sworder on Nostr: This period of ridiculously high on-chain fees is what prompted me to spend last week ...
This period of ridiculously high on-chain fees is what prompted me to spend last week learning about LN, installing my own LND node, and opening channels.
It’s a simple economic reality that will drive Lightning adoption.
My not-so-complex decision tree was: Am I willing to pay $8 in fees on-chain to buy a $100 Cheesecake Factory gift card from BitRefill? No, that would be insane.
But am I willing to spend $8 to fund a $1,000 Lightning channel that I can use with a variety of vendors in an instantaneous and private manner? Yes, absolutely!
You discussed this layered approach in your book, but it didn’t really become a salient point for me personally until the fee situation became a stumbling block in my day-to-day operations.
It’s a simple economic reality that will drive Lightning adoption.
My not-so-complex decision tree was: Am I willing to pay $8 in fees on-chain to buy a $100 Cheesecake Factory gift card from BitRefill? No, that would be insane.
But am I willing to spend $8 to fund a $1,000 Lightning channel that I can use with a variety of vendors in an instantaneous and private manner? Yes, absolutely!
You discussed this layered approach in your book, but it didn’t really become a salient point for me personally until the fee situation became a stumbling block in my day-to-day operations.