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this post was submitted on 23 Jul 2024
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Bitcoin doesn't scale well, and also requires network connectivity.
I wonder whether we'll ever be able to create a decentralized money system which would work over floppinets (figurative, USB sticks would do too, the point is not having good internet connectivity or any at all) and not be built on competitive wasting of computational resources.
You can't solve double spend problem off-line, it's just not possible - at best you can use secure element chips to prevent copying and tampering, but this isn't a reliable solution.
In practice, at least merchant has to be on-line - otherwise your payment is only as good as your word
Yes, this part is similar to paper checks. I agree.
There may be a solution to spamming double spends - similar to existing f2f systems.
Lightning scales very well. Your information is outdated. A single bitcoin transaction can open a lightning channel. You can have trillions of transactions in a lightning channel between you and anybody else with a lightning wallet. All settle instantly for pennies in fees. They literally happen in under a second. In the last two months, Nostr users alone (decentralized twitter clone like Mastodon) sent each other 2.6 million tips (individual transactions) over Bitcoin lightning. Lightning is decentralized and trustless, just like Bitcoin.
No matter how you slice it: market cap, number of nodes, number of transactions, value of transactions, etc. Bitcoin is on a 15-year trend of growth on average.
Lightning relies on bitcoin. Bitcoin doesn't scale well architecturally.
I'll slice it in energy waste and most of the network being controlled by big pools.
This is a discussion which has happened many times with the same end result. This architecture is not satisfactory.
And you have not answered to this:
It may have eluded you, but cash doesn't.
And this:
Is what we need if we want a system that may ever be in competition to interest of nation-states.
Except when you need to get new liquidity.
I tried opening incoming liquidity channel with phoenix wallet and it asked me to pay equivalent of 80USD for 1000USD of incoming liquidity.
This is unreliable because during congestion users can't open new channels. Theres simply not enough base layer capacity to address high traffic scenario.