Still unanswered: How LN is going to help when Layer 1 is already clogged to the point of uselessness.
We will cross that bridge when we get there.
If this price pump continues, we could get there next week. Unfortunately, there is no solution on the horizon under discussion.
And, get the fuck out of here with your exaggeration that there is no plan in BTC..
OK, JJG. Tell me what the plan is to deal with the fact that once blocks are persistently full, then average fees rise uncontrollably, average wait times raise uncontrollably, LN channel openings and closings get economically prohibitive, and number of new entrants gets hard-capped.
What is the
plan, JJG -
what is the plan?
The blocksize
will be increased when necessary. Double the size, double the transactions. Not yet, though. The possible benefits are still outweighed by the risk of spam, which we all have seen. We haven't seen persistently full blocks eyt, though. So that's why it hasn't happened yet.
Besides, daily use of LN for a vast majority of transactions might make it less necessary to open and close channels frequently. And bulk channel openings have been in development for a while already. Some are well past the proof of concept stage (alpha,beta, testnet? I'm not up to date on that ATM).
Schnorr sigs are coming. They improve on-chain privacy, save block space, and they will make coinjoin-like transactions easier - including aggregation of LN channel open/close operations.
All this might not amount to a detailed
plan, but it does look like a friggin' good approximation in my opinion.