in my Twitter conversation with @Truthcoin today, it's so clear that all he wants to do is tap into "mobile Bitcoin" for the value sapping. he doesn't care that the BTC converted to Cashcoin or whatever shitcoin is involved with Truthcoin is put at risk. he sees SC's as a way to exploit Bitcoin.
i suggest every other altcoin will attempt the same bolt on strategy.
I also have the feeling he is using the peg as a "risk-adverse" aspect when in fact he has no plan to peg 1:1. Oh well... fools.. money..parted
as contentious as our debates got, you have helped me crystalize my understanding of how SC's are going to play out. i totally agree that the best use of SC's for Bitcoin are as development tools for your "utility" chains as you call them. the only problem with that is they will only be applied and developed for those specific uses that help Bitcoin as Money. and as you have said, this will probably only include those related to fast tx and anonymity and those will be the only SC's that garner BTC use and MM. but that is very limited and highly focused. they will be devved out of the public good as that will increase Bitcoin value even while not paying devs directly.
but that won't stop all the thousands, if not billions, of "companies" that will bolt onto the MC via the 2wp in an attempt to suck out BTC value. i no longer conceptualize SC's as blockchains or ledgers running parallel alongside Bitcoin's blockchain. i think of them as circles (for profit companies) with small unique ledgers within them that will have just as many different rules and manipulations that go on in fiat companies. think of the TC diagram. and they all will advertise with over-the-top claims to fame just like TC. whether or not BTC holders can resist speculating in these companies should require exceptional diligence but i don't for a minute believe ppl will be able to resist.
in that sense i still don't think SC's are a good idea in that those highly focused utilities should be able to be developed on MC.
I think what you tend to forget is open source democratizes that process and bad actors will get weeded out.
Can you present an example of such companies that will attach to the mainchain and how they would go about devaluing the units locked into their sidechain?
I'm sorry but TC is a pathetic example and an obvious scam that will attract so much suckers before it gets exposed.