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Bitcoin almost perfect. Just one problem.
Ive spent a while studying this asset like most of us. Then I reached a point where maybe someone can let me know if I’m wrong and/or what I’m missing. Scaling btc to the masses (hyperbitcoinization) is going to be impossible under the current setup. As more people join overtime and as the price goes higher, transaction costs go up and blockspace becomes more scarce. We can say we have L2 solutions but lightning has the liquidity problem and is throttled by L1 cos you gotta open and close a channel in L1 to operate in L2. And if you choose to only interact in L2, most people will choose to use centralized hubs because cheaper and will have massive liquidity. What’s to stop the hubs from fractional reserve banking at that point. How will we know they’re not doing shady stuff unless they all get audited. And we all know how hard it is to audit financial institutions. All this defeats the purpose of BTC imo and reverts to what we have now. Someone correct me if I got anything wrong. And is there a solution to this or? submitted by /u/StrangeQuarkCharm [link] [comments]
Ive spent a while studying this asset like most of us. Then I reached a point where maybe someone can let me know if I’m wrong and/or what I’m missing.
Scaling btc to the masses (hyperbitcoinization) is going to be impossible under the current setup.
As more people join overtime and as the price goes higher, transaction costs go up and blockspace becomes more scarce.
We can say we have L2 solutions but lightning has the liquidity problem and is throttled by L1 cos you gotta open and close a channel in L1 to operate in L2. And if you choose to only interact in L2, most people will choose to use centralized hubs because cheaper and will have massive liquidity.
What’s to stop the hubs from fractional reserve banking at that point. How will we know they’re not doing shady stuff unless they all get audited. And we all know how hard it is to audit financial institutions.
All this defeats the purpose of BTC imo and reverts to what we have now. Someone correct me if I got anything wrong. And is there a solution to this or?
[link] [comments]
