Quote from: rebuilder on January 19, 2016, 09:00:11 AM

Quote from: smooth on January 19, 2016, 08:37:04 AM

Quote from: JorgeStolfi on January 19, 2016, 04:53:14 AM

Even more: Adam once claimed that the LN would achieve 10'000 transactions for every blockchain transaction. Leaving aside what that would mean for the coin lock-in periods of the channels, the rate of 1:10'000 is so close to 0:10'000 that no one would notice if the LN just dropped bitcoin altogether, and from then on just shuffled its "cryptochecks" around indefinitely, without ever settling them.

Of course, LN users would never accept that. It would be like that time when the US government decided that dollars would no longer be convertible to gold or silver. We all remember the revolts in the streets, and the huge bonfires where enraged dollar holders burned their then-worthless bills. Right?

Conversely 1:10000 is so close to 0:10000 that you might as well just leave it on the Bitcoin blockchain. The benefit of not doing so would be negligible.

I don't follow, smooth. Are you being sarcastic?

Not at all. JorgeStolfi was saying that if you settle to the Bitcoin blockchain only 1/10000 of your tx then you might as well not do it at all and use a fiat LN system. I'm saying that at 1/10000 of your tx, the cost of using real Bitcoin (even with, hypothetically, expensive BTC transactions) would be so low there is no reason not to just stay with Bitcoin. I don't think people will want fiat LN.