Ln is not a financial system.
It’s a transaction layer limited by the financial system that it runs on….. bitcoin.
Discussion
Okay I agree it's not a financial system itself it's a system which facilitates micropayments on Bitcoin which is itself the financial system. But out of curiosity what issues do you think having a bigger blocksize will fix?
"Bitcoin itself cannot scale to have every single financial transaction in the world be broadcast to everyone and included in the block chain. There needs to be a secondary level of payment systems which is lighter weight and more efficient." -Hal Finney, Dec 2010
Good quote I miss Hal.
Was lucky enuff to be early enuff to see him around the forums.
He was taken to early.
I completely agree with this statement.
I think for anything to scale on bitcoin as a L2 the base chain needs to be able to scale, if it doesn’t it becomes unusable no any other layer.
The way I see it is the base layer will only be used be extremely wealthy individuals and big organisations such as central banks, it's too valuable for the regular person to need it. Regular people will transact on L2 and L3 layers hell maybe even L4 we don't know what things'll look like 10/20 years from now.
If l1 gets that expensive your never going to afford using l2 & up.
How are you going to open up a ln channel? If you can’t pay the base chain?
I don't think you will have to do a L1 tx to get L2 and up working in the future, I really think you'll be surprised at the innovation that can happen in the next 10 years.
If there’s no tx on the main chain your not using bitcoin anymore.
And saying passing ln channels generationally as a joke.