Replying to Avatar azz

What will be the money on Mars?

Bitcoin mining won’t be able to happen (most of the time) on Mars, while the block time is 10 minutes due to Mars’ RTT of 5-20 minutes, dependent on distance.

Currently, bitcoin establishes international consensus every 10 minutes. We can do this because we can reach anywhere within our consensus scope (earth currently) within 10min. Earth’s circumference is about 0.134 light seconds.

When humanity becomes interplanetary, likely on Mars, bitcoiners should consider linearly increasing the block time and limits.

This would allow Bitcoin to achieve international and interplanetary consensus, therefore supporting interplanetary economic activity and acting as an interplanetary currency and store of value.

For the solar system, a safe bet would be a 30-minute to a 1-hour block time, with limits adjusted linearly to that.

Thoughts?

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gsovereignty 2y ago

I've thought about this from the perspective of people who live outside of comms range and without phones etc.

You can use Bitcoin effectively in these environments by using HTLCs.

You could use a local chain (red node) upon which you trade UTXOs which are time locked (HTLC), kind of like lightning. If it expires in less than say 3 hours you need to settle on a blue node (earth).

Red nodes act like banks, batching everything and settling large amounts on blue nodes.

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