47 sats \ 7 replies \ @justin_shocknet 2 Jun \ on: What should bitcoin be? bitcoin
He's a realist and absolutely right
Which of @k00b's attributions to Saylor do you think are absolutely right? All of them?
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The general sentiment that everything is downstream of SoV and that's a sacred product-market-fit not to be taken for granted
He butchered a lot of metaphors, but nailed one... I too have long compared the script kiddies demanding moar "expressivity" to communists, it's a similar mind virus that turns virtue into destruction
Core development should be considered suspicious by default, some funding is disclosed, but even more is not
Where I disagree is his concession of institutional-only use and generally being anti-MoE, my math says we only need 1.5~ billion lightning channels at most to achieve it and there's no technical road blocks to getting there ... My money is where my mouth is on this one as evidenced by my projects
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Thanks, that's helpful context.
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a batch open of 50 channels takes ~2k vbytes
a day has 144k vbytes
so we could open 3m channels a day or 1 billion channels per year
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(Woah my math was so butchered by Markdown. 😅)
Your math makes me optimistic.
That's 50x batch open with one input and 50 outputs I guess. So people/organizations would pay fiat(?) to a bitcoin holding entity in order to participate in a batch..
One aggravating factor for very long-lived and very active channels is state storage in current LN penalty.
There also has to be plenty of on-chain room for channel closures. Cooperative closes could involve batching of many inputs to a custodian who pays out IOUs of some kind on the other side. Force closures are incompatible with batching.
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my vision approximately is that a node puts an order in with a peer in a nostr-based marketplace where reputation can be factor
A service fee goes to the coordinating peer who adds you to a round, rounds execute based on any number of preferences
So nodes willing to wait days for a channel may get them nearly free as they're subsidized by larger and high time preference ones
Most nodes will only ever have private low-moderate volume channels so they should last easily as long as a car or any other major household appliance
As for closures there's always "room", at what price is the question... undoubtedly closures will cost more than opens but that's also optimal from an incentives perspective
If people are going to accept some trust with shitcoins and federated hoaxes, queuing for a batch channel open is a no-brainer
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