I’ve been reluctantly building on Lightning because I saw big VC money going in and to ride those coat tails and pick up on what they built.
The current fiasco with Ordinals has me doubting Lightning’s future entirely.
I don’t see any ROI for VCs when channel openings and random closures will eat all possible profits and cost reductions. Without centralised services and huge nodes investing big BTC bucks, I don’t see any way this works.
I don’t see what incentive Miners have to do anything different, they make bank on these fees. They don’t want stupid 1 sat/vb channel openings and at 100+ sat/vb I don’t see how Lightning is viable.
Perhaps at some point this destroys Bitcoin completely, I don’t see how the original “best money ever” continues when moving it even via Lightning requires either a huge upfront investment or huge fees.
Where is the incentive for Miners to even want to change the code and discourage arbitrary data storage?
Unfortunately Bitcoin’s ridiculous governance model (i.e. shouting on Twitter and some email lists with no actual ability to force a change in the code) looks increasingly like its biggest vulnerability.
Why am I wrong? Gigi (npub1der…xzpc) fiatjaf (npub180c…h6w6)
Brian of London / Sir Brian of London
npub18h…wfmgv
2023-05-10 07:57:04
Author Public Key
npub18hz8xs2tafx7rhclzukrr94gypcemw6ch2hcwe9eak4q03k4a8wq2wfmgvPublished at
2023-05-10 07:57:04Event JSON
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"content": "I’ve been reluctantly building on Lightning because I saw big VC money going in and to ride those coat tails and pick up on what they built.\n\nThe current fiasco with Ordinals has me doubting Lightning’s future entirely. \n\nI don’t see any ROI for VCs when channel openings and random closures will eat all possible profits and cost reductions. Without centralised services and huge nodes investing big BTC bucks, I don’t see any way this works.\n\nI don’t see what incentive Miners have to do anything different, they make bank on these fees. They don’t want stupid 1 sat/vb channel openings and at 100+ sat/vb I don’t see how Lightning is viable.\n\nPerhaps at some point this destroys Bitcoin completely, I don’t see how the original “best money ever” continues when moving it even via Lightning requires either a huge upfront investment or huge fees.\n\nWhere is the incentive for Miners to even want to change the code and discourage arbitrary data storage?\n\nUnfortunately Bitcoin’s ridiculous governance model (i.e. shouting on Twitter and some email lists with no actual ability to force a change in the code) looks increasingly like its biggest vulnerability.\n\nWhy am I wrong? #[0] #[1]",
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