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callmeback
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February 10, 2018, 09:26:39 PM
 #21

I think its capable of millions or billions of transactions per second across the network. From what i read about Lightning Network and by transacting and settling off-blockchain, the Lightning Network allows for exceptionally low fees, which allows for emerging use cases such as instant micropayments. I guess that, by creating a network of these two-party ledger entries, it is possible to find a path across the network similar to routing packets on the internet.
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May 11, 2018, 01:41:13 AM
 #22

The Lightning Network is a "second tier" payment protocol that operates on blockchain (most often Bitcoin). It allows instant transactions between participating nodes and has been touted as a solution to bitcoin scalability issues.
The normal use of the Lightning Network consists of opening a payment channel by funding transactions to the relevant blockchain, followed by making a number of Lightning transactions that renew the temporary distribution of unallocated channel funds to blockchain, optionally followed by closing the payment channel by broadcasting the final version of the transaction to distribute channel funds.
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May 11, 2018, 02:40:37 AM
 #23

I'm loving the lightning network. In December 2017 to January 2018, the transaction fee was from $10 - $60 and the transaction can take up to 3 - 6 hours. Nowadays, the transaction fee is just around $0.5 - $10 and the transaction would just be below 1 hour, just like Ethereum and Litecoin.
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May 11, 2018, 01:06:43 PM
 #24

it is the next gen of Bitcoin network , very cool . Check it https://lightning.network/ , https://www.youtube.com/watch?v=rrr_zPmEiME
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May 11, 2018, 02:30:56 PM
 #25

If Block stream had allowed to raise the block size from 1MB to 8MB none of this multisig-side chain-hard fork nonsense would be needed. You see we would still have only one Bitcoin. But the powers that shouldn't be are well aware of the old adage "divide and conquer Again, Just raising the block size was a simple and elegant solution that could have avoided a contentious hard fork, while allowing thousands or tens of thousands of people to have access to their funds in a timely manner.
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May 11, 2018, 03:15:06 PM
 #26

Just raising the block size was a simple and elegant solution that could have avoided a contentious hard fork

Evidently not.  The option to hardfork to a larger blocksize was freely available, but not enough people chose to go with it.  The majority decided that a softfork to an opt-in 4MB blockweight with SegWit and Lightning was a more sensible option.  Plus, it's arguable that one hardfork to increase the size wouldn't be enough and future hardforks would likely be required.  


The Lightning Network is a "second tier" payment protocol that operates on blockchain (most often Bitcoin). It allows instant transactions between participating nodes and has been touted as a solution to bitcoin scalability issues.

People often describe it as "second tier", but in the big picture, I tend to think of it more as "inter-tier".  It will effectively weave any future tiers together and allow you to move your funds between them.

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squatter
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May 11, 2018, 10:32:29 PM
 #27

Again, Just raising the block size was a simple and elegant solution that could have avoided a contentious hard fork, while allowing thousands or tens of thousands of people to have access to their funds in a timely manner.

Simple in code perhaps, but not in terms of adoption and network compatibility.

Hard forks ought to be adopted on a timeline of years, not a few months, and that's assuming there is general social consensus to adopt the fork. Otherwise you risk mass confusion and financial loss: the network could split, the blockchain(s) could be repeatedly reorganized and -- perhaps most notably -- trust in the Bitcoin network to reliably reach consensus would be lost.

I'm not fundamentally opposed to hard forks and UASFs, but I am quite disappointed that people think they should be adopted on such compressed timelines. I think the rushed mindsets characterized by all the hard fork attempts and the BIP148 UASF are real affronts to the expansive and diverse nature of our network.

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May 12, 2018, 07:21:18 AM
 #28

The way I explain it to people in the easiest way is this. The current problem with the Blockchain is that it can only handle a certain amount of transactions per second and Bitcoin has reached that threshold. So they had to decide, if they are going to "upgrade" the Bitcoin code to handle more Tx per second or if they are going to add another layer on top of it to handle that load.

They saw that "upgrading" the Bitcoin code, will be unsustainable in the future, so they figured out a way to take these transactions to another layer, where a infinite number of micro transactions can be done, without "clogging" or "bloating" the Blockchain and this solved the problem.

Pure Genius.  Wink

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May 12, 2018, 05:44:29 PM
 #29

They saw that "upgrading" the Bitcoin code, will be unsustainable in the future, so they figured out a way to take these transactions to another layer, where a infinite number of micro transactions can be done, without "clogging" or "bloating" the Blockchain and this solved the problem.

While I generally land in the "small blocker" camp on most issues, I'm not convinced that block size increases are unsustainable per se. I just think that 1) consensus change is harder than people think and 2) we should offload as much transaction volume as possible offchain (LN, drivechains, etc). The problem with big blockers is they believe there is only way to scale a network. Don't fall into that trap.

One of my gripes with Gavin Anderson and Mike Hearn and their mindset was that they assumed that improved future tech would easily address today's bandwidth and latency shortcomings. I don't think they were necessarily wrong about that, but I'm not willing to decide that on a leap of faith, or risk unnecessarily increasing orphaning rates and squeezing lots of nodes off the network.

I just want to see hard data suggesting a block size increase is safe from that perspective, and I want to see it done on reasonable timeline (like 1-2 years instead of a few months if we're talking about a hard fork or UASF).

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May 13, 2018, 12:49:18 PM
 #30

If Block stream had allowed to raise the block size from 1MB to 8MB none of this multisig-side chain-hard fork nonsense would be needed.

How is 'block stream' involved into this debate?
It is the users (everyones) choice which way of scaling to support.

As long as one miner does not upgrade to 8MB (a hell lot of nodes didn't do this) while others do, there is a hardfork.
A hard fork occurs when no consens is reached. This was the case.



You see we would still have only one Bitcoin.

There is still only one bitcoin.
Those shitcoins named 'Bitcoin INSERT_ANYTHING' are NOT bitcoin. They just make use of the popular name to gain awareness/attention.



Just raising the block size was a simple and elegant solution that could have avoided a contentious hard fork

On-chain scaling is NEVER as efficient as off-chain scaling solutions.
And increasing block size is a very very bad approach to scaling (if not the worst one).

Increasing blocksize to scale sounds trivial. But this is just a short-term scaling. You can't always increase the blocksize. This does heavily lead to centralisation.

Raising the block size may be anything but elegant.. It is the exact opposite..



while allowing thousands or tens of thousands of people to have access to their funds in a timely manner.

Funds can always be accessed in no time. I am not sure what you are talking about ? Huh
The 'access' time depends on your storage type and wallet.

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May 13, 2018, 09:01:16 PM
 #31

Just raising the block size was a simple and elegant solution that could have avoided a contentious hard fork

Evidently not.  The option to hardfork to a larger blocksize was freely available, but not enough people chose to go with it.  The majority decided that a softfork to an opt-in 4MB blockweight with SegWit and Lightning was a more sensible option.  Plus, it's arguable that one hardfork to increase the size wouldn't be enough and future hardforks would likely be required.  


The Lightning Network is a "second tier" payment protocol that operates on blockchain (most often Bitcoin). It allows instant transactions between participating nodes and has been touted as a solution to bitcoin scalability issues.

People often describe it as "second tier", but in the big picture, I tend to think of it more as "inter-tier".  It will effectively weave any future tiers together and allow you to move your funds between them.


Did people really choose not to go with a hardfork? I don't think it was ever up for debate. The core team refused to go along with a 2x increase, so instead it was picked up by a different team which basically made it a hostile takeover of Bitcoin. There was never a search for a consensus around the blocksize increase, because core team refused it in the first place. There is nothing dangerous about a hard fork if you get a consensus, but since the devs said no that was the end of it. The majority of people in the spring opted for segwit plus 2x, but then core said no to 2x so the 2x idea became basically a competing chain and that risked the network so it lost support.

To other people's answers, there is no reason a hard fork should take years to do. The coding could probably be done and tested in weeks. You just have to build a consensus around the fork, and for most of last year their was most definitely a consensus that bitcoin needed bigger blocks but core stopped the consensus (which is a terrible thing considering Bitcoin's development is supposed to be based on consensus). A block size increase would have alleviated the insane fees at the end of last year a lot, and it would have left the Bcash shills with much less propaganda. Now of course block size is only one part of a solution for scaling. But it is needed, absolutely. The question is how much do you do it so as to weight security/decentralization vs capacity. Probably a 2x would have been appropriate at that time considering segwit already increased the amount of data being sent around.

As it stands LN will likely only be able to handle at best a few million users, at worst maybe a few hundred thousand users, which even now is only a tiny amount of all bitcoin users. One would think the simplest scaling solution would be done first which would have an immediate impact unlike segwit/LN which will take years for its network effect to really become revolutionary.

Anyone who says onchain scaling is a terrible solution is as bad as anyone who says 2nd layer is a terrible solution. Both are needed if bitcoin is ever actually going to be used by the world.
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May 13, 2018, 10:30:31 PM
 #32

The only way to decrease the cost per transaction for BTC while still maintaining the same level of security is to increase the number of on chain transactions.  Additionally, LN may allow some scalability, but it is not free because the LN hub must post capital to facilitate transactions through the hub. The cost of capital is not free.
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May 13, 2018, 11:23:45 PM
Last edit: May 13, 2018, 11:38:58 PM by DooMAD
 #33

The option to hardfork to a larger blocksize was freely available, but not enough people chose to go with it.  The majority decided that a softfork to an opt-in 4MB blockweight with SegWit and Lightning was a more sensible option.

Did people really choose not to go with a hardfork? I don't think it was ever up for debate. The core team refused to go along with a 2x increase, so instead it was picked up by a different team which basically made it a hostile takeover of Bitcoin. There was never a search for a consensus around the blocksize increase, because core team refused it in the first place. There is nothing dangerous about a hard fork if you get a consensus, but since the devs said no that was the end of it. The majority of people in the spring opted for segwit plus 2x, but then core said no to 2x so the 2x idea became basically a competing chain and that risked the network so it lost support.

Chances are, not everyone sees it the way I do, but this is my take on it:

I despise the current usage of that phrase "hostile takeover".  It's abhorrent and I'll explain why.  (//EDIT:  in a much longer post than I had planned, it seems)

It's likely that because Core have done such a successful job of maintaining Bitcoin, the majority of users are willing to go along with whatever Core think is best.  However, that doesn't mean a hardfork is impossible without Core's blessing, just that it's highly improbable.  I'm still not at all comfortable with people describing fork proposals as "hostile takeovers", as I believe it sets a dangerous precedent and strongly implies that one development team is in total control and/or ownership of Bitcoin.  It's not like we're forced to do what any particular dev team think is best.  The dev team don't own the chain.  We choose to run their code if we like what they're doing.  

Consider that using an emergency exit in a fire, for example, wouldn't be called a "hostile departure".  That's the way in which we should think of proposed hardforks.  Not as someone trying to "seize control", but as a way of users having an escape route from anyone who did somehow manage to seize control and act against the wishes of the users.

Because otherwise (and this is the crux of the argument), the moment you suggest that someone is trying to take over, you're consequently also suggesting that Bitcoin has a centralised authority, that this authority is in control of Bitcoin and some rival authority is trying to wrest that control from them.  I don't know about you, but that doesn't sound like any Bitcoin I've ever been a part of.  So that argument makes no sense to me.  It's an affront to freedom to say that no one can code another client and allow the users to decide for themselves.  You literally can't have a hostile takeover if it is the users who have simply opted to run a different client with different consensus rules.  Creating clients with different consensus rules isn't a takeover, hostile or otherwise.  Because they only have influence if the users support them.

If enough users disagree with the direction being proposed, they should always have the option to bail out of it and go their own way.  Perhaps there's only an infinitesimally small chance that Core would ever make a decision that the majority of users didn't agree with, but if the chance is there, however miniscule, we shouldn't preclude the possibility of a hardfork without that dev team on board.

So coming back to 2x and my previous post, if a vast majority of users had wanted it, even if Core didn't, the users would have had the freedom to leave.  It wouldn't be a hostile takeover because it's the users making that decision to change.  It just so happens, the users didn't decide to make that change.

Conversely, after a split has occurred, the lesser of the two chains is undisputedly the altcoin.  If the altcoin then tries to claim the mantle of Bitcoin, despite having insufficient support, you can call that an attempted hostile takeover to your heart's content.  You won't hear any complaints from me there.  Because that's a smaller group of users deliberately trying to take something from a larger group of users against their wishes.  

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