Replying to Avatar Jeff Swann

Transactions rarely cost more than a few dollars. We need better ways to trustlessly share UTXOs so that they can cost $1000+ because they probably will at some point.

The ~4mb limit has nothing to do with the cost of a harddrive.

It already costs a couple hundred dollars to buy the hardware needed to run a node. Storage & computational demands have grown & will continue to do so.

Lopp has written about past efforts to sync an ETH node from zero, which took weeks when everything went right & it repeatedly failed. Do you understand how fragile the network becomes if downloading & verifying everything takes that long & any significant number of nodes gets wiped out?

If only Google & Visa can run nodes then we have just recreated the Fed banks. They can change the rules & the supply however they see fit.

The cost of running a node gets exponentially larger as the number of nodes shrinks. Everyone who uses bitcoin has to connect to a node, what happens when the number of leechers massively outweighs the number of seeders? What does that do to the cost of seeding info?
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Chuck Langstrumpf 1y ago

When only BTC rich people can use it in a self sovereign way, we just recreated the banking system.

Why should everybody suffer high transaction fees, even for lighning onboarding, because some dude with a shitty internet connection wants to run a full node out of his moms basement on a raspberry pie?

What does that do to the cost of a transaction?

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Jeff Swann 1y ago

It's a provably honest court system for ownership of wealth. It's not for everyday transactions. The base layer offers millions of dollars worth of security with just a couple of confirmations. Nothing you do where you would throw away the receipt should ever be done onchain.

Pi hardware already isn't great for running a node. My node was $1500. How much do you think it should cost?