People seem to think that hyperbitcoinization is near, but is bitcoin prepared for that? With 200 vB per channel opening, we get 1 vMB/200 = 5000 new channels / block, 720 000 new channels per day. More than a year to onboard just USA, and we already sacrifice on-chain JPEGs in this scenario. That would force people into custodial solutions, because transfer to self-custody would be too expensive or slow. This could even be exploited by governments: "look how expensive it is to open a channel, use a bitcoin bank" - which can do fractional reserve just like in the good old days.
Batch opening? If we go crazy with 100 channels per tx and just 1 input, we can get 28835 channels per block. More than 5x better, onboarding USA takes just 72 days - so some people have to wait 72 days for their paycheck. Still not good enough.
Channel factories to the rescue? Sure, once they are implemented...
TLDR: careful what you wish
xmrk ₿ ⚡️ /
npub1zu…2qhzy
2023-03-20 20:22:05
Author Public Key
npub1zues2p7qdajk9hv7xn5ldntj3pufzl3jwzwa4dhlavxdkj27g92q62qhzyPublished at
2023-03-20 20:22:05Event JSON
{
"id": "0b432bc7c6947414c63b3c90c010c1b5f3d6466417cec06987aa544692c0ce9d",
"pubkey": "17330507c06f6562dd9e34e9f6cd728878917e32709ddab6ffeb0cdb495e4154",
"created_at": 1679343725,
"kind": 1,
"tags": [
[
"nonce",
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]
],
"content": "People seem to think that hyperbitcoinization is near, but is bitcoin prepared for that? With 200 vB per channel opening, we get 1 vMB/200 = 5000 new channels / block, 720 000 new channels per day. More than a year to onboard just USA, and we already sacrifice on-chain JPEGs in this scenario. That would force people into custodial solutions, because transfer to self-custody would be too expensive or slow. This could even be exploited by governments: \"look how expensive it is to open a channel, use a bitcoin bank\" - \twhich can do fractional reserve just like in the good old days.\n\nBatch opening? If we go crazy with 100 channels per tx and just 1 input, we can get 28835 channels per block. More than 5x better, onboarding USA takes just 72 days - so some people have to wait 72 days for their paycheck. Still not good enough.\n\nChannel factories to the rescue? Sure, once they are implemented...\n\nTLDR: careful what you wish",
"sig": "a3aa2e0125b11941bc1e4a78d9b1990f1514fc84722884df7799f21434e5fbabca5c94f6d94b27674fb3fc8ad66ffabb768586e72a56115bdbcd723edc634452"
}