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Peter McCormack

@petermccormack 1701265834

Thinking a lot about our Not Your Keys, Not Your Bitcoin and the reality that for global adoption, most people won’t be able to afford to own UTXOs and transact on the base chain.

That a high fee environment causes many issues for Lightning.

Need to know more about scaling ideas but the big question is, how can anyone who wants to use #bitcoin be fully self-sovereign and not be priced out.

Can you be fully self-sovereign without controlling a UTXO?

Is this possible? Is anyone working on this?

3011❤️13🤙20❤️2♥1👍1💯1

High Heel King · 146w

You've brought this up a good bit recently and it's a great question

ButtercupRoberts · 146w

Don’t really know who in the space has a focus on UTXO management, but would love to hear an interview on that topic 😜⚡️ Is there any educational resources you can recommend? 👀

I believe that holding your own keys is not that expensive. Forgetting an offline hardware signing device, you could just use an app on your phone, if you don’t have a phone roll some dice to generate your seed words that you store on paper. BUT, if you’re talking about affording the fees to tra...

Zach⚡️ · 146w

Here’s the answer: Nothing is free. There is a high cost to enable hundreds of thousands to run Bitcoin nodes and secure the network. So high in fact, that it does prevent there from being final settlement of all global transactions, or even one transaction per person per year, on the main Bitcoi...

Knightstr · 146w

When you’re wealthy enough, borders don’t matter to you. You have private jets, no customs, no TSA. Same concept here and same concept as ever. Wealth is power, and not everyone can be wealthy. People are working on this and if there is enough willpower to solve this problem, it will be solv...

Lighthouse · 146w

I dont see any way there can be self custody for small players in the future. There will probably be a fully reserved bitcoin bank that takes 1-2% on transactions. Send btc to other bank members for free. Similar to strike, binance pay or lightning Has to be super secure though or a Lotta people w...

Lyn Alden · 146w

An app that lets you privately hold money spread across multiple Chaumian mints in easy shared UX. Each mint could itself be federated. And then above a certain threshold of value, pull into self custody. That’s pretty sovereign. No single entity can rug your whole stack, your stack is privately ...

Sikander Lhote · 146w

Probably here: https://www.truthcoin.info/blog/thunder/

Theory of Everything · 146w

The reality is 71 sats is if you gave everyone in the world an equal amount of bitcoin. The truth is bitcoin will be for the rich. Some places with extreme poverty will adopt early and see benefits. But it actually is even more exclusive than the central bank. CBDCS are literally the only way that c...

No one will ever be priced out. That's you rich ppl thinking. Even the person that starts stacking at the top in 2025 will just hqve to keep stacking till 2028.. the person that starts buying in 2030 will have to wait the cycle. No will ever be priced out

Maybe people should have fixed amounts in separate wallets and just swap hardware keys

freedom · 146w

We need to figure out how to compress many transactions in a chain of transactions involving many keys into one small transaction involving only two keys. I think BitVM may help solve this problem. Once it's solved (and with the help of sidechains and other methods) scaling grows exponentially beyo...

₿luddha · 146w

I believe half of our problems will be solved once bitcoin becomes the fundamental building block of our financial system. L1 doesn't have to be and will never be used by everyone, certainly not for small amounts. Majority of population can use trusted lightning custodians, and that's perfectly fine...

bitcoin money · 145w

Based on current block space it’s obviously not possible, it’s sad but that’s the hard truth and that’s also why we have layered money. Liquid btc, Rbtc, wbtc, lightning, RGB, Fedi will pickup the tap and still better than CBDCs since it has the bitcoin anchor.

BTCrevolutionary · 145w

Stacks is a solution to this dilemma. The Nakamoto upgrade with the development of sBTC (1:1 peg in/ peg out) will help move Bitcoin more affordably. Introducing sBTC and the ‘Nakamoto’ Release of Stacks https://stacks.org/sbtc-nakamoto Built for Bitcoin Builders | Activate the Bitcoin Econo...

Here’s when the “be your own bank” narrative sounds great but it’s becoming increasingly deceitful. Accepting that Bitcoin base layer will be for big players only it’s a more honest narrative which will help get more people thinking and bettering scaling solutions.

Ark seems promising https://arkdev.info/