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Bitcoin fees are currently only a dollar, but niche programmers are suggesting to change the fundamental nature of bitcoin and increase its attack surface to make it more scalable… for people who don’t necessarily know or understand the trade offs of that scaling.

Scaling is an important discussion, but everything is a trade off. I like many of the scaling discussions, but rushing them is another matter.

It costs me $100 to buy a 1oz gold coin by mail, or to send signed documents internationally in a few days. Verification is expensive.

The idea that global monetary verification should be super cheap inherently comes with security trade offs.

All ideas should be evaluated carefully and come to major consensus. Otherwise change proposers risk a fork war.

MadMiner1340 1y ago

Bitcoin's scalability has more to do with how our world evolves. As Bitcoin has a limited supply, its value tends to go up or remain stable, reducing the need for frequent transactions as the currency retains its value better than fiat.

At the same time, advancements like AI, 3D printing, and self-driving cars are making things cheaper and more efficient. This "technological deflation" means we might need to transact less often because things cost less to make and do. This naturally reduces the demand for transactions on the Bitcoin network.

So, even without major changes to Bitcoin's code, the network could scale just fine as societal needs shift. Rushing to change the fundamental aspects of Bitcoin could introduce risks without real benefits. It’s crucial to think carefully about any changes, making sure they're truly needed and widely supported to avoid splitting the community.

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Discussion

Chuck Langstrumpf 1y ago

then Bitcoin is just another asset, integrated into the banking system.

MadMiner1340 1y ago

Bitcoin isn't just another bank-tied asset. It's independent, run by its users, not banks. They can not just create bitcoin out of thin air and loan it out. #bitcoin makes banks obsolete

Chuck Langstrumpf 1y ago

at the beginning it thought so too. but that is just not true.

MadMiner1340 1y ago

Oh so you have discovered a way to create #bitcoin out of thin air? You know how to get more than 21 million? Please share your secrets. My node would love to hear how you plan on tricking it to accept your newly invented #bitcoin?

Chuck Langstrumpf 1y ago

how do you prove the satoshis in a custodial lightning wallet are fully backed by actual bitcoin? every wallet provider can run a fractional reserve if they want.

MadMiner1340 1y ago

What does lightning have to do with #bitcoin? We are talking scalability without lightning. I was saying #bitcoin can scale with the code it has today. That means without lightning. It can scale because demand for transactions will go down because of the deflationary nature of technology improving

Chuck Langstrumpf 1y ago

sure, 7 tps will be enough forever. As 640kb of ram was in the 80s

MadMiner1340 1y ago

In the future that will be too many. What do you buy when you can 3D print everything you need? You can even print your own 3D printer. You might say well you have to buy the filaments. Or I can just buy one machine that makes the filaments from natural resources around me. Then I can just keep printing more of those. And that goes on and on and is only one example of how fast the demand to transact will go down. Especially now with the rapidly accelerating advancements in AI

Chuck Langstrumpf 1y ago

sure.