Well is Bitcoin then "freedom"? Is node.js "freedom"? Is RoR "freedom"? Can you elaborate on the above quote and why it's important to keep in mind? To me, that quote means absolutely nothing in an attempt to create an attractive soundbite.
Furthermore, it bothers me what that quote was in response to. @PeterMcCormack was voicing his lack of confidence in Ethereum because of the hundreds of millions (maybe now $1B+?) that has been lost due to "smart contract bugs".
1/ Running a massive set of Lightning nodes for @ln_strike has been fun and really interesting.
With Strike rapidly growing, we were seeing spikes of payment failure rates for the first time. Investigating lead us to some interesting insights 👇
2/ Leaving our nodes open to any incoming connection allowed anyone to open channels to us. Almost all of these channels were bad channels and resulted in difficulties for our nodes.
Our nodes were struggling and encountering memory spikes correlated to payment failures
3/ So, first things first, we deployed @lightning's "Channel Acceptors" feature, allowing us to only accept incoming channels from peers we are interested in.
Secondly, we tweaked our payment probe logic to be more in line with MPP, which can return multiple HTLC attempts.
2/ BTC is the best-performing asset since its inception, still up 50% YoY today. It has gone from $0 to $20,000 since our last financial crisis.
For many, cash is disappearing. The world is very illiquid right now. Bitcoin's generational performance is a rainy day fund for some
3/ I'm hearing many popular (non-crypto) hedge funds are completely blown out and traders are being told to close down their positions. They need cash. This is the reason Gold is down as well.
BTC is still a tad bit too young to absorb such a global liquidity crisis without pain
2/ Derivatives derive their value from the underlying, settling against an index composed of spot exchanges. General arbitrage and market efficiencies will always keep derivatives tied to the underlying.
Traditionally, the premium on a future is only due to the cost of carry.
3/ Commodity derivatives were invented to simply transfer risk.
Corn farmers selling futures before a risky winter transfers their risk to a speculator, allowing the farmers to do what they're good at, farm corn.
This has nothing to do with the price of the asset.