60 sats \ 5 replies \ @notgeld 23 Sep 2023 \ on: Nic Carter comments on security budget bitcoin
Originally, the topic was raised by Hasu who also pissed off by Bitcoin community. But likely he couldn't raise any money for his ideas. Nic also hopped on this topic and pissed off as well.
The truth is that both started ringing alarming bells exactly when Lightning Network offloaded small transactions from onchain activity and changed previous Bitcoin fees dynamics. Interestingly one of FED banks did quantitative research on this topic.
Interesting comment.
I’m not going to slag off anyone for raising it as a potential issue, but it deserves a nuanced take instead of scaremongering. Nic and Udi - I trust neither of them and doubt they are acting in good faith.
The simple answer is we don’t know. Bob Burnett on Natalie Brunell had some interesting thoughts on the scarcity of block space the other week though. Tldr - it’s wholly scarce. We haven’t even begun to see the consequences of this yet - as you say lightning (and Segwit before?) has had a big dampening effect.
reply
Both Nic and Udi have vague understanding of Lightning and don't follow it.
reply
deleted by author
reply
I think this is quite particular to Bitcoin also - a signal of a very low time preference ecosystem. Forgive, maybe, but don’t forget
reply
deleted by author
reply