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The Lightning network solves the wrong problem. The whole idea behind the lightning network is to reduce the growth of the blockchain. The blockchain growing is

The Lightning network solves the wrong problem. The whole idea behind the lightning network is to reduce the growth of the blockchain. The blockchain growing is not going to be a factor that effects the operation of the network. Instead I'd rather see people try to fix the problem of it being expensive to spend bitcoin sourced from many small inputs. This is a problem that the lightning network does not address. So if the lightning network does get build, we'll all be able to use microtransaction channels which will slow the growth of the blockchain, but will still cost $20 in fees to send $100 worth of bitcoin sent in tiny UTXOs.

DennisP 11y ago
One way would be to use accounts instead of UTXOs, like certain altcoins are doing. But I don't think Bitcoin could transition to that.
grubles 11y ago
24 comments so far and this is the only one discussing TFA...how odd.
exo762 11y ago
It has a side effect - it does not create more little UTXOs in blockchain. And it allows for instant transaction confirmation, while on blockchain you need to wait for block just to be sure. I see Lightning network as a great optimisation on top of Bitcoin.
josephpoon 11y ago
>Instead I'd rather see people try to fix the problem of it being expensive to spend bitcoin sourced from many small inputs. Lighting does this. With a single blockchain transaction, you can conduct as many micropayment transactions as you desire with anyone else this network. After the first funding transaction (which is broadcast on the blockchain), there are no more blockchain transactions until you wish to settle the channel. All micropayment transactions are deferred and net settled on channel closure. Your current balance is updated off-blockchain securely with real bitcoin transactions (which current state can be broadcast at time by either party). >So if the lightning network does get build, we'll all be able to use microtransaction channels which will slow the growth of the blockchain, but will still cost $20 in fees to send $100 worth of bitcoin sent in tiny UTXOs. It'll probably cost a lot to set up the channel and to close it out, but you'll only do that once and it can last for years. It's equivalent to setting up a bank account. The actual day-to-day payments are off-chain (without counterparty risk).

DennisP 11y ago

One way would be to use accounts instead of UTXOs, like certain altcoins are doing. But I don't think Bitcoin could transition to that.

grubles 11y ago

24 comments so far and this is the only one discussing TFA...how odd.

exo762 11y ago

It has a side effect - it does not create more little UTXOs in blockchain. And it allows for instant transaction confirmation, while on blockchain you need to wait for block just to be sure. I see Lightning network as a great optimisation on top of Bitcoin.

josephpoon 11y ago

>Instead I'd rather see people try to fix the problem of it being expensive to spend bitcoin sourced from many small inputs. Lighting does this. With a single blockchain transaction, you can conduct as many micropayment transactions as you desire with anyone else this network. After the first funding transaction (which is broadcast on the blockchain), there are no more blockchain transactions until you wish to settle the channel. All micropayment transactions are deferred and net settled on channel closure. Your current balance is updated off-blockchain securely with real bitcoin transactions (which current state can be broadcast at time by either party). >So if the lightning network does get build, we'll all be able to use microtransaction channels which will slow the growth of the blockchain, but will still cost $20 in fees to send $100 worth of bitcoin sent in tiny UTXOs. It'll probably cost a lot to set up the channel and to close it out, but you'll only do that once and it can last for years. It's equivalent to setting up a bank account. The actual day-to-day payments are off-chain (without counterparty risk).