STEP 1: FUD the Scaling

The network that was meant to be the foundational difference from fiat was deemed unworkable. A Layer 2 solution was promoted as the only way.

STEP 2: Introduce the Red Herring

In order to hold off on-chain scaling, the Lightning Network was introduced. Just wait 18 more months. It’ll be ready and it will be amazing!

STEP 3: Jack Up Fees

Use Ordinals to jack fees high enough that no one can afford to self-custody, let alone use the main layer for anything normal.

STEP 4: Introduce Custodial L2

Liquid hung out in the background while Lightning was promoted. When Lightning broke because of crazy high fees, Liquid was quick to slide in as a solution.

STEP 5: Bridge from Exchanges Straight to L2

Now Banksters use Ordinals to jack fees to force everyone to withdraw directly to the permissioned L2. A host of exchanges can bridge to and from Liquid, and this is promoted as the ultimate solution.

Coinbase conveniently shuts off functionality for most payment coins on its merchant app. This funnels people into “trusted” KYC L2s.

Congratulations, most crypto users are now permanently stuck in a permissioned, custodial system, unable to afford actually controlling and owning their own money on permissionless networks.

Satoshi is rolling in his grave, but the Banksters are happy. What an amazing coincidence!

(plagarized from Joel Valenzuela @TheDesertLynx)

  • SlippiHUD@lemmy.worldEnglish
    105·
    7 months ago

    Anarcho-Capitalism resulted in a Corporation being in complete control. Color me surprised. It’s also full of grifters? Say it isn’t so. /s

    • tusker@monero.town
      47·
      7 months ago

      The banksters are hardcore communist scum. They own and control the state which has a monopoly on violence. They use this monopoly to counterfeit currency. They then use this currency to corrupt and take over any threat to their power monopoly. There is nothing Anarcho-Capitalist about the situation.

      • SlippiHUD@lemmy.worldEnglish
        25·
        7 months ago

        Bit coin is 100% a representation of anarcho-capitalism.

        Just because the winners aren’t AnCaps doesn’t mean anything.

        Now admittedly, I bailed on Crypto in 2012 when I realized it needed an ever growing amount of power to sustain itself. So I could be wrong.