doesn't that support NL's and my argument that these SC's ledgers are, in fact, different than Bitcoins blockchain? so different that they could range from complete scams with centralization and no MM all the way to complete legit SC's that are 100% MM and no sidecoins? if you buy that then SC's are in fact NOT extensions of the Bitcoin blockchain and are NOT the same ledger. they are just some amorphous bunch of ledgers/blockchains for anything from complete speculation to complete legitimacy. and then in that same sense, do you not understand my concern of breaking the link btwn BTC the currency, from BTC the blockchain?
Yes sidechains could be anything from legit coins to complete scams, but why does that matter?
I think the question is whether or not sidechains need to be honest and help secure the economic cap. If sidechains are needed to secure the ledger and secure the cap, then yes we have a disaster in the making because by definition sidechains can be anything (as you pointed out) and can't be relied on.
But I don't believe that is the case. I believe the core protection mechanism is still the bitcoin mainchain which tracks where all 21M coins are. Sidechains that are scams will experience bank runs because the Bitcoin mainchain is where honesty and security is enforced. That was the point of my example in the previous page where some sidechain created millions of dishonest scBTC, the bitcoin mainchain would expose the scam/fraud.
Bitcoin is the reserve asset. Reserve assets don't prevent fraud, but force fraud it to eventually come to public light. I trust bitcoin to enforce correctness in sidechains by functioning as a reserve asset to sidechains, I don't trust any sidechains to do so.
that's a pretty good answer rocks.