We have seen BTC and ETH lose their function as internet money as transactions and prices have gone up.
There is so much meta talk about crypto on the internet, but no one has the chops to actually talk about the ups and downs, challenges and successes of something like the lightning network, which is perhaps one of the most important developments in the space despite not being a speculative vehicle.
So is that why other 'crypto' like XRP, Stellar, USDC and Algorand are also compliant for the ISO 20022 standard since they are useful at being 'distributed internet money'? [0]
> We have seen BTC and ETH lose their function as internet money as transactions and prices have gone up.
Both of them have completely failed in their original purposes.
[0] https://www.prlog.org/12911340-cryptocurrencies-that-are-iso...
Right now, Joe Average, can transact for fractions of pennies. [2]
[1] http://melaurent.github.io/spamattack/
[2] https://bitcoinist.com/lightning-cnbc-sent-btc-to-a-ukranian...
[0] https://iopscience.iop.org/article/10.1088/1367-2630/aba062
I think I have a different definition ...
Lightning has promise but the regular chain is still just fine for many use cases especially for normal people, barring those rare periods of exceptionally high transaction fees. A transaction will typically show up in the mempool "instantly" and for many vendors that's good enough; much like the classic written checks system they can trust the purchaser isn't going to try any funny business before the transaction is fully confirmed/settled and you can let them go on their way with their groceries or coffee or whatever. If they do try something (successfully), well, you're out a small amount (maybe, an intermediary like bitpay may tank those for you), and you ban them from your business. For many other types of transactions, even waiting for at least one transaction but not expecting that for 24 hours from now is fine and impacts nothing. My hope is the effective minimum of 1 sat/byte will be decreased because right now it's 9 cents to send the median sized 224 byte transaction and if btc doubles again to $80k USD then the minimum fee doubles to 18 cents without anything changing, that's like an extra pack of ramen. Well it's still not that bad, especially since it's not amount-dependent; my whole state recently mandated grocery stores start charging 8 cents per plastic bag when they used to be free, many people are just personally tanking it and still throwing them out, but everyone would rather pay no fees if they could.