4 ms·

Layer 2 seems to be the logical way forward - network fees have gotten ridiculous on the Bitcoin blockchain, and reducing the frequency with which you need to s

by cal5k 6y ago

Layer 2 seems to be the logical way forward - network fees have gotten ridiculous on the Bitcoin blockchain, and reducing the frequency with which you need to settle there would be a big win. On top of all the added functionality of smart contracts, of course.

kylebenzle 6y ago
Please, don't forget, Bitcoin Core (BTC) was hijacked years ago by corporate interests and purposefully crippled with high fees. From day one Bitcoin was designed to have low or no fees, it is only because Blockstream was able to wrestle control of the GitHub repo and stop the block size increase arbitrarily that high fees exists. Bitcoin Cash (BCH) long ago took over the "Bitcoin" project as designed by Satoshi Nakamoto and described in his White Paper. Bitcoin Core (BTC) is a broken system designed to enrich developers of "Second Layer" solutions like this. BTC has failed completely as Peer-to-Peer Digital Cash and today is push only by charlatans and scammers.
- greggturkington 6y ago
  Please, don't forget, Bitcoin Cash (BCH) was hijacked years ago by Ver who purposefully used misleading marketing. Bitcoin SV (BSV) long ago took over the "Bitcoin" project as designed by Satoshi Nakamoto and described in his White Paper.
- gruez 6y ago
  >From day one Bitcoin was designed to have low or no fees How are miners supposed to be compensated, given that the block reward halves every few years? >because Blockstream was able to wrestle control of the GitHub repo Can you rebut these counter-claims made by one of the Core devs? https://news.ycombinator.com/item?id=25566420 https://news.ycombinator.com/item?id=25566420 >is a broken system designed to enrich developers of "Second Layer" solutions like this. How are those developers being enriched? Lightning is free and open source.
  - kylebenzle 6y ago
    > How are miners supposed to be compensated, given that the block reward halves every few years? A solved problem by Satoshi. The block reward covers miners expenses for the next 100 years or so, THEN, once the block size is large enough and transactions are in the millions, a fee of a few cents per transaction replaces the block reward. > Can you rebut these counter-claims made by one of the Core devs? Yes, easily. This article [1] shows what I am saying, Core devs are funded by Blockstream. [2] Greg Maxwell (nullc) is, "a very dangerous individual whose [actions] speak for themselves". Just read about his past, he is a master social engineer and manipulator. [1] https://www.theblockcrypto.com/linked/60250/bitcoin-development-funding-is-led-by-blockstream-and-lightning-labs-says-bitmex https://www.theblockcrypto.com/linked/60250/bitcoin-developm... [2] https://www.reddit.com/r/btc/comments/74se80/wikipedia_admins_gregory_maxwell_of_blockstream/ https://www.reddit.com/r/btc/comments/74se80/wikipedia_admin... > How are those developers being enriched? Lightning is free and open source. Lightning does not work. It is a centralized "solution" to a decentralized problem. Sure, anyone can make a central database, hold Bitcoin and trade them, that is just an exchange, that is what Lightning is. What Blockstream is selling is not Lightning, their product is called Liquid.
    - tphyahoo2 6y ago
      lol. https://taaalk.co/t/bitcoin-maxima-other-crypto-things https://taaalk.co/t/bitcoin-maxima-other-crypto-things Transactions need to be expensive, like the guy you were replying to said. It is beyond obvious.
    - mr_woozy 6y ago
      >he is a master social engineer and manipulator. Lol, I think we all just learned everything we need to know about your POV.
    - tromp 6y ago
      > The block reward covers miners expenses for the next 100 years or so No, it does not. It becomes insignificant in just a few decades (getting 32x smaller every 20 years). So a constant backlog of high fee paying transaction is important to long term security [1]. [1] https://bitcointalk.org/index.php?topic=5306354.0 https://bitcointalk.org/index.php?topic=5306354.0

by cal5k 6y ago

kylebenzle 6y ago

Please, don't forget, Bitcoin Core (BTC) was hijacked years ago by corporate interests and purposefully crippled with high fees. From day one Bitcoin was designed to have low or no fees, it is only because Blockstream was able to wrestle control of the GitHub repo and stop the block size increase arbitrarily that high fees exists. Bitcoin Cash (BCH) long ago took over the "Bitcoin" project as designed by Satoshi Nakamoto and described in his White Paper. Bitcoin Core (BTC) is a broken system designed to enrich developers of "Second Layer" solutions like this. BTC has failed completely as Peer-to-Peer Digital Cash and today is push only by charlatans and scammers.

greggturkington 6y ago
Please, don't forget, Bitcoin Cash (BCH) was hijacked years ago by Ver who purposefully used misleading marketing. Bitcoin SV (BSV) long ago took over the "Bitcoin" project as designed by Satoshi Nakamoto and described in his White Paper.
gruez 6y ago
>From day one Bitcoin was designed to have low or no fees How are miners supposed to be compensated, given that the block reward halves every few years? >because Blockstream was able to wrestle control of the GitHub repo Can you rebut these counter-claims made by one of the Core devs? https://news.ycombinator.com/item?id=25566420 https://news.ycombinator.com/item?id=25566420 >is a broken system designed to enrich developers of "Second Layer" solutions like this. How are those developers being enriched? Lightning is free and open source.
- kylebenzle 6y ago
  > How are miners supposed to be compensated, given that the block reward halves every few years? A solved problem by Satoshi. The block reward covers miners expenses for the next 100 years or so, THEN, once the block size is large enough and transactions are in the millions, a fee of a few cents per transaction replaces the block reward. > Can you rebut these counter-claims made by one of the Core devs? Yes, easily. This article [1] shows what I am saying, Core devs are funded by Blockstream. [2] Greg Maxwell (nullc) is, "a very dangerous individual whose [actions] speak for themselves". Just read about his past, he is a master social engineer and manipulator. [1] https://www.theblockcrypto.com/linked/60250/bitcoin-development-funding-is-led-by-blockstream-and-lightning-labs-says-bitmex https://www.theblockcrypto.com/linked/60250/bitcoin-developm... [2] https://www.reddit.com/r/btc/comments/74se80/wikipedia_admins_gregory_maxwell_of_blockstream/ https://www.reddit.com/r/btc/comments/74se80/wikipedia_admin... > How are those developers being enriched? Lightning is free and open source. Lightning does not work. It is a centralized "solution" to a decentralized problem. Sure, anyone can make a central database, hold Bitcoin and trade them, that is just an exchange, that is what Lightning is. What Blockstream is selling is not Lightning, their product is called Liquid.
  - tphyahoo2 6y ago
    lol. https://taaalk.co/t/bitcoin-maxima-other-crypto-things https://taaalk.co/t/bitcoin-maxima-other-crypto-things Transactions need to be expensive, like the guy you were replying to said. It is beyond obvious.
  - mr_woozy 6y ago
    >he is a master social engineer and manipulator. Lol, I think we all just learned everything we need to know about your POV.
  - tromp 6y ago
    > The block reward covers miners expenses for the next 100 years or so No, it does not. It becomes insignificant in just a few decades (getting 32x smaller every 20 years). So a constant backlog of high fee paying transaction is important to long term security [1]. [1] https://bitcointalk.org/index.php?topic=5306354.0 https://bitcointalk.org/index.php?topic=5306354.0