xmrk ₿ ⚡️ on Nostr: People seem to think that hyperbitcoinization is near, but is bitcoin prepared for ...

People seem to think that hyperbitcoinization is near, but is bitcoin prepared for that? With 200 vB per channel opening, we get 1 vMB/200 = 5000 new channels / block, 720 000 new channels per day. More than a year to onboard just USA, and we already sacrifice on-chain JPEGs in this scenario. That would force people into custodial solutions, because transfer to self-custody would be too expensive or slow. This could even be exploited by governments: "look how expensive it is to open a channel, use a bitcoin bank" - which can do fractional reserve just like in the good old days.

Batch opening? If we go crazy with 100 channels per tx and just 1 input, we can get 28835 channels per block. More than 5x better, onboarding USA takes just 72 days - so some people have to wait 72 days for their paycheck. Still not good enough.

Channel factories to the rescue? Sure, once they are implemented...

TLDR: careful what you wish