Coin Edition -
- The Satoshi Roundtable event discusses the potential of Bitcoin L2 solutions.
- Charles Hoskinson asserts that Bitcoin’s L2 development is insanely impossible compared to Cardano and Ethereum.
- Hoskinson reiterates that the Satoshi Roundtable event is merely a typical Bitcoin halving event narrative.
Cardano founder Charles Hoskinson expressed skepticism about the Bitcoin Layer 2 developments via a recent X post. His comments contrasted with the discussions on the potential benefits of the solution at the Satoshi Roundtable event in Dubai.
Having been around for more than ten years, I have seen this narrative thrice. It follows the halving.Every L2 venture will learn that it's impossible because Bitcoin cannot change enough to support the things required for a vibrant L2 environment. Both Ethereum and Cardano… https://t.co/56jbfCax4U— Charles Hoskinson (@IOHK_Charles) February 4, 2024
On February 4, Muneeb Ali, the co-creator of the Stacks protocol, shared a thread on X highlighting the community’s enthusiasm for embracing the potential developments in the Bitcoin ecosystem. According to his post, the 10th Satoshi Roundtable this week demonstrates the community’s burgeoning interest in Bitcoin L2 solutions. He stated,
The Bitcoin L2 session yesterday was the largest session I’ve seen here. Packed and 5 Bitcoin L2 projects there…Today, multiple parallel sessions going on about Bitcoin L2s, BitVM, peg security, Bitcoin Defi etc.
While the discussion focused on the anticipations on BitVM, a path towards Bitcoin L2s, and the growing acceptance of L2 investments, Hoskinson emphasized a different view. Contrasting with Ethereum and Cardano, Hoskinson asserted that Bitcoin does not hold the potential to accommodate dynamic L2 solutions. He cited,
Every L2 venture will learn that it’s impossible because Bitcoin cannot change enough to support the things required for a vibrant L2 environment. Both Ethereum and Cardano continuously upgrade to enhance your options as a developer to deploy effective, efficient, reliable, and secure L2s.
Adding more intrigue to his points, he illustrated the constant upgrades and developments that Cardano and Ethereum undergo. He added that upgrades like the BLS support to Cardano’s Plutus V3 are embraced for better experiences with the L2 system.
Further, Hoskinson reiterated that Bitcoin will not “change or add any additional functionality.” His comments underscored that Bitcoin L2 is “insanely” impossible without a centralized or federated infrastructure. Also, Hoskinson labeled the Satoshi Roundtable event as merely a typical Bitcoin halving event narrative that he has witnessed thrice.
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