Rusty Russell [ARCHIVE] on Nostr: 📅 Original date posted:2015-10-27 📝 Original message: Anthony Towns <aj at ...
📅 Original date posted:2015-10-27
📝 Original message:
Anthony Towns <aj at erisian.com.au> writes:
> C. Without lightning, as bitcoin adoption increases, either fees rise,
> or number of transactions per block increases proportionally. If
> 1% of people know about bitcoin, and use it whenever it's cheap;
> then 2% of people knowing about bitcoin gives twice as many
> transactions at any given price level.
Metcalf's law? Both sides need to "know about bitcoin".
Say: 1 billion people, each initiating 100 txs per year. But only 1%
know about bitcoin, so those 10M can only use it for 1 of their annual
transactions. At 2%, 20M can use it for 2 of their annual transactions...
Not sure how this alters the rest of your calculations.
Cheers,
Rusty.
📝 Original message:
Anthony Towns <aj at erisian.com.au> writes:
> C. Without lightning, as bitcoin adoption increases, either fees rise,
> or number of transactions per block increases proportionally. If
> 1% of people know about bitcoin, and use it whenever it's cheap;
> then 2% of people knowing about bitcoin gives twice as many
> transactions at any given price level.
Metcalf's law? Both sides need to "know about bitcoin".
Say: 1 billion people, each initiating 100 txs per year. But only 1%
know about bitcoin, so those 10M can only use it for 1 of their annual
transactions. At 2%, 20M can use it for 2 of their annual transactions...
Not sure how this alters the rest of your calculations.
Cheers,
Rusty.