All the things that actually harden bitcoin like p2p exchange, self-custody and mining decentralization is always underfunded. In general, however, funding for bitcoin companies draws from an extremely small pool of capital compared to 'crypto' or trad industries.

I think layer 2 designs that aren’t lightning have been ignored for way too long, but I also see this changing. By the time 2023 ends I expect alternative-L2s to raise more total funding than lightning companies this year, and I expect that’ll accelerate in the next few years.

There’s A LOT of work to be done on most of these ideas before they’re commercially viable, but I think that landscape will look very different very soon, and we’re going to see many new players in that arena.

Ironically, we are today making the same mistake the largeblockers did.

The problem with LargeBlockism was that, eventually, a node becomes too expensive, people don't run nodes, and then you are just left with Bitcoin as an inefficient version of VISA / WeChatPay.

Today, we have many users of "custodial" lightning. Custodial = infinite blocksize node. We also have non-cypherpunk leaders, who do not care about privacy. A non-private node = an infinite blocksize node.

We also have people who address the "node problem" via shame. That won't work.

What we should do is:

I have actually already done all these things, so we could do all of this tomorrow. Instead, however, we are focused on the opinion of tradfi , etf , various laws, etc.

We must be focused on the user experience, of course.