legendary
Activity: 2618
Merit: 1022
So, I still don't see how you can a have a record of transactions with the lightning network.
You only get a total put to the blockchain of a closed channel.
So all the interim transactions, what record of them do you have that cannot be changed.
So the LN becomes a payment system, not a records system.
You just realized the point of LN, to make fast and cheap transaction. All transaction made on LN intentionally not recorded on blockchain so it will reduce burden on on-chain network and improve user privacy.
No. I stated this ages ago and rather than a straight answer I was told to look at the white paper.
How then does this make access to the the records aspect of BTC open easy use, does it not become prohibitively expensive?
I don't really understand this question, but i don't see correlation between LN and makes using bitcoin/running nodes become expensive.
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And in this lays the problem. The need for a ledger that proves the transaction occurred allows the trust in the system to 100%. Every sale in fiat comes with a receipt, well 99%. You just dont know when you needed to prove that transaction.
Without the onchain records function a central plank of btc is weakened. the "Distributed ledger" part.
What is the philosophy here?
IMO it's "fast and cheap micro-transaction"
I am still waiting for the argument why the blocksize can't be increased as some sort of S curve to make access cheaper?
Blocksize/blockweight can be increased, but at cost making run full-nodes more expensive whether it's linear or S curve function growth.
My concern is given, userbase has gone up, hardware is more powerful, the exceptind the one of bump of segwit, blocksize is effectively decreasing.
There is no extra cost to running full nodes where hd space/$ increases and bandwidth /$ cost decreases. Rather EFFECTIVE blocksize is decreasing.
The on chain records are a low price are essential inmho.
I feel core is wedded to muh 1MB, as an article of faith. Eg they don't want to make it bigger as this would in their view vindicate BCH or give BCH something to crow about.
Maybe it would. Thats not the issue. The issue is you need access to the blockspace. Without it you centralise actors, eg who can afford 50$ a transaction? Except early adopters
