Thank you. It's a good point, but what I am trying to say is that lightning cannot provide the level of security BTC does, hence the need to constantly return to the safety of the block-chain. There is no free lunch: Security in the lightning network must break down/i.e. require more trust as the number of node-jumps in a transaction increases, and perhaps as the number of transactions in the channel increases as well. If not, then lightning solves the distributed double spend problem in its own (efficient) way, that we should just use instead of BTC.
Would you agree with me that lightning 'stretches' each BTC transaction by using clever tricks ala. aggregation, checksums, hashing, etc.? I buy that this scales the number of transactions dramatically, especially between a limited number of parties. It might be that this is stretches far enough be make BTC useful as a currency, but I remain very doubtful of that. If that is indeed the case, it seems that BTC has managed to fail as a currency for other reasons.
Nobody is suggesting paying Novo up front, they footed that bill, we are talking about paying a premium after product lunch, which people certainly did for the iPhone.
The US has zero credibility w.r.t making international treaties these days. And generally is completely set up for a few peoples maximum “expected negative loss”. Sure things could theoretically be structured differently, but for the foreseeable future they aren’t.
What percentage of global rich, obese people live in the US? This is the main market and the product would not exist if it could not command a high profit here. Besides that, I think the US prices are so high due to the insane medical insurance structure, not because the drug companies really make much more than in other countries.
Thanks, I accept that it requires less trust than using a central ledger, still it cannot provide the level of trustlessness bitcon can, if it could why use btc? I totally agree with your analogy, but in my view that just underlines that BTC is not useable as a currency, just as gold is not.
I have, and as I have said to others the lightning network is not some magic that makes distributed PoW efficient, it just lets you conduct a bunch if transactions off chain and then record the end result. You could do that with fiat currency as well. BTC does one thing: lets users transact without possibility of double spending, without trusting any other users. Lightning network removes that last part, so you are just back to VISA/PayPal/Banks etc etc.
The lightning network can handle transactions sure. Because it is not a distributed POW system. You can also just sell some BTC, transact via VISA or paypal etc., and buy BTC when you are done. Im not saying you can’t use BTC as a store of value. Just that transaction costs are way to high to use for payments/transactions i.e. as a currency.
As i understand it, all the lightning transactions happen off chain and the results are then published afterwards. So you are back to trusting a payment processor to avoid double spend. And, if you can do that, you don’t need BTC to begin with. Its just integrating bitcoin with another system that is actually able to do transactions. BTC alone remains horrible at that.
The breakdown in cost pr. Transaction really drives home what a ludicrous system it is. Bitcoin is a fantastic example of a great invention put to horrible use.
The reason it doesn’t work as a currency is that the transaction costs are way way to high for that. A single transaction it is literally the price of 1-2 million visa transactions. This is by design, bitcoin will never be a competitive system for payment processing, without adding centralized “2nd layer” systems, and at that point why not just use a centralized system to begin with. It makes sense, a distributed system that does the same work millions of times cannot compete with a centralized system that does it once.
I dont think LLMs really took away much thinking, for me they replaced searching stackexchange to find incantations. Now I can get them instantly and customized to my situation. I miss thinking hard too, but I dont blame that on AI, its more that as a dev you are paid to think the absolute minimal amount needed to solve an issue or implement a feature. I dont regret leaving academia, but being paid to think I will always miss.
Populism is always a danger, but the current US administration is all about spite, no matter the cost. It is uniquely, outstandingly bad. Lots of places have working democracies that have managed to do long term planning.
You can have a functional democracy and still do long term planning, the problem is the current US government. Its not a fundamental flaw in democracy.
Which is exactly why Orsted will now focus on European wind projects instead. American projects will have to be that more profitable/expensive in the future to compensate for the political risk. But I guess this is exactly the desired outcome for big oil, no outside competition.
Subsidies where needed 10 years ago, today the US and EU have to put massive tariffs on mass produced, cheap, superior EVs to keep their own ICE auto industry alive.
If the LED has good DC conversion it should not flicker at all, the flow across the diode would be constant. Just buy good LEDs, incandescent light has many drawbacks.
If you buy three (or more) Phillips Hue bulps you can have them respond to motion detected by things moving around and disturbing the radio waves they use to communicate. So they must have pretty much the kind of map you want, but I dont know how easy it is to export it.