Row 40411

Row ID: 40411 | Dataset Entry | Axioma AXP Content Repository

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It is still limited to 6 transactions/second no matter how much you pay. It would take over 4 years to onboard just 10% of the world to LN assuming the chain was used for absolutely nothing else and nobody ever closed a channel.

As for the main chain:

Transaction fees are actually around $2 right now. It was >$10 for a few weeks straight not a few months ago. It looks like the average over the past few years is in the $2-3 range.

Let's also not forget implicit costs associated with converting to/from bitcoin because we all know nothing is actually priced in Bitcoin and you must convert into dollars/euros/whatever on both ends - so factor in exchange fees and bid/ask spread as well.

Oh and volatility of price...

To say nothing of the fact that transactions can also take hours for the multiple confirmations needed to make sure they actually go through and don't need to be resent.

My debit card costs $0.00 per transaction and is functionally instant. Bank transfers are also $0.00 and if you use something like Zelle are also instant. I think FedNow is supported by more and more banks every month.

So what actual problem is bitcoin supposed to solve here? It kind of seems worse in every way outside of some kind of libertarian performance piece.

FieldValue
text It is still limited to 6 transactions/second no matter how much you pay. It would take over 4 years to onboard just 10% of the world to LN assuming the chain was used for absolutely nothing else and nobody ever closed a channel. As for the main chain: Transaction fees are actually around $2 right now. It was >$10 for a few weeks straight not a few months ago. It looks like the average over the past few years is in the $2-3 range. Let's also not forget implicit costs associated with converting…
label r/investing
dataType comment
communityName r/investing
datetime 2024-05-22
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url_encoded Z0FBQUFBQm5Lak9iakhvWllnd3lOeDB2bWYwRGdkaG9QbHBZTkFJUFBRdU13X3phaFFHS3BLNFFGMFZ4RHBHX1dtdFdZekpjbnpBdURpQlRWM0lYX1NaRTd2WlJSZm5TTURHcGJYVUE1SmNHM0VYdnZiUm5Ec1ZjRGNKclBVcXptOEhiMUpCc1h3bXNwcENrSGMxN2tJT0VEX2F5Rm56a2Izd21BSU8tclpKLUdiNzJHbWxuWEh5elhEOWw2R3RtTjlYTXlvUFpJZUttZUpOZEZkaHNWNUszWE5yV0JWd1RsUT09

Raw Record

{
  "text": "It is still limited to 6 transactions/second no matter how much you pay. It would take over 4 years to onboard just 10% of the world to LN assuming the chain was used for absolutely nothing else and nobody ever closed a channel.\n\nAs for the main chain:\n\nTransaction fees are actually around $2 right now. It was >$10 for a few weeks straight not a few months ago. It looks like the average over the past few years is in the $2-3 range.\n\nLet's also not forget implicit costs associated with converting to/from bitcoin because we all know nothing is actually priced in Bitcoin and you must convert into dollars/euros/whatever on both ends - so factor in exchange fees and bid/ask spread as well.\n\nOh and volatility of price...\n\nTo say nothing of the fact that transactions can also take hours for the multiple confirmations needed to make sure they actually go through and don't need to be resent.\n\nMy debit card costs $0.00 per transaction and is functionally instant.  Bank transfers are also $0.00 and if you use something like Zelle are also instant. I think FedNow is supported by more and more banks every month.\n\nSo what actual problem is bitcoin supposed to solve here? It kind of seems worse in every way outside of some kind of libertarian performance piece.",
  "label": "r/investing",
  "dataType": "comment",
  "communityName": "r/investing",
  "datetime": "2024-05-22",
  "username_encoded": "Z0FBQUFBQm5Lak1NWXF1TDRTcm42a1h1OXB1R0NXZ2s0dTFrT0praUVQZGhOV0VSekVFbXhrMmRYdXVTaGt4dkNHRVNicU1RLWRsMXBCdFpfUG5NWjVJSkV4Y0p6QzRhOXc9PQ==",
  "url_encoded": "Z0FBQUFBQm5Lak9iakhvWllnd3lOeDB2bWYwRGdkaG9QbHBZTkFJUFBRdU13X3phaFFHS3BLNFFGMFZ4RHBHX1dtdFdZekpjbnpBdURpQlRWM0lYX1NaRTd2WlJSZm5TTURHcGJYVUE1SmNHM0VYdnZiUm5Ec1ZjRGNKclBVcXptOEhiMUpCc1h3bXNwcENrSGMxN2tJT0VEX2F5Rm56a2Izd21BSU8tclpKLUdiNzJHbWxuWEh5elhEOWw2R3RtTjlYTXlvUFpJZUttZUpOZEZkaHNWNUszWE5yV0JWd1RsUT09"
}
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