But Crypto is not zero sum, therefore is not IOU based.
Hopefully it is not winner-take-all. And my comments were not about what other innovations can do, but specifically about the impacts on Bitcoin and problems with proof-of-work. Proof-of-work just like proof-of-stake are both winner-take-all systems.
And the ability to fork and vote for new forks is like democracy a winner-take-all power vacuum.
We must instead invert the paradigm and turn it on its head. That is what my technology attempts to do.
I recommend you take a look into the Process and the Channels in which the lightning network operations, you will see that the Public Keys of users are finite and transparent and there are legitimate BTC holdings for the Nodes.
But that is not looking at the system holistically. In order to have liquidity, you need to join a Mt. Box because moving funds through the network in LN requires scale of coordination.
LN has never been a design that could actually work decentralized. Even the routing algorithms don’t scale decentralized.
To understand all this stuff you need to go very deep on the research. The simpleton soundbites that we see passed around do not actually represent the reality about these technologies.
I will write deeper analysis of all this later. And hire some very smart guys to help me. Right now I am too much time pressured trying to get my alternative coded and launched.
Hederas Far sighted Hashgraph project
I believe I looked at this in the past and found it to be fundamentally flawed, but I cannot remember off-hand what the specific issue I had with it. I think it might have about the fact that trust can’t be scaled up because of the Dunbar limit to our cognitive load. I will have to renew all my analysis of the various technologies being developed at a future time.