Post
Topic
Board Project Development
Re: Time to boost Bitcoin circulation, Million Transactions Per Second, more privacy
by
stompix
on 17/06/2021, 16:52:47 UTC
If you intended a malisciuos "issuer" as an attacker, your asumption is wrong, since in Sabu transaction standards Issuer can sign maximum 20,000 Satoshi as his debt and for this transaction the issuer must spend a UTXO worth at leaset 40,000 Satoshi. Each Main Transaction(MT) has to pay fixed 10,000 Satoshi as Bitcoin transaction fee despite the length of transaction or amount of transaction. So your cheating scenario fails. It is almost what you sugessted Smiley

So I have to pay 25% in fees to avoid fees on the chain?
And not only that I have to deposit double what I will be allowed to spend?
Where do those fees suddenly pop out from?

This while I can open an LN channel for a few satoshis right now with nobody taking half of my money and only guarantee me through a 3rd party system I will see them back, without being tied to some measly 20k satoshi but mBTC and pay 0.01% in the fees I create there?

The system must be super user friendly, the average joe will not aware of all these complexities. He know his friends email and add them to his wallet and starts to send and receive funds. All these complexities are behind the scene and on our technical shoulder. We are here to make the things make the life easier for people.

Nope, it's not simple at all.

The average Joe has to install another app on top of his wallet, he must learn how to create those transactions, he must create and link an email, he must then switch to the other protocol and spend those, and I will repeat TOKENS, cause that's what they are tokens, and do this each time for 20k satoshi, 7$ at the current price. That's why I'm telling you don't understand the average customer, they don't want this, they don't want to deal even with electrum or bitcoin core, they don't want addresses, just a QR code, they don't care about satoshi but what that means in USD. Look how hard for some to adapt to LN, most will switch to solutions like a strike or blue wallet that do all the complicated stuff for them and you're coming with a solution three times more complicated than LN.