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This whole thing is actually really straightforward if you evaluate it from the perspective of governance. In bitcoin, miners run software and the software they
by josh2600 9y ago
This whole thing is actually really straightforward if you evaluate it from the perspective of governance. In bitcoin, miners run software and the software they run controls the performance of the network. Miners therefore control the future software state of the network.
Anything that moves transactions off of the network or decreases the number of miners queried per transaction is therefore antithetical.
If you are a miner, lightning and segwit just hurt you. The only way you'll allow them is if you believe that to do otherwise would slay the golden goose.
Edit: Source: I run a crypto hedge fund.
- Obi_Juan_Kenobi 9y agoThe counterpoint to this (not that I necessarily disagree) would be that 2nd layers solutions add new value to the network, and thus add value to a Bitcoin transaction. This is very likely to occur to some degree (e.g. micro-transactions and fast retail transactions that Bitcoin can't do), but will also cannibalize some on-chain activity. Also, altcoins present a real competitive risk; failure to maintain an advantage over them will see network value approach zero.