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You need to get the people on LN first, which requires an on-chain transaction. If we assume 10 tx/s (which is very generous) you need over 11 days just to onbo

by foepys 3y ago

You need to get the people on LN first, which requires an on-chain transaction. If we assume 10 tx/s (which is very generous) you need over 11 days just to onboard 10,000,000 people. Then if somebody did some funky business with the channel and it needs to get closed to save your funds (have fun monitoring all your channels by yourself or paying somebody else to do it), you need to wait for another on-chain transaction to get access to your funds again. All of this assuming that the routing problem has been solved and the big hubs (I'd call them banks) are able to serve the transactions from their initial funding and don't have to wait to open channels with more funds. LN is something that works well in a lab but collapses when used by more people than just a few nerds.

LAMike 3y ago
First off, props for admitting that LN could get 10 million users on board in 11 days, even with a conservative 10 tx/s estimate. If you look into channel factories, this could scale the potential users to 100 million users in less time than ChatGPT took, which is the most viral product of the past few decades. Is that not good enough for you? About the whole routing problem and "big hubs" thing – remember, the LN is all about being decentralized. As more users and businesses join in, routing gets better and better, so you won't have to rely on any single big player. Plus, with the LN's atomic multipath payments (AMP), payments can take different paths, making it even easier to send Satoshis around the world. You can run your own node with a 10 year old Thinkpad you can buy on Ebay for $100. Also anyone with Cash App can send Bitcoin over LN, today. I don't think you would call everyone with that app a nerd, would you? There are farmers, grandmothers and people in the developing world using Bitcoin to survive today, those aren't nerds to me. Btw it's pretty funny calling other people nerds when you lurk on HN. If you haven't noticed, nerds have been running the world for a while now.

by foepys 3y ago

LAMike 3y ago

First off, props for admitting that LN could get 10 million users on board in 11 days, even with a conservative 10 tx/s estimate. If you look into channel factories, this could scale the potential users to 100 million users in less time than ChatGPT took, which is the most viral product of the past few decades. Is that not good enough for you? About the whole routing problem and "big hubs" thing – remember, the LN is all about being decentralized. As more users and businesses join in, routing gets better and better, so you won't have to rely on any single big player. Plus, with the LN's atomic multipath payments (AMP), payments can take different paths, making it even easier to send Satoshis around the world. You can run your own node with a 10 year old Thinkpad you can buy on Ebay for $100. Also anyone with Cash App can send Bitcoin over LN, today. I don't think you would call everyone with that app a nerd, would you? There are farmers, grandmothers and people in the developing world using Bitcoin to survive today, those aren't nerds to me. Btw it's pretty funny calling other people nerds when you lurk on HN. If you haven't noticed, nerds have been running the world for a while now.