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1353 sats \ 13 replies \ @CUMDUMPSTER 28 Dec 2023 \ on: Bitcoin fees, a worrying trend bitcoin
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Thank you for saying this. I've been thinking about this alot lately. I view Lightning as a failure. I've given it so many chances and I just don't wanna deal with it anymore. I either deal on-chain or I don't. It's all good.
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A "small amount" could be like 12 months worth of groceries and expenses, and a "big amount" could be your life savings of 20 years. Would that still be reasonable?
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No, that would not be reasonable. How would that work in a bitcoin circular economy? I just collect my wages for twelve months before deciding to spend them via lightning?
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I would store all your wages in LN and at the end of the year move the excess money on-chain once per year as long-term retirement savings. If you expect to make some bigger purchases in the upcoming months, you could also keep that on-hand. Hopefully over time, your long-term savings is much bigger than what you keep for daily expenses.
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All of this requires liquidity management and thus on-chain fees.
Agreed. And soon they will be telling to just use custodial accounts. Sometimes it feels like lots of bitcoiners are just operating off blind faith
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It's already happening, and it's ridiculous.
It needs to end.
This goes against the Bitcoin ethos and for all the bitcoin maximalism out there, I fail to see how that is reasonable.
I go on Nostr and see
"bio: Bitcoin maximalist! Live or die on this hill!"
"Ln address: @getalby.com"
Hum...
Now don't get me wrong, I know you xan keep only what you immediately spend on a custodial wallet but
a) it sets a precadent. On fact, it already has.
b) if they have their own node, might as well use it, no reason not to.
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Yeah, I don't see how we're going to get this into the average Joe's head, either.
"Money of the people" but only for the ones able to out-bid others when transacting.
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