Oddbean new post about login | logout Blockchains simply will not scale to serve global commerce. You have to use a payment channel system to enable limitless transactional throughout. That's what Lightning Network does. https://i.nostr.build/TNm5g7rD6FVlknpQ.jpg #lightningnetwork
Someone needs to reply to that guy with this: https://m.primal.net/Lyrt.jpg
Kaspa is a POW that can scale and serve global commerce. Lightening network transactions don’t support miners in and of themselves.
Doesn't the Lightning network solve the issues at hand. Lightning network doesn't support miners? Because its a layer on top? I'm not sure what's your point
Lightening txs take place off chain. If a ton of lightening moves back and forth on the same open (centralized) channel, miners don’t receive any fees. This is a problem.
How often do channels stay open for a long time? When they are closed then a fee is created for the miner right? I remember hearing you can keep channel open but sell some of the bitcoin back onto main chain so fee created in the process. ?? Not sure if that's right. So seems like could keep a channel open indefinitely trading bitcoin via lightning. Then no fees for miners. So this applies to smaller transactions below $1000. Bigger transactions above $1000 will be done on chain. So fees from bigger are considerable. As price of Bitcoin goes up, then threshold for doing transaction on lightning will go higher because fees for onchsin goes up. So are you saying in the future people will be transacting eg. $10,000 transactions on lightning. Per transaction for example? Just thinking it through in my head. I haven't learned lightning properly, just heard its really good, instantaneous transactions, next to no fees for really small transactions etc.
#Lightning is the solution, and I hope with #ark everyone can use layer 2 non-custodial, big dream, but I think amazing stuffs are coming. #Bitcoin nostr:nevent1qqsvel3n3re55jsn9c8me9qefjed36dmczv2uhwaq7wvagaq54mel3qpz4mhxue69uhhyetvv9ujuerpd46hxtnfduhsygperqv79uh38wgv43eqjsv7k46w7lqdra8grpnlcfxy0g7wt69zfqpsgqqqqqqs53rdl7
You're too rich for my blood friend https://image.nostr.build/97e74ebc0f934004f1f7dddf1eee4ec927346fb2523857daa8e635351d35512e.jpg
If they don't then the original vision for bitcoin as a digital currency failed though. And layer 2 such as lightening is at risk of centralization and government control follows out of that. For our survival we need a currency that government can't control.
Don't worry, the assumptions you seem to be making aren't true. The original Bitcoin white paper doesn't talk about scalability and much of Satoshi's work was to be able to have replaceable transactions to improve scalability. Lightning is decentralized tech with thousands of active nodes, which has grown since inception. Lightning transactions are just as censorship resistant as layer 1 transactions, if not moreso.
It may not be true it was the initial vision, but if it can't, it only protects us from the devaluation that money printing does and does not give us the freedom cash does. I already think Bitcoin's traceable nature is a mistake (given the threat we face). That is why coins like Monero get banned while we are allowed bitcoin
Learn to use bitcoin privately, the information is out there
I know. But it should be the default to keep less technical people safe. Like Monero. Governments allow bitcoin because they know they can track what you do. BTC is not digital cash
People need pain before they will change…
Lightning isnt able to scale to global commerce though... https://www.truthcoin.info/blog/lightning-limitations/
Please ignore Paul Sztork. He is betting his company and reputation on lightning not working in order to fool people into his soft fork proposal. He is wrong. His site cherry picks areas for improvement and technical challenges as failures of lightning. It's him that is limited.
