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mda
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November 10, 2017, 12:24:40 AM
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I'm not convinced that Lightning Network nodes/banks will be easy to setup because of technical and financial barriers. On the other hand the recent events show that bitcoin transaction limit has reached a roadblock.

I propose to split bitcoin in two blockchains just like the BCH split few month ago: BTC1 and BTC2. Users get coins on both chains and choose which one to use. Businesses and miners get more block space and can accept and mine both chains, all while running only one bitcoind process. Users can validate their chain in real time. Price discovery between chains is done on decentralized and centralized exchanges, value is safely transferred between chains using atomic swaps. When network conditions improve block size can be raised to 2MB or more. If bitcoin network becomes congested again then another chain is split from the last one and so on.
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November 10, 2017, 12:38:11 AM
 #2

It sounds to me like you're describing the benefits of sidechains. With sidechains you can have multiple blockchains but without needing to create new "currencies" for each one.

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November 10, 2017, 01:04:32 AM
 #3

From user's point of view everything outside his chain is a black box. Market price discovery is needed to take into account everyday developments.
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November 10, 2017, 03:29:20 AM
 #4

OP, what is the difference between your idea and having atomic swaps enabled on Bitcoin and some other coin like Decred or Litecoin? There is no need to complicate the network, and I believe that proposal will he trashed by Core the minute they read it.

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mda
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November 10, 2017, 04:24:18 AM
 #5

This proposal doesn't complicate network but instead simplifies and standardize it. Until a healthy scaling solution is enabled all kinds of useless coins like LTC and BCH will keep taking market share away from BTC. And by the way, beloved by some Lightning Network may equally well run on BTC1+BTC2.
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November 11, 2017, 05:52:56 PM
 #6

This proposal doesn't complicate network but instead simplifies and standardize it. Until a healthy scaling solution is enabled all kinds of useless coins like LTC and BCH will keep taking market share away from BTC. And by the way, beloved by some Lightning Network may equally well run on BTC1+BTC2.

It doesn't make sense to call LTC and BCH useless when they are Bitcoin forks (LTC is a code fork of Bitcoin as far as I know), while you are proposing creating a coin that is literally the same as Bitcoin. Having different coins used with Atomic swaps would decentralize the network even more and make it safer. There is no need for two Bitcoins when we can have Bitcoin and altcoins.

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November 12, 2017, 03:24:37 AM
 #7

We can't have Bitcoin in its current state, just look at https://bitcoinfees.earn.com/ . And I'm not sure Lightning Network will work as intended, even less so with 1MB blocks.
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