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What's your take on off chain solutions like lightning as a solution to the high tx fees?

• konschubert 6y ago
  It doesn't solve the fundamental cost problem with Proof of Work: - If people pay high effective tx fees, it's shit because, well, it's expensive. - If people pay low effective tx fees (through lightning or block size increase or whatever) then, as soon as inflation ends, the money won't be enough to pay for a sufficient hash rate.
  • tromp 6y ago
    PoW doesn't need inflation to end.
    • hanniabu 6y ago
      That's not what the parent said
      • tromp 6y ago
        Unfortunately, one cannot see the edit history of posts.
  • pitaj 6y ago
    What about BCH, where they're increased the block size so many smaller transaction fees can still build up to a large reward for miners?
  • Vadoff 6y ago
    Writing to the block should be expensive. But there won't be a problem because it'll only be used to settle Lightning Network transactions very infrequently, and could be massive amounts... not for small transactions.
    • konschubert 6y ago
      Sure, but that’s a scenario where the usage of bitcoin is high and the total amount of money on tax fees is small compared to the market cap of bitcoin. This means hash rate will be low compared to the market cap, and the necessary capital for a double spend attack may be worth it. Maybe it’s all less of an issue because bitcoin will develop a network of trust that can replace the block chain. But then, why not go with something like Stellar right away.
• twox2 6y ago
  Sure that works, but AFAIK it's a far cry from the decentralization we were promised in the white paper.