406 sats \ 7 replies \ @DarthCoin 22 Nov 2023 \ on: Stranded sats bitcoin
I am not so worried about the future use of sats.
Slowly in time, sats will be more valuable. And I mean not in fiat price, but in purchasing power.
That means, in time, with less sats you could buy more things. Free market on steroids, each product / service will have its value priced in sats based on demand and supply.
Nowadays, on LN we have a shit ton of sats (like 5000+ BTC on the public nodes, not including also the private nodes that are NOT displayed in that public chart). This is a giant amount of sats, if you think about. I think we can double this amount on LN and we still have plenty of sats to trade product and services, fast, cheap, private.
Onchain UTXOs must be used EXCLUSIVELY for opening / closing LN channels. That means, we should not worry too much that we will not have enough UTXOs or whatever doom scenario.
Yes, we need some improvements for LN and are on their way... slowly we will get to that.
LN is still a small child of 4 years, not even is walking well. Still have lot of time to grow and get an adult, like Bitcoin onchain.
Start using LN every day, test all kind of wallets, solutions, payments and give feedback to developers. They need that in order to improve the code.
I think @DarthCoin is right on here. As I am learning about and deploying utxo management and coinjoins/mixing I am cleaning up the old, while modifying practices going forward.
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Prepare from now your LN bank...
We are pioneers, we have to learn to build solutions for the heard that is coming.
Don't waste your time trading shitcoins. learn more about BTC/LN and build solutions for people around you, close to you.
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Yes. In the future, 99% of the world population will be priced out of using L1. Only the ones that are early and stacked a large enough stack will be using on-chain. For myself, I only have UTXOs of 1M sats or larger for this reason. These might need to be consolidated at some point as well.
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Yup, that could happen. That's why it's worrisome. @DarthCoin's suggestion is certainly part of the solution -- figuring out how to migrate stuff onto LN ASAP in a sensible way.
I expect other types of solution will arise, such as the emergence of new institutions that make different tradeoffs w/ sovereignty. You can already see it, in some ways that people don't like (e.g., exchanges) and some people generally like (e.g., fedimint) and everything in between (collaborative custody at Unchained, Casa, etc.)
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poor folks, can't afford to take their sats off LN for cold storage
btw, we were screaming out loud all these years: buy and use bitcoin, meanwhile they were ignoring us or even worse, using shitcoins... now they get what they fucking deserve.
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