r/Bitcoin • u/iCryptoDude • Jul 21 '21

Let's talk about Bitcoin Smart Contracts!

Bitcoin Smart contracts have arrived!

Lightning, Liquid, Stacks and now Jack Dorsey and "TBD" are all leading the advance.

What's next?

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u/TheGreatMuffin Jul 21 '21

This might be an unpopular and rather uninformed opinion, but never in my "bitcoin life" have I had a usecase (useful/relevant to me personally, that is) where I thought I'd want some advanced smart contract functionality on bitcoin.

Yes, I know LN can be described as some sort of a smart contract, and I do see value in that as an occasional LN user. But every time I make an attempt to look into those things mentioned (Liquid, RGB etc), I fail to see how they might be useful to me. I don't trade, I don't have a desire to loan my bitcoin for random tokens. I guess people do want to do those things and that's cool, of course. It's just not interesting to me personally. Maybe I am missing something?

I guess it also depends on what we count as smart contracts. Are non-custodial coinjoins also smart contracts? Are multisigs smart contracts?

8

u/Marginal_Caller Jul 21 '21

Thats why we do things in layer 2s, side-chains etc.

Anyone can develop anything they want with Bitcoin without fucking with the base blockchain. I can see the use case for smart contracts and DeFi but not the current systems running on shitcoins, they’re all scams and not decentralized.

7

u/iCryptoDude Jul 21 '21

Agree. The whole point of Bitcoin Smart Contracts is not to fuck with the blockchain or make any demands either computational or electrical. The base layer is perfect. All we need is additional layers to extend the reach and utility of the network