6 ms·
Three week wait, or pay $30 to settle. That was December 2017. The channels will freeze and a lot of people will wish they had money that works when they need i
by n0t-satoshi 8y ago
Three week wait, or pay $30 to settle. That was December 2017. The channels will freeze and a lot of people will wish they had money that works when they need it. Like Cash.
- homakov 8y agoWith 1m tx per day you need 3 weeks to close 21m channels. Reasonable for a protocol bug. If just one hub goes down however, it will sort out in a few days. Like I said it only should cater to economic majority aka 1% so 70m wealthy users need 2 months. Btc’s current limits are far from optimal but layer2 itself is working great especially on other chains.
- imtringued 8y agoYour numbers are incorrect. 1m transactions per day is almost twice as fast as the theoretical capacity of Bitcoin. (~600k transactions per day assuming 7tps)
- homakov 8y agoI was citing eth's ones. Bitcoin is a poor platform for doing layer2 due to unfixable restrictions. What matters is it's about 600k~1000k (not 100m) and even with these it supports quite a lot of users. Supporting more than 1% is desirable but not mission critical.
- not-satoshi 8y agoThat's not Bitcoin. Bitcoin is electronic cash for everyone on the internet. See www.bitcoin.com/bitcoin.pdf
- homakov 8y agoFlaws in Bitcoin make a lasting revival unlikely. Layer2 is better deployed on new chains, while discussing poor bitcoin life choices leads us nowhere.
- millettjon 8y agoOnce there is a critical mass, there is less need to close. Also, in fiat banking, Argentinians had their pesos devalued 4 to1 overnight. Zero chance to withdraw in that case.