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Raymon
c47e92ddbb45f35ff8d821c37fdf211eb57179c1a36760b8d2638e6f5c577873
Building nostrich.house - Anon Senior Dev., Arch. and founder. Love #nostrdev #python #lightning #angular #bitcoin #freedom

Super smol 😸

Nice side effect... can use my nip57-server to enable #lightning payment for my web shop 😃 just use kinds 9734 and 9735 as invoice and payment confirmation.

Replying to Avatar Hunter ₿eaṩt

If Bitcoin does wind up securing the value of 8 billion people, it will need an enormous security budget. If miners earned 2 BTC in fees from blocks at $10M, that would mean miners would earn $1 trillion (dollars) per year. This puts Big Bitcoin on the level of the military, the cost of the banking sector, and energy, all trillion dollar industries, and Bitcoin affects spending in all three.

Consider that Bitcoin is a permissionless network anyone with the hardware and energy for it can join, this could be a Proof of Work-driven wealth redistribution. Mining pools are gonna need scaling layers for payouts, they'll have so many smalltime miners. Imagine if every home in the world could get heat that pays them in the same money they work their job in, earning their share of fees from on-chain activities of all sorts.

HVAC is also a multi hundred billion industry, globally. Bullish on HashVAC, bullish on lower Gini coefficient, bullish on price, bullish on small blocks, bullish on layers.

Hold onto your S9s folks. 10 ksats per year might not sound like a lot right now, especially since pools pay on-chain, but if they were streaming sats and each one were worth $.10, that'd be $1k/yr if the hashrate goes up 10x and the price is $10M. Not nothin on the global scheme of things. Bullish on cold places. Not sure how well absorption chillers work with Bitcoin miners, but there might be something there for warm places, too. Bullish on energy, bullish on humanity.

Now, with all that bullish perspective, know what an on-chain transaction costs in this future in dollar terms?

At 200 sats/vB and $10M BTC, that's $3600 for a channel splice like the kind Phoenix wallet does, which will likely be the most common monetary transaction type on-chain.

We would have to make blocks a thousand times bigger, with the chain growing 100 terabytes per year, to make them cost $3.60, and it'd be questionable if miners will make the same in fees, so raising the block size has never been incentive compatible with miners, and so that won't happen. And the economic nodes are the ones run by degens. So, that whole question is moot. There won't be a Block Size War II, because there is no threat of that changing.

Instead, as responsible adults, we will need to get used to the fact that all the things we like about how we use Bitcoin will change as it grows. The simple mental models will eventually stop working as they don't scale. As sure as a parent comes to terms with how their child grows, how we use and think of Bitcoin will need to change for it to grow. Happy quince, Bitcóin.

To see the future of something new, one needs to change perspective. Else you're wrong.

Don't mind, I misunderstood you

GN nostriches 🍺❄️

Replying to Avatar saunter

nostr:npub1r0rs5q2gk0e3dk3nlc7gnu378ec6cnlenqp8a3cjhyzu6f8k5sgs4sq9ac the copy seems a bit unclear here. You mean you recommend showing nip5 only when you already follow a user? Or you show only checkmark then? #nostrdesign

Think we should stay with NIP-05, it gets more important with more users on Nostr

Replying to Avatar Derek Ross

I feel like nostr:npub1t3ggcd843pnwcu6p4tcsesd02t5jx2aelpvusypu5hk0925nhauqjjl5g4 because it's 5am and I haven't fallen asleep yet 😂 but also 😭 I have been getting horrible night's sleeps and having trouble falling asleep lately.

Or as use case for a NIP 04 messager app on Nostr. #android