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Will it be too expensive for the average person to run a #lightning node in the future because it requires an on chain transaction and on-chain transactions would cost 10-100x the current sat v/byte fee, and at that time the FIAT price of #BTC will be order(s) of magnitude higher than it is now?

Wondering if it might be worth simulating / forecasting possible price scenarios using current data from the fee raising due to ordinals.

Beiner 2y ago

No.. fees will balance out.. unless Udi is fucking around

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Discussion

symbsrcool 2y ago

What do you mean “fees will balance out”? What if we hit Visa level of transactions - 1 million per ten minutes - fees will have to be much higher than they are now right?

symbsrcool 2y ago

I guess more and more transactions will move to the lightning network so maybe it does balance out. Will people buy houses with lightning?

Beiner 2y ago

I'm sure they will.. because I can open a channel on my Phoenix wallet a non custodial lightning network wallet of any unlimited amount for the fee of 1% and buy everything I want and need. Yes 1% fee but Hey I will be ready to transact like a mad dog.. also my family will be on my lightning and btc nodes sooo we can have full control

Feels Guy 2y ago

Fedi for us poors

Beiner 2y ago

I won't be buying g houses or a house I will rent always lol leave that headache for a home owner lol all the bill and taxes and important paperwork while I'm relaxed gone fishing lmao

Beiner 2y ago

Layer 2.. this was the same thing g they were saying g in 2013 2014 and look fees are as low as they are Satoshi was a genius.. not everyone will be on layer one and all merchants will be on lightning nodes

It will all work out

symbsrcool 2y ago

Wow yeah lightning could theoretically handle a million transactions a second which is way more than the 1700 Visa processes

https://medium.com/blockchain/the-lightning-network-explained-f3982356f87e#:~:text=The%20only%20transactions%20that%20are,1%20million%20transactions%20per%20second.

Beiner 2y ago

And you also have to remember the whole world will not adopt bitcoin its just how the world is..

The Daniel ⚡️ 2y ago

Everyone blah blah at the price they blah.