Magnus Vinther
2 min readMar 6, 2021

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I appreciate you taking the time for this back-and-forth. It's like a form of tennis for crypto enthusiasts. Anyway, a lot to respond to.

1. Don't know if you read the article, but your question about node incentives and the lack of fees is answered in the article under the headline: What incentivizes node owners if Nano has no fees?

2. Yes, you can transfer Bitcoin inside banks or exchanges, and you can open a channel on the Lightning network to a centralized hub of channels to send your Bitcoin. That is just Bitcoin throwing in the towel, giving up on being a cryptocurrency. Be your own bank! The people's money! Remove the middleman! - These were the hopes of Bitcoin that people are now forced away from.

3. "the world is going to keep using national currencies for day transactions". No, Bitcoin just wasn't to able support this demand, so it never happened. Just because Bitcoin couldn't deliver on its promises, doesn't mean we should stop looking for a proper solution.

4. "Turns out people just wanted better money than...". No, you got it upside down. People wanted Bitcoin to be so much more than it currently is. People wanted to adopt it, and use it as their main currency. Steam wanted to adopt it, but it just didn't work. The people of Venezuela (and other poor countries) wanted to adopt Bitcoin, but it never actually caught on because of the rise in fees. The reduction in scope was not a free choice; it was forced upon its users by the poor performance of Bitcoin.

5. You, a random guy on the internet, declaring the race to be over doesn't make it so. In the world of technology, the race never ends.

Look, Todd, unlike you, I am not claiming to know the future. I just wrote an article that outlines why I think Bitcoin failed to deliver on its original promises, and I back up my claims with links to sources. Bitcoin has high fees, long confirmation times, is growing more centralized over time, and can not even in theory scale beyond 7 tx/s. Those are all facts. Nano has zero fees, instant transactions, is growing more decentralized, and is right now, as I'm typing this, doing 22 tx/s. Those are also facts. Elon Musk said it best:

Whichever has least error & latency will win. https://twitter.com/elonmusk/status/1349977642708168704

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Magnus Vinther
Magnus Vinther

Written by Magnus Vinther

Software Engineer (Uber), Physics Major

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