Bitcoin Products Suck And That's Okay
Bitcoin apps are on the rise and I've been taking the time to test them out, while these apps have a lot of potential, it is most likely many of them won't survive as finding a product-market fit in this nascent economy won't be easy and plenty lessons will be learned. As for the products that are open-source that base code can be repurposed and re-used in new apps so it's not always a total loss.
When you create a product using bitcoin, you have to deal with the constraints of bitcoin, and building on hard money isn't as easy which is why so many shitcoin projects prefer to build on ecosystems with their own native token where they can create all sorts of perverse economic incentives and generate profit without having to create a product that can service customers.
As is the case with bitcoin products, the majority of shitcoin projects will fail, the only difference is shitcoin projects will wreck investors on their way down.
Ethereum envy in the bitcoin space
While centralised products like Ethereum and other shitcoins, the funding and coding all comes from the same place, making it easier to build a tech ecosystem with the foundation in place for a smooth user experience. Like it or not but these centralised services make it easier for them to deploy and create a unified front, so users can get a seamless experience and they conflate this with progress.
Bitcoin has wallet apps like green light, marina and alby who look to lay the foundation for a metamask type experience and with LN-auth bitcoin has the ability to sign in and out of services without needing to provide an identity so it is coming, it's just about pulling all these services together which will take time since they are all built by different providers.
The time it takes for things to move in the bitcoin space is moving lightning-fast, but it may seem slow to those who are not paying attention and are looking for confirmation bias on why this shitcoin or that shitcoin is better.
Unfortunately, the trade-offs shitcoins make may give them a leg up short term, but long term it won't make much difference as the user base they create is a fickle one.
I do see a lot of bitcoiners who aren't in tech feel like this is a problem and there's a bit of "Ethereum envy" in the space, but I don't see this as a problem. Bitcoin products have been focusing so much on building robust tech and UX hasn't been a real concern but it is coming.
Honesty is the best policy
When we see apps like Fountain, Vida and Alby you can see where the trend is going and I don't see how being honest about where we are is a bad thing.
That's the price of decentralisation... When you actually have to take on real constraints and engineer around them, that's where the real talent, the best engineers will gravitate to, because it's a real challenge.
Have your say
What do you good people of HIVE think?
So have at it my Jessies! If you don't have something to comment, "I am a Jessie."
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If this is the case with shitcoin projects..... What will the fall of Bitcoin projects take with them? Investors? Optimists? Or doubting Thomases?
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If a bitcoin product fails lets say Casa, the users can still migrate to new service providers or simply take ownership of their multi-sigs custodial key and thats done. As with any company, staff will have to move on, founders, and venture capital, angel or institutional investors would lose money.
It's got nothing to do with shilling tokens and not needing to find product market fit
I agree, shilling tokens without finding a product market for it is a losing game.
Is it not concerning to you that relying on networks like lightning to make Bitcoin usable is creating a centralisation of power?
How do you figure its a centralisation of power? There are 3 different lightning implementations to choose from, LND, Core and Eclair, you're free to use any one of them. If you want to use a custodial wallet by all means, if you don't you have the option to run your own node
Yes a lot of people will use custodial lightning because they don't want to deal with the hassle of channel management, but that's THEIR choice and the option to run your own channels is always there if you choose it
I was under the impression it was all the same network, sorry! When I heard that there was some censoring of transactions It made me worry about its long-term success. I have not used it yet as I just buy Bitcoin and hold.
Can you point me in the direction of the into where there is lightning censorship? Just like a bitcoin base chain a node can ignore a transaction doesn’t mean others won’t take it up
Hi Chekohler, I remember hearing about some node refusing to pass a transaction on the CTT podcast, I can't find it now. I may have gotten the wrong end of the stick and in my amateur hour misunderstood what it meant. Please ignore my previous comments as obviously, I have a lot of learning to do when it comes to Bitcoin and the lightning network.
I am a Jessie lite