until they aren't.
Been ripping the bike at the gym recently. Huge bike workout guy now.