I also have other criticisms of Segwit, mainly the steering away from onchain scaling towards offchain scaling, which would really mean centralization.
When the transactions are not settled on the blockchain, then you essentially enabled fractional reserve banking. Because anyone can just make up coins out of thin air, if payments will be handled on a secondary chain.
This is the whole point of the blockchain, to have a liquid payment system + settling in 10 minutes, not 4 days like banks do.
When the transactions are not settled on the blockchain, then you essentially enabled fractional reserve banking. Because anyone can just make up coins out of thin air, if payments will be handled on a secondary chain.
This is the whole point of the blockchain, to have a liquid payment system + settling in 10 minutes, not 4 days like banks do.
Nonsense.
Lightning (off-chain) uses blockchain as a reference, it's impossible to make BTC out of nothing. Who would seriously suggest open source code that did that?
Your descriptions of Lightning are so unreal, you're basically talking about a different system that doesn't even exist. How long do you spend reading up on all this, only to become less educated than you were before?
As soon as I see signs of fractional reserves in BTC, I will have to abandon it. I dont want BTC to turn into a fiat currency.
You should already be gone according to that logic. Yet you're still here.