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17 sats \ 9 replies \ @NEEDcreations 18h \ parent \ on: COMMENT BOUNTY CHALLENGE BooksAndArticles
Hey, interesting post. What would you say to a proponent of covenants who says, "But don't you want to scale self-custody to 8 billion people? Don't you care about anyone else but yourself?" Cuz I've seen this said many times, and I want to hear what your response to that is. @justin_shocknet
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ECash is trash
CLINK and Lightning.Pub are why nostr exists
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If we count exchanges including things like CashApp, it's on hundreds of millions of phones already, which makes it great for merchants that want to receive.
Realistically, there aren't many merchants receiving, even less self custodially, because the tools for doing so absolutely suck. (WIP)
Enthusiastic self custody users are likely in the low 10s of thousands.
That's scammers using emotional blackmail to adopt their shitfork
Reality is that there's two factors in scaling
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Transaction throughput: Lightning already scales transactions infinitely
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Ownership: Distribution is the real bottleneck, there's a minimum amount of Bitcoin needed to not be dust, and even at sub-sat fees today there's not enough Bitcoin for everyone to trustlessly transact (unilateral exit)... a few hundred million people at most... likely less as big accumulators like institutions continue to accumulate.
Lightning already has batch opens that reduce costs 80%, but no one uses that because cost isn't a bottleneck.
Ark batching also doesn't lower the boundary on unilateral exit.
Fake L2's literally solve nothing, Lightning for better or worse realizes the immutable physics of the chain and fake L2's are scammers trying to sell a perpetual motion machine.
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But fiat money is an essential strategic power projection tool for the nation state- and the nation state is fundamental to the wealth of nations.
Wanna buy some rare earths for your military industrial complex?
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