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The post is pretty good, and mostly accurate. It would have been good to expand more on the details of Lightning Network, which is IMO a more interesting subjec

The post is pretty good, and mostly accurate. It would have been good to expand more on the details of Lightning Network, which is IMO a more interesting subject. I wrote a blog post about fees last week, and one thing I specifically discuss is whether or not fees are actually necessary: https://medium.com/@brndnmtthws/questioning-assumptions-do-cryptocurrencies-need-fees-827c8f825e34 https://medium.com/@brndnmtthws/questioning-assumptions-do-c... The tl;dr is that I believe the fees have (in some cases, specifically with Bitcoin) acted against the best interests of users. I also don't completely buy into the game theory/economics argument that fees help keep the network secure.

thisisit 9y ago
Thank you :) My biggest motivation is to provide a simple explanation of the cryptocurrency technology. No offense meant to other writers but most articles in this space are a difficult read. They are written from the cryptocurrency technology perspective. I have seen engineers who have struggled to understand the inner working of a cryptocurrency. Even someone like me who has read about bitcoin since 2010 finds it difficult. I had to read tons of posts and stackoverflow questions to try and get this post correct. And in that case I can just imagine how much difficult it is for someone whose understanding of technology is moderate or low. Just like you most of my tech friend point out that my posts are long with lots of example :) But the finance guys at my company still berate me saying these posts moderately difficult. So, I try to cut down information and make posts smaller. Actually this is my longest post yet at 12 minutes read on medium. Now I have been reading on Segwit which is already activated on Bitcoin. While I think I have a good handle on the proposed savings I don't think I can explain it with concrete examples. In that regard Lightning network is like years away.

thisisit 9y ago

Thank you :) My biggest motivation is to provide a simple explanation of the cryptocurrency technology. No offense meant to other writers but most articles in this space are a difficult read. They are written from the cryptocurrency technology perspective. I have seen engineers who have struggled to understand the inner working of a cryptocurrency. Even someone like me who has read about bitcoin since 2010 finds it difficult. I had to read tons of posts and stackoverflow questions to try and get this post correct. And in that case I can just imagine how much difficult it is for someone whose understanding of technology is moderate or low. Just like you most of my tech friend point out that my posts are long with lots of example :) But the finance guys at my company still berate me saying these posts moderately difficult. So, I try to cut down information and make posts smaller. Actually this is my longest post yet at 12 minutes read on medium. Now I have been reading on Segwit which is already activated on Bitcoin. While I think I have a good handle on the proposed savings I don't think I can explain it with concrete examples. In that regard Lightning network is like years away.