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10 sats \ 5 replies \ @justin_shocknet OP 14 Mar \ on: Scaling DEBUNKED: No More Than 5-10 Million Can Use Bitcoin, EVER! bitcoin
- Screwed up an order of magnitude somewhere along the way, should be closer to a billion on the high end which still does not change the tx pressure. There's only a billionish households and small businesses combined on the planet, and with Lightning they still won't be bandwidth limited as even today we can open a billion channels in just a single years worth of blocks.
source for this iiuc
alex bosworth tweet "We can onboard a billion/year to LN using just batching..."
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Wait I'm confused... if they can open a billion channels in a year...
Then what's the problem? Open hundreds of millions of channels (there's tons of transaction fees right there) and then just...
use Lightning not touching on chain?
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Lightning inherently touches the chain, just having a channel open ties up sats
Who said it's a problem? Bandwidth is solved, ownership distribution is the limiting factor
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What Bitcoiners don't want to acknowledge...
Is that the elite and the institutions will have most (if not the vast majority) of the sats.
Right now is the time for 'regular people' to buy them and hold them while the education and 'fog' around Bitcoin slowly clears up. In the long run... each sat is special and 'selling Bitcoin' is about the dumbest thing someone can do.
What Bitcoiners also don't want to acknowledge (but should be obvious) is that space for blockspace in the future will be very competitive.
The world's companies, businesses, nations, and institutions all competing to use on-chain will provide sustainable revenue for miners for a long time. But using the chain will not be 'free' like it is right now. It won't be 'unusably expensive' but blockspace will be highly valued and provide fee-competition, diverse fee incentives, and LOTS of miner revenue.
Expect a futures market for blockspace and 'on-chain' transactions for institutions... to evolve sometime in the next 10 years.
Bitcoin is just beginning and people will pay (in my opinion) whatever it costs to use it.
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Is that the elite and the institutions will have most (if not the vast majority) of the sats.
I agree, part of the motivation for the OP too... illusions to the contrary are just going to disappoint. There will be some re-balance, but its naive to think the people with MOST of the capital now won't still have an outsized share.
space for blockspace in the future will be very competitive
Now this is contrary to the OP, but that's not to concede to security budget FUD either.
Fact is we can't possibly know for sure, but the trend is that there's less on-chain demand as Bitcoin becomes more institutional and less of a test network where people hit the chain often with low-value transactions.
Bitcoin is just beginning
Amen.
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