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Lightning networks to handle scaling limitations are the first step on the slow re-centralization of bitcoin. Eventually an overwhelming majority mining will be
by Rhapso 9y ago
Lightning networks to handle scaling limitations are the first step on the slow re-centralization of bitcoin. Eventually an overwhelming majority mining will be controlled by a centralized/federated oligopoly.
Be prepared to rebel and re-re-decentralize in 20 years.
- slovette 9y agoI think I’d probably agree with you. But Blockchain technology (the backbone of a decentralized movement) is the parent to bitcoin. I’m speaking on Blockchain, not bitcoin.
- Rhapso 9y agoEven viewing it more generically, the same scaling issues apply, and the same inevitable re-decentralization awaits it. Centralized systems trade robustness for efficiency. The drive to lower costs will always result in re-centralization.
- naasking 9y agoThe scaling problems aren't necessarily only a symptom of decentralization. Proof of stake scales much better than proof of work, for instance.
- syntaticSugar 9y agoYour right, they can be at your secrity module cost. I currently (as I understand the state of pos) see pos useful for other the other blochain ESC stuff and pow for a safe currency (BTC)
- fartnuggs 9y agoPersonally I'm much more bullish on Bitcoin Cash. It's following the same path that got us to this point today, and they're not opposed to Layer 2. But they have a clear understanding that a currency is only as good as it's utility. If they can maintain that balance of decentralization, utility, and security, while picking up the pieces that Bitcoin Core dropped it's likely we'll see a flippening in the coming year.
- andirk 9y agoBut isn't Lightning and segwit supposed to make btc faster and cheaper?
- zodiac 9y agoIt's a different kind of centralization, if you can call it that at all, since you don't have to trust your counterparty in a lightning network style payment channel