Quote from: LoyceV on Today at 08:01:01 AM

Is that the same ARK on CMC? It looks like a shitcoin with a very typical shitcoin hype-site.

I've seen you've visited the Ark topic, so you know very well this isn't about a shitcoin. It's Bitcoin. Nothing to do with this "ARK" on CMC.

Quote from: LoyceV on Today at 08:01:01 AM

So if this is a scaling solution, how are users even supposed to link it to Bitcoin (especially now that even BS ordinals use Bitcoin's name to sell their scam)?

Ark is a brilliant name. It's one syllabe, and you don't need to know much beyond that it is a second layer of Bitcoin. Sort of how "Electrum" doesn't have "Bitcoin" in the name, but it's easy to understand that it's a lightweight Bitcoin L1 wallet.

BTW, Ark takes the name from Noah's ark, which was used by Noah to save himself, his family and pairs of every kind of animal from the great flood by God. In this case, to save plebs from forfeiting custody and privacy to third parties.

Quote from: LoyceV on Today at 08:01:01 AM

It sounds good, but just like LN

It is like lightning. In fact, its founder started it as an alternative lightning wallet, and it was later observed that it fits better as another L2. It's like lightning, but it moves complexity to servers.

Quote from: LoyceV on Today at 08:01:01 AM

it also sounds very complicated

To understand the background? Of course. Bitcoin has a complicated background as well. The goal is to have a simple UX, not a simple background. You don't need to know the exact structure of a debit card payment, you only need to know the UX.

Quote from: LoyceV on Today at 08:01:01 AM

So if thousands of users all share the same UTXOs, and the Ark Service Provider disappears, do they all need to have an on-chain settlement? So thousands of high-fee on-chain Bitcoin transactions?

Not necessarily. All these people can gather and batch their transactions into one through the use of rollups, either by using a coordinator or even a decentralized mechanism. You'd have a transaction creating thousands of UTXO, not thousands of transactions.

And yes, it's still bad if such an activity occurred often, but as I said, the burden lies on the server. It'd be like boarding on the Wallet of Satoshi, in terms of lightning, instead of creating triangle channels with strangers who are likely to be experimenting with the protocol and are not reliable.

Quote from: LoyceV on Today at 08:01:01 AM

I couldn't help notice that a year after you created the topic, you're still having a hard time understanding how it works.

I just recently revisited Ark, and I haven't invested much time into it.
Every project at the beginning is hard to understand. There are no guides for wallet installation etc., just documentations. You're alone at the start.

At this point, I want to quote the prophetic Hal Finney.

Quote from: Hal on December 30, 2010, 01:38:40 AM

Actually there is a very good reason for Bitcoin-backed banks to exist, issuing their own digital cash currency, redeemable for bitcoins. Bitcoin itself cannot scale to have every single financial transaction in the world be broadcast to everyone and included in the block chain. There needs to be a secondary level of payment systems which is lighter weight and more efficient. Likewise, the time needed for Bitcoin transactions to finalize will be impractical for medium to large value purchases.

Bitcoin backed banks will solve these problems. They can work like banks did before nationalization of currency. Different banks can have different policies, some more aggressive, some more conservative. Some would be fractional reserve while others may be 100% Bitcoin backed. Interest rates may vary. Cash from some banks may trade at a discount to that from others.

George Selgin has worked out the theory of competitive free banking in detail, and he argues that such a system would be stable, inflation resistant and self-regulating.

I believe this will be the ultimate fate of Bitcoin, to be the "high-powered money" that serves as a reserve currency for banks that issue their own digital cash. Most Bitcoin transactions will occur between banks, to settle net transfers. Bitcoin transactions by private individuals will be as rare as... well, as Bitcoin based purchases are today.