Hynek on Nostr: Imagine if everyone could issue their own IOUs in sats. I don’t mean just anyone, ...
Imagine if everyone could issue their own IOUs in sats. I don’t mean just anyone, but literally everyone. You would accept promises only from well-known and verified peers—and only up to a certain amount. You would compare the risk of losing this money with the cost of bitcoin settlement.
During times of cheap block space, like now, you could settle on-chain more frequently. If you have a stable internet connection on your mobile, you could start opening channels with your peers. Once you have a few channels, the incentive to hold IOUs decreases. And with further optimizations, it diminishes even more.
This could extend the reach of the Lightning Network, connect the missing points, and, over time, help build a truly resilient network.
If we can’t guarantee that nobody can print money the second best could be that everyone can print. And with verified peers the ecosystem could evolve to intended state that nobody is actually printing. note1wc7…87ez
Published at
2025-01-29 19:12:22Event JSON
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"content": "Imagine if everyone could issue their own IOUs in sats. I don’t mean just anyone, but literally everyone. You would accept promises only from well-known and verified peers—and only up to a certain amount. You would compare the risk of losing this money with the cost of bitcoin settlement.\nDuring times of cheap block space, like now, you could settle on-chain more frequently. If you have a stable internet connection on your mobile, you could start opening channels with your peers. Once you have a few channels, the incentive to hold IOUs decreases. And with further optimizations, it diminishes even more.\nThis could extend the reach of the Lightning Network, connect the missing points, and, over time, help build a truly resilient network. nostr:note1jzddz5nn2ljaeclh87ht0pqljzhlj67dynztpa20kafyvtpmz3ksm3squ5",
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