385 sats \ 7 replies \ @freetx 12 May \ on: Maxis lost the plot bitcoin
I would posit to you two things: (a) The market has decided that Bitcoin is a SoV, not some random twitter personalities and (b) Attitudes change and new information comes in.
I think what really happened is that in 2014 -- in a state of naivety -- everyone was convinced Bitcoin was magically going to be this incredible payment tech that would destroy Visa. Then LN came along in 2018 and seemed to bolster this view.
Since then, the realization of scaling woes has hit everyone...and they now see that scaling Bitcoin to serve 7B people is technically impossible in its current form. Even though LN helps, it doesn't really solve any of the core scaling issues. Therefore, a new approach was needed.
This new approach comes with the notion that Bitcoin is currently serving only as a SoV, thus it makes no sense to loudly promote it as otherwise.
Likewise the market itself has chosen Bitcoin to be a SoV. People simply do not want to buy coffee today for $3 that will be $300 in 10 years time. Its not a rational investment choice.
This is an overly simplistic view.
SoV is a pre-requisite to MoE...
I personally came into Bitcoin as an agorist interested in MoE, but without SoV we may as well do that in an SQL database.
The correct framing is Act 1 vs Act 2
realization of scaling woes
There's been no such thing, a small cohort of shitcoiners and virtue signalers PROJECT scaling woes...REALity is that fees are barely 10% of the newly halved subsidy.
Bitcoin is money. It doesn't solve for people not having money.
It does however enable permissionless earning of money, but the middle bell curve can't process that's a task now for the shell and not the core.
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Depends on your definition of onboarding the world
Your math is also wrong, we can open a billion lightning channels per year with existing batching
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Enough for what?
If you buy into the 8BN framing it's not a serious conversation, it becomes a divisibility issue long before it's ever a blockspace bottleneck. Dust will always be dust.
Just as there's not 8BN houses, 8BN refrigerators, or 8BN cars... there's not 8BN custodians. Families share things... nodes will be among those things: Lightning.Pub
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Global MoE doesn't have a hard number, so you're speculating
How is a user defined? A lightning channel? Could batch a few billion over 5~ year hyper growth
But that assumes there's even that many people with assets
Reality is there's no technical ceiling in sight, it's a socio-economic ceiling of the golden billion who largely own equity and not money
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