Re: Satoshi Nakamoto: "Bitcoin can scale larger than the Visa Network"
of course Gavin is doing things differently in classic his primary goal is to scale the blockchain as much as possible.
this is NOT the main goal of Core, which is fine, there second layer solution is fine, but it's simply not what the majority want...
this is NOT the main goal of Core, which is fine, there second layer solution is fine, but it's simply not what the majority want...
I agree second layer is fine, but people should choose it because it is better than decentralized onchain transactions, not just because the the blocksize is artifically limited so they have no other choice.
Bitcoin is up and running well (assuming one uses reasonable fees ~5¢/transaction) despite an onslaught of ill-intention persons. Shame on all of us for not adjusting our marketing messages earlier to set expectations better. Find me another system that has withstood as much and moves millions of dollars a day.
Who pays the Core Dev Team? Are they doing all their work for Bitcoin for free?
My sincerest heartfelt praise and admiration go out to Core Dev Team members! They are giving us something I couldn't do myself. That said, I do think there's room for improvement on the handling of perceptions front. I sincerely believe they have the overall good of Bitcoin *and* the users of it foremost in their minds.
Lauda has done a yeoman's job representing the positions; thank goodness someone has the patience.
Who pays the Core Dev Team? Are they doing all their work for Bitcoin for free?
My sincerest heartfelt praise and admiration go out to Core Dev Team members! They are giving us something I couldn't do myself. That said, I do think there's room for improvement on the handling of perceptions front. I sincerely believe they have the overall good of Bitcoin *and* the users of it foremost in their minds.
Lauda has done a yeoman's job representing the positions; thank goodness someone has the patience.
give it a few more days of debate, you'll see your optimism and praise will turn to anger and disgust. LOL
This, unless one know the big picture it is easy to tell Bitcoin is working well. Because it is now, but it is supposed to be just settlement layer for offchain transactions with hundred times more expensive onchain fees because of artifficial blocksize limit. So say good bye affordable decentralized onchain transactions if this vision comes true, and be ready for just another centralized offchain solutions!
Here is the suggested plan explained by Bitmain's Jihan Wu at 8btc he got from core representatives at recent Hong Kong meeting:
https://np.reddit.com/r/BitcoinMarkets/comments/48kf18/daily_discussion_wednesday_march_02_2016/d0krl0w
Quote
During the Hong Kong meeting, the answer provided by Core reps is that the future Lightning Network would increase capacity a thousandfold - that up to tens of thousands of transactions can be completed on the lightning network and settled with one on chain transaction. Assuming that current transaction fees are 0.3 RMB, and assuming that 1000 lightning transactions can be settled by one blockchain transaction, then we can raise fees for on chain transactions to 30 RMB (100x increase), while each transaction on the lightning network would only cost a tenth of current fees and increase miner revenue a hundredfold.