Andre Leblanc on Nostr: https://m.primal.net/HTWu.png I hate being the devil´s advocate but I have the ...
I hate being the devil´s advocate but I have the feeling that #bitcoin nostriches like to think that everything is hunky-dory with Bitcoin. I rather see lot´s of problems, not yet, but coming clear on the horizon. And too few seem to pay attention to that:
- LN was the bitcoin scaling solution. Custodial LN will be subject to fraud as all custodial solutions. Non-custodial is too burdensome to onboard the average person.
- Without LN the base layer wil be at standstill next year. Block space is now FULL. Backlog in the mempool is about 200.000 transactions - 340 blocks. It has been completely full and never cleared since the beginning of 2023.
- All the available blockspace for 2024 is about 150million transactions which everybody will compete for and will make blockspace by itself an absolute scare commodity.
- Mining fees are going to skyrocket making the base layer good only for very large transactions.
- So WTF we are talking about bitcoinizing the entire world. If today
saylor (npub15dq…lm5m) decides to give away some sats to onboard the world population (8 billion) it will take 40 years to the base layer to clear the transactions doing nothing else.
- Then we have bitcoin fungibility which is going down the toilet and is clearly the weak spot regulators will attack.
To me it does not look good at all and putting the head into the sand does not help.
Bob Burnett of Barefoot Mining talks about that with
petermccormack (npub14mc…frlx)https://youtu.be/ddIMjO1KB84 Published at
2023-12-11 16:40:28Event JSON
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"content": "https://m.primal.net/HTWu.png\n\nI hate being the devil´s advocate but I have the feeling that #bitcoin nostriches like to think that everything is hunky-dory with Bitcoin. I rather see lot´s of problems, not yet, but coming clear on the horizon. And too few seem to pay attention to that:\n- LN was the bitcoin scaling solution. Custodial LN will be subject to fraud as all custodial solutions. Non-custodial is too burdensome to onboard the average person.\n- Without LN the base layer wil be at standstill next year. Block space is now FULL. Backlog in the mempool is about 200.000 transactions - 340 blocks. It has been completely full and never cleared since the beginning of 2023.\n- All the available blockspace for 2024 is about 150million transactions which everybody will compete for and will make blockspace by itself an absolute scare commodity.\n- Mining fees are going to skyrocket making the base layer good only for very large transactions.\n- So WTF we are talking about bitcoinizing the entire world. If today nostr:npub15dqlghlewk84wz3pkqqvzl2w2w36f97g89ljds8x6c094nlu02vqjllm5m decides to give away some sats to onboard the world population (8 billion) it will take 40 years to the base layer to clear the transactions doing nothing else.\n- Then we have bitcoin fungibility which is going down the toilet and is clearly the weak spot regulators will attack.\nTo me it does not look good at all and putting the head into the sand does not help.\nBob Burnett of Barefoot Mining talks about that with nostr:npub14mcddvsjsflnhgw7vxykz0ndfqj0rq04v7cjq5nnc95ftld0pv3shcfrlx\nhttps://youtu.be/ddIMjO1KB84",
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