Three week wait, or pay $30 to settle. That was December 2017. The channels will freeze and a lot of people will wish they had money that works when they need it. Like Cash.
With 1m tx per day you need 3 weeks to close 21m channels. Reasonable for a protocol bug. If just one hub goes down however, it will sort out in a few days. Like I said it only should cater to economic majority aka 1% so 70m wealthy users need 2 months.
Btc’s current limits are far from optimal but layer2 itself is working great especially on other chains.
Your numbers are incorrect. 1m transactions per day is almost twice as fast as the theoretical capacity of Bitcoin. (~600k transactions per day assuming 7tps)
I was citing eth's ones. Bitcoin is a poor platform for doing layer2 due to unfixable restrictions. What matters is it's about 600k~1000k (not 100m) and even with these it supports quite a lot of users. Supporting more than 1% is desirable but not mission critical.
Flaws in Bitcoin make a lasting revival unlikely. Layer2 is better deployed on new chains, while discussing poor bitcoin life choices leads us nowhere.
Once there is a critical mass, there is less need to close. Also, in fiat banking, Argentinians had their pesos devalued 4 to1 overnight. Zero chance to withdraw in that case.
Btc’s current limits are far from optimal but layer2 itself is working great especially on other chains.