Oddbean new post about login | logout bitcoin mempools may never clear again…
That time was always going to come eventually
Smells like 2017... I'm not sure that this time is different.
That would always happen with bitcoin adoption. This is only the beginning, in the future most people will only use onchain for larger transfers like paychecks, most of the time people will use LN and Layers 3.
I think paychecks will be settled on Layer2, Layer 1 will be swift equivalent, inter-institutions transfers... the average person will never touch layer 1. I believe will find a way better use case for ordinals than jpeg.
Yes, when i mean paycheck my company's bank transfers my salary at the end of the month to my bank account, that would be onchain, they pay the fees and they can batch the payments to all the workers in a single tx. Everything else will be L2 and L3.
I disagree. Cold storage is the only way to provide full sovereignty. L2, as of now, requires a hot wallet. That is not secure against a sophisticated attack. The protocol could be, but not individuals. Multi-vendor multi-sig in cold storage fixes this.
Do you need cold storage to be sovereign or having the ability and the choice to have your wealth in cold storage is enough under a bitcoin standard?
You need to be able to access cold storage to be sovereign. You can't walk across a border with an LN node backup in your head. No one should ever store their life savings on a hot wallet. We've seen even devs can't gaurentee safety for funds on a hot wallet. Cold storage for savings. This really has nothing to do with layer 2 in my head. It's the hot wallet component, and unfortunately L2 has to be hot as of now.
It's only been two days since I tried to open a lightning channel with 1sat per vb. Guess I'm going to be a little more mindful in the future.
5 sat is the new 1 sat. Ngu tec.
youve heard it first here freaks. Odell calls mempool bottom
Starting to feel like it. Have two small transactions in at 1 sat/vb for four days now 🙃
This is the question at hand. How will this impact adoption. Looks like L1 will be too bogged down for the little guy to want to use regularly.
The little guy would choose LN everytime anyways.
But institutions wont take bitcoin serious anymore. They can say "Look, jt's still fragile, they can still do bullshit with it, so don't let go all in, who knows what happens in the future to that software"
Bitcoin is built in a way that is difficult for institutions to adopt. Bearer assets are a liability for shareholders vis-a-vie corporate officers who have private key access.
There are methodologies to address this limitation. Build it and they will come.
If the shareholders control the business, especially if revenue is international, then the incentives are super strong. So maybe the methods are fine, but finding an understanding of bitcoin to then apply that knowledge to one's benefit - that might take ppl some time still.
But institutions wont take bitcoin serious anymore. They can say "Look, jt's still fragile, they can still do bullshit with it, so don't let go all in, who knows what happens in the future to that software"
Bitcoin is built in a way that is difficult for institutions to adopt. Bearer assets are a liability for shareholders vis-a-vie corporate officers who have private key access.
There are methodologies to address this limitation. Build it and they will come.
If the shareholders control the business, especially if revenue is international, then the incentives are super strong. So maybe the methods are fine, but finding an understanding of bitcoin to then apply that knowledge to one's benefit - that might take ppl some time still.
There are methodologies to address this limitation. Build it and they will come.
If the shareholders control the business, especially if revenue is international, then the incentives are super strong. So maybe the methods are fine, but finding an understanding of bitcoin to then apply that knowledge to one's benefit - that might take ppl some time still.
NOH