holy fucking shit 🤣🤣🤣 that's the galaxy brain takes you're missing out on on the bird app 😂🤣😂🤣🤡🤡
Discussion
Fucking hilarious
jfc, my head hurts now
Big Brain Time
galaxy brain 🤣
What bs I just read????
Someone who probably doesn’t use Bitcoin talking about Bitcoin
This is what does drive me crazy inno shms… at least do some research before commenting that not hard
I assumed the year on the tweet would have been 2015.
Wild that takes are still that bad in 2023.
Our man has clearly never been zapped.
Pathetic
Wow…..
It's all so tiresome.
I don't think he's wrong if suddenly 50,000 people suddenly overnight opened on chain transactions. The 2nd reply is all bs. the first he didn't say anything factually wrong? Yes lightning and custodial solutions but "hot wallet bad" "not your keys not your coins". Why mockery of people who just don't understand fully.
Even 50,000 people can open on-chain transactions in 100 or less on-chain transactions. Multiple transactions can be pooled together, remember? Coinjoin/Wasabi regularly does this with hundreds of people at the same time.
Yeah I picked 50,000 as an arbitrary number. I don't see it being that realistic we'll just suddenly overnight have such a large number but regardless we can just x large number.
I know Exchanges can send to multiple outputs from 1 or more inputs. I've heard about Coinjoin/Wasabi but I haven't delved into it. Where can I find out more about this pooling of multiple transactions?
I thought Coinjoin was purely just for privacy. I just watched a video I made a mistake of assuming all inputs need to be owned by the same person. I need to read about it more but I never heard of it saying it can help with scaling.
50k ppl buy btc on exchange. They all want to withdraw, so 50k transactions are needed. Can you explain further on the 100 transactions or less.
I don't think there's anything wrong with current scaling solutions we have and will have in the future though as more interest builds. I just mean if overnight a major country just all switches to Bitcoin it's unrealistic to say it will handle well.
It's good that we have time to slowly build with adoption.
Re: CoinJoin, you have one transaction that has lots of people contributing inputs and outputs, every person in turn checks that their input is going to the right output, and signs their part of the transaction, then passes it on to the next one until everyone signed. It's no different from your wallet spending from lots of different inputs and just signing for all of them, except in this case you have each individual sign their part. I believe Taproot can optimize that even more by combining all the signatures together, though I'm not sure.
In the same way you can have multiple people coordinate to add their inputs and outputs to a transaction to onboard lots of people at the same time.
"50k ppl buy btc on exchange. They all want to withdraw, so 50k transactions are needed. Can you explain further on the 100 transactions or less."
Exchange creates 100 transactions, each transaction sending some amount to 500 people. Exchanges already do that, pooling transactions together. If you ever withdrew Bitcoin from an exchange and looked at your transaction, you'll see lots of money going to other addresses besides just your own.
"I just mean if overnight a major country just all switches to Bitcoin it's unrealistic to say it will handle well."
Currently probably not. 50,000 people is one thing. 350,000,000 is a whole other story. If that suddenly became necessary to do, for now the only/best solution may be custodial, where a "bank" already holds all the Bitcoin and has large lightning channels, and just does all the transactions for customers off chain on their own ledger.
Yeah I messed up regarding the 50k transactions are needed so badly lol, mind being foggy, I've seen on mempool when exchanges send.
Ty ill read more tomorrow.
But yeah I certainly not downplaying what btc can do rn, its fucking great.
Hey, speaking of this topic!
https://twitter.com/BitcoinNewsCom/status/1635587904238940168
Looks like a comment from someone with lots to lose if the fiat banking system collapses!
#[0] 😂
Even if we forget Lightning or assume it doesn't exist, you can pool multiple inputs and outputs into the same transaction. I don't know what the actual limit of number of people per transaction would be, but I know it's at least hundreds, maybe thousands.
And yes I know the actual limit is 1mb to 4mb block space, but this saves a lot to increase that 7tps.
I can’t wait until they bring out the new better blockchain that scales
Things you will not read on nostr. ^^
We have a mini bank run each year on Jan 3 where Bitcoiners who hold their keys tell other Bitcoiners who hold their keys, to withdraw sats from exchanges.
Some of us nod & sweep a few million of sats into cold storage. We sleep a little better that night but also know degen traders probably still don't care about counterparty risk.
Your post is getting a lot of likes and reposts.
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