Teach me about #bitcoin

I consider LN a done deal. The reasons were briefly posted on twitter already but since twitter account is deleted I'll provide them again here.

1) Serious LN dev is hard and time consuming, I no longer have time or resources to keep it up or even maintain what has been developed so far. In my opinion the whole LN protocol is overly complex and is getting worse and at this point can only be developed by very few high profile specialists at a very slow pace. Philosophically, I think Bitcoin as a protocol should have a complexity barrier such that it does not get beyond a point where laymen just can't understand and trust it, I think LN has already passed that barrier.

2) It's been 6+ years of struggle to get LN anywhere beyond a community of mostly ideological users with no visible success or perspective. My opinion is ultimately LN is not what market at large wants from Bitcoin and folks should look into other directions besides dumb payments, and not overly fixate on LN.

3) Remaining LN demand has been mostly absorbed by various custodial solutions. A truly non-custodial LN wallet will always be worse than a custodial one in UX terms and historically we see that majority of remaining users consistently choose convenience over control. This makes developing end-user non-custodial LN solutions feel like the most thankless thing in the world.

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GFM 💜

#plebchain

I challenge everyone who zaps a standard amount to keep their zaps the same nominal amount until the 2032 halving.

I zap 1000 sats.

If BTC is $500K, that’ll be $5⚡️

If BTC is $2M, that’ll be $20⚡️

Funny, it will likely be much more, because I think $20 in 2032 will likely be worth only $1 or $2 in todays terms. That would suggest 40% real average inflation every year... or more realistic, that’s 10% per year for 7 of those years, and then 2 years with around a 200% average.

Just for comparison: US debt is ~$33T, and unfounded liabilities are around $100T. For those to match during the same period it would require 12-15% average yearly inflation. My assumption is that if inflation is that bad for multiple years (which it may have to be) and #Bitcoin exists alongside this, there will be an aggressive period of partial demonetization of the dollar, causing the 100+ percent inflation zone)

Understand I don’t think this will necessarily be measured in CPI (it’s a shit metric), I think it will happen in the broad money supply. Massive technological growth could make this really hard to see.

So if 1 BTC really equals 1 BTC, then keep zapping the same amount 😂

How what wallet. I been on Phoenix for a long time and never had a forced closed channel.. post screenshot maybe i can help