james on Nostr: Again, this is for the future, many years from now. I think there ought to be more ...
Again, this is for the future, many years from now.
I think there ought to be more users of bitcoin that node operators. I think a single transaction ought to be cheaper than running a node. The upwards fee pressure of 8 billion people putting transactions on a 7tx/s network would make each cost possibly a years salary of an average person.
A metric we could use for fees is their proportion to the cost of owning and running a node for a year.
Trading "your everyday node operator" for "your everyday bitcoin user" is a profitable trade.
That's not to say that every transaction ought to be on-chain, but that users need to actually be able to set up their a LN channels in a decent timeframe.
I think there ought to be more users of bitcoin that node operators. I think a single transaction ought to be cheaper than running a node. The upwards fee pressure of 8 billion people putting transactions on a 7tx/s network would make each cost possibly a years salary of an average person.
A metric we could use for fees is their proportion to the cost of owning and running a node for a year.
Trading "your everyday node operator" for "your everyday bitcoin user" is a profitable trade.
That's not to say that every transaction ought to be on-chain, but that users need to actually be able to set up their a LN channels in a decent timeframe.
quoting nevent1q…jtjtHow expensive should it be to run a full node? Current low-mid end hardware costs about 0.001BTC, and storage is about 10MB/sat. If the blocks are fill for a year, that's a little more than 5ksat/yr. 100ksat startup cost and 5ksat/yr is really quite cheap.
With hardware costs going down and performance going up, I think a block size increase could be warranted. Carefully and cautiously, we could try 2MB, and then 4MB in another four years, maybe keeping trend to a maximum of 32MB as the adoption reaches the end of the S-curve.
A balance must be struck between throughput and security. The narrow optima is widening between these as of now, and I'd rather a world in which self custody and everyday people interacting with L1 remains a thing for my children.
nevent1q…xlx4