Cypher (or someone who feels like they can properly explain it): can you please ELI5 why sidechains will break the incentive mechanism? I haven't been able to follow this thread as well as I used to.
I think (cypher can correct me) its because taking transactions off (main)chain reduces fee-based income for miners. When the block reward dwindles after several halving that is their only incentive to mine. If they have no incentive, then they will not mine, the network will become more vulnerable.
eh ok, there must be some way to count off chain transactions and then credit the miners appropriately. I'm not saying this would be a trivial change, but this scenario is probably 10 years away minimum and I find it fairly difficult to believe that there is no way to get around this between now and then.
it has already been coded.
secure, cheap, off-chain tx is a solved problem. SC or max block size increases are not needed for increasing max TX throughput.
PM me if you are genuinely interested and not just shooting the breeze on a forum.
Do you have some kind of white paper?
Is it an open source project?
Do you have some kind of white paper? NO
Is it an open source project? maybe yes, maybe no. the pt is, is it secure and does it make sense economically?
for some, it may make sense economically as they will be willing to take the risk. that's fine. i can't stop ppl from making risky, if not downright stupid, decisions with their money.
but what i can try to prevent is "institutionalizing" risky protocol changes (spvp) that benefits a specific for-profit company at the expense of a public good, ie, Bitcoin as Sound Money. yesterday's CHF decision should continue to highlight what i feel is Bitcoins greater purpose; that of replacing gold with a digital equivalent. if Bitcoin is based on consensus, i sure won't ever be giving my consent to implementing spvp as i think it sends the wrong message to global markets that a self interested group can change the rules in the middle of the game.
