Quote from: fillippone on May 12, 2022, 10:08:37 PM

Quote from: LoyceMobile on May 12, 2022, 05:17:54 PM

The whole idea of a Bitcoin Standard is wrong: with the gold standard, a dollar was worth a certain amount of gold. With a Bitcoin Standard, a TerraShitcoin should have been worth a certain amount of Bitcoin. That would make it just another fake wrapped Bitcoin, so there's no point other than earning money for the creator.
You can't use one thing to peg something to something else.
That means the "Bitcoin Standard" is just as buzz word, typical for money grabbing schemes.

Well, I won't be so sure about this.
What is a BTC on the lightning network? Those are satoshi outside the blockchain pegged to Satoshis on the blockchain.

Bitcoin LN is not just pegged, it's pegged by signed transactions. But more importantly: it doesn't make any promise about the value in another currency than it's own. That's a crucial difference.

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Is a bitcoin on the Lightning Network less a bitcoin than the ones on the blockchain? I doubt so.

Some say it's different, most people seem to be okay with LN.
But that's different than pegging UST to BTC's dollar value. The fundamental problem is that the underlying currency (Bitcoin) isn't stable. You can't ever guarantee stability by using something that's not stable. You could say 1 UST is worth a bottle of beer for all I care, and as long as you have enough bottles of beer in stock, you can guarantee a 1 on 1 swap back. But if it's beer you have, you can't guarantee a bottle of Coke per UST.

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Taro, for example, will open a lot of possibilities to enable tokens on the BTC technology. How will be this different from a Bitcoin Standard?

I had to look it up: Taro on lightning.engineering:

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We see Taro as an important step in bitcoinizing the dollar, getting the best of both worlds by 1) issuing assets like stablecoins on the most decentralized and secure blockchain, bitcoin and 2) allowing users to transact on the fastest global payments network with the lowest fees, Lightning.

I assume this will use for instance Tether. It sounds like a huge improvement to transfer USDT on LN instead of centralized networks such as Ethereum or Binance. But Tether is pegged to the dollar by keeping a big stash of dollars. That's also debated and doubted: do they really have 79 billion dollars? Let's assume they have: in that case Tether isn't based on a Bitcoin standard, it's based on a dollar standard. Transacting over the LN network doesn't change that, and as long as you trust the company behind Tether, you can use it.

Quote from: fillippone on May 12, 2022, 10:08:37 PM

This was the main purpose of this thread, without getting too interest in LUNA's fate. But of course, things in this universe happen often faster than thought.

I'd expect an opposite implementation of the Bitcoin Standard: let's take El Salvador as an example, and let's assume they implement a Bitcoin Standard. Instead of holding 10 tonnes of gold, they hold 19,348 Bitcoin (worth about the same as 10 tonnes of gold). The can now issue banknotes, let's call them ElSalvos, worth 19,348 Bitcoin. If they issue 1 billion ElSalvos, each Elsalvo is worth 0.0193mBTC. At the El Salvador Central Bank, you can exchange your ElSalvos for Bitcoin if you want.

TL;DR: if you want a Bitcoin Standard, forget about dollars Wink