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.
No.. fees will balance out.. unless Udi is fucking around
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?
I guess more and more transactions will move to the lightning network so maybe it does balance out. Will people buy houses with lightning?
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
Wow yeah lightning could theoretically handle a million transactions a second which is way more than the 1700 Visa processes
And since some of us already experienced this we will be prepared with lightning channels when we see arise on the fees
After #hyperbitcoinization most likely 95% of the population will ony have to open a #lightning channel once in their live time.
Why?
that implies to me that we’re gonna be relying on ‘supernodes’ as liquidity providers/reliable partners, and having a single counterparty makes it so much easier for big hubs to exploit ppl with random fee changes if their only retaliation is closing the channel.
You don't need to open/close channels. You open a big channel once when you get your first paycheck. Now, the liquidity is on your side, then you start paying for rent, food, etc. aka pushing out the liquidity. Then you get your salary again and the liquidity comes back. So it just goes back and forth all the time without the need to close/open your channel for rebalancing.
Interesting - so then would we reach a point where people wouldn’t ever do on chain except for opening that channel?
As soon as you get paid in #Bitcoin and can pay for all you need with #Bitcoin.
I meant on-chain vs lightning - like if bitcoin is world reserve currency then would most people only ever use lightning and on-chain is stuff for creating / settling channels and really big payments, because on-chain trans. per sec is limited?
Let’s throw some numbers around. Let’s say we hit 1 million transactions per second. That’s 600 million transactions per 10 minutes. If a block holds 6k transactions, then only 0.000166% transactions can be on-chain per block. How high might fees get at this point, in BTC, is what I’m wondering.
People will receive their salary via lightning and also pay for everything via lightning.
Most people spent what they earn and save only a little. So no need for on-chain imo.
