Is anyone concerned about the mempool size? - page 2.

BlackHatCoiner

legendary

Activity: 1512

Merit: 7340

Farewell, Leo

Quote from: xllo on December 03, 2023, 02:51:07 PM

Second layer solutions demand a main chain transaction, so it won't help.

Unless there's some significant transaction compression. Taproot allows for collaborative and privacy-enhancing transaction setups. Multiple users can sign a transaction and have their signatures combined into one, more compact. That, and the merging of multiple spending conditions into one, can greatly improve scalability. I can imagine a second layer solution, where 1000 users broadcast one Taproot transaction to open, e.g., 1000 lightning channels.

(That example probably won't work with the current lightning software, but it's technically possible)

Kruw

member

Activity: 378

Merit: 93

Enable v2transport=1 and mempoolfullrbf=1

Quote from: xllo on December 03, 2023, 02:51:07 PM

It will be impossible for anyone to have a transaction confirmed on the main chain.

This was known since the very first reply to Satoshi's announcement of Bitcoin on the cryptography mailing list: https://satoshi.nakamotoinstitute.org/emails/cryptography/threads/1/#014814

Quote from: James A. Donald

We very, very much need such a system, but the way I understand your proposal, it does not seem to scale to the required size.

To detect and reject a double spending event in a timely manner, one must have most past transactions of the coins in the transaction, which, naively implemented, requires each peer to have most past transactions, or most past transactions that occurred recently. If hundreds of millions of people are doing transactions, that is a lot of bandwidth - each must know all, or a substantial part thereof.

This is why the Lightning Network was developed so you can perform transactions that do not require you to use the main chain every time.

Kpex

newbie

Activity: 3

Merit: 6

This conversation goes all the way back to Hal Finney, who suggested that banks could issue currency backed by Bitcoin reserves sort of like the Free Banking era of the 1800s. Lyn Alden points out that this is the basic structure of our money already. A base layer upon which successive layers lose hardness but gain flexibility. Venmo floats on top of Visa which floats on banks which float on the Fed which ultimately is grounded by US debt (Treasuries). Look hard enough into money and you see the whole world is just floating on top of US Treasuries. It's kind of mad.

So yeah, there's a good chance that future humans will rarely interact with real Bitcoin. Just like we don't pay for coffee with Treasury bonds, even if that's what ultimately is happening. The difference is that the base money layer would be a whole lot more solid with Bitcoin than it is with debt. But that's a whole other theoretical rabbit hole to go down.

xllo

newbie

Activity: 1

Merit: 0

If bitcoin really became the backbone of the world's financial system, as every bitcoiner dreams of, it will be impossible for anyone to have a transaction confirmed on the main chain. The fee price will be so high that only corporations, financial institutions and governments will have the cash flow to do it. Second layer solutions demand a main chain transaction, so it won't help. Even early adopters will be forced to move to second layer solutions.
At this pace bitcoin is becoming a tool for the system it was created to destroy.

Topic: Is anyone concerned about the mempool size? - page 2. (Read 346 times)