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> Is it impossible to achieve the stated benefit of being able to make quick and easy transactions and being decentralized? Yes. A transaction is a network-sc
by pphysch 5y ago
> Is it impossible to achieve the stated benefit of being able to make quick and easy transactions and being decentralized?
Yes. A transaction is a network-scale operation. It needs to be broadcast and confirmed by at least half the network. Otherwise it wouldn't be decentralized.
As that network increases in size, the resources required for that operation increase proportionally.
"Decentralization" is a bad meme that seems to work at small scales but its adherents refuse to zoom out and accept how technically ridiculous it is at current scales (millions/billions of people).
- jakear 5y agoWhy should a transaction need to be a network scale operation in a decentralized scheme? The ultimate decentralized payment mechanism is bartering, in which the transaction only includes the people making the transaction. Now, I don’t know how to translate that to the digital world, but there’s no clear reason why a decentralized network must inform the entire network of everything that happens in it.
- pphysch 5y agoIn this context we're referring specifically to decentralized finance, currency, etc.
- jakear 5y agoSure, but still I can transact using currency in the real world without (directly) involving a central authority, announcing my transaction to the whole world, or paying any fees. I cannot do that in the digital world.