Mining & Lightning Community – Is Bitcoin (BTC) Doomed to Fail?

Dan Held has not too long ago written a improbable article about Bitcoin's safety mannequin, addressing the considerations that many individuals have in regards to the miners' present reliance on the block subsidy, and whether or not the system can stay safe as we rely increasingly on transaction charges as a substitute.

Let's check out what he has to say.

DISCLAIMER: That is NOT monetary recommendation. I'm simply providing my opinions. I'm not answerable for any funding selections that you just select to make.

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  • 4:40 38e is just false & proves that LN is not Bitcoin because Satoshi never meant for the blocks to remain at 1Mb – this was a Core dev decision to introduce LN which created ABC & BSV. Larger blocks lower on-chain fees. In the end miners will do what's best for miners, esp. when the block reward halves again.

  • It wont fail, but it will be bastardized… lightning nodes are gonna be financial institutions and it will be centralized, thats why their investing to get control again.

  • Didn’t understand a word. But I’ll take your word for it. 😆

  • Louis, do you really believe into Ledger Nano S to be a product worth recommending? I find the product to be almost garbage and the company should not be even in business considering how unprofessional they are. I've purchased it recently and found that Ledger Nano S is still full of bugs that they haven't worked out yet. I could not set it up for it to work as a BTC wallet. The wallet has been initialized, but on the Ledger Live Desktop App, BTC account is not setting up and not synchronizing and always gives a Network Down error, though it worked for ETH and XRP. This issue isn't listed anywhere on their site. I've emailed their support and auto-reply came saying they will get back to me after 5 days, yet not a word from them after 1 week. Faulty product, lack of customer support, bugs all over = Do not recommend and Do not buy. They are so far off from having a decent product. Choose an alternative wallet. These guys are a scam Louis.

  • You think halvings occur every 4-5 years?? You think lightning network hurts bitcoin mining? Try making videos about things that you at least have a basic level of knowledge about. Clearly you are out of your league here.

  • Hopefully you'll break 100k subs soon, sure it must be frustrating to be so close for such an extended time haha

  • That was the plan of the Blocktsream all along, redirect rewards from the miners to Blockstream, lightening will get rid of the miners, and Blockstream will shill their paid product for institution like Liquid. I am still a big fan of $BTC but $BCH and Alts have a big chance of succedding being the money for the people. And $BTC will turn into a centralized asset.

  • now i want a good smart contract layer 2 solution

  • Contact hacker Bruce for your bitcoin software and mining on WhatsApp and thank em later +17064506454

  • You deserve a 100k sub for this video.. Well done..

  • One of the most interesting videos you have posted in a while! Good job and nice summary.

  • The shocked face and click bait titles are back.

    Bearish sign.

  • Crypto is dead. Should have bought BTC when it was $300 per coin and my buddy recommended it years ago then sold in December 2017. Instead I was running up to the shoreline as the ship was sailing. Life changing opportunity missed. Back to the grind..

  • Proof of work was demonstrably a failure quite some time ago. The market is filled with people like Louis who just don’t see it as long as the price goes up. The day of reckoning for Bitcoin will not be pretty.

  • Ahh so you're also a Welsh YouTuber. Damn we are rare

  • When btc is worth 1million the primary chain transaction fees will be 500-1000usd and no one will complain. -Because the fees will be shared over thousdands of small transactions that have been done on a layer two, three, four or five solution. Miners will be earning $7000 per second in transaction fees. That's just over twice the turn over of Amazon (around $3200 per second)

  • Facebook is finalising plans to launch its own crypto-currency next year.

    It is planning to set up a digital payments system in about a dozen countries by the first quarter of 2020.

    The social media giant wants to start testing its crypto-currency, which has been referred to internally as GlobalCoin, by the end of this year.

    Facebook is expected to outline plans in more detail this summer, and has already spoken to Bank of England governor Mark Carney.

  • I think that for a secure and decentralized store of value, transaction fee will have to be "high".

  • Relax and enjoy the ride. HODL 🧡

  • Louis, Louis… you are still completely clueless
    Let me break it to you: if you rely on price increase alone to keep having miners having profitability, you are only adding value into the system, but with every halveninig, the security of the network doesn't follow. This is equivalent to you putting in more and more gold into a room, which is not very secure. Security needs to follow value within the system, and without on-chain transactions to replace block subsidy, security of the network no longer follows. Now, do you think billionaires and millionaires will be putting in their wealth into a system which has ever decreasing security? me… I think not… I know you haven't even thought about these things, because you don't think for yourself, instead you just read propaganda articles, like the one you showed today.
    You are young, and you are as clueless about Bitcoin as it gets… none of you in BTC get it… not a single one.

  • As Bitcoin’s hash rate is getting close a reminder that the Łitecoin hash rate recently achieved an all time high emphasizing the security of both chains ⚡️Chief LTC Evangelist🌏
    May 21
    One day people will realize the feat of #Litecoin #Blockchain's zero downtime, 100% uptime for 7 plus years. The most reliable blockchain in the world. Period! Don't @ me!

  • Nailed it!

    One day we will envy $100 transaction fees.

  • I would rather just keep stacking the old boy BTC and wait for tech to upgrade it, than buy some flashy fake fork ahemm BSV BCH

  • C D

    Had an ice breaker meeting with my Bulgarian colleagues recently. One of them said. I’m a Bitcoin miner! You can imagine how the rest of the meeting went😬 btw he wasn’t mining at the time but I have a new crypto friend😊

  • Just use litecoin

  • Nano nano nano nano

  • Thanks. great information! I was wondering this exact thing last few days and had no idea where to find this out. Thanks for articulating so well!!

  • it is secure for now 🙂

  • Hmmm… good topic! I definitely see how block reward and fee structure makes sense on layer 2, but what doesn't make sense is that layer 2 (like lightning) seems to only work by having consolidated nodes with heavy funding that may require KYC and other regulations to work properly when it comes to reliable routing. In the future, Bitcoin might need to ask "permission" from the powers that be to run effectively on layer 2. Otherwise, if fees remain too high on the main network, it won't be usable and won't work on layer 1, which COULD inarguably lead to banking 2.0. Except, we'll just be replacing the current people in power with another group – to me that kind of defeats the purpose of bitcoin. What do you think? I do love that we have Bitcoin Cash attempting to scale on chain and Bitcoin offchain. It's definitely an interesting time

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