Post
Topic
Board Bitcoin Discussion
Re: 1MB block size forever is just silly
by
kiklo
on 06/02/2017, 21:59:25 UTC
I can promise you that LN would be dead in the water if there was even a remote chance of fractional reserve or an increase in the total coin cap.  It's one of those red lines that consensus will never cross.  You won't be able to settle a total on the blockchain greater than that which was initially locked.  All coins can be traced back to their coinbase origin, while sums created through fraction reserve would not have such an origin to be traceable to.  Network rules wouldn't accept or validate a transaction where the output was greater than the input and the additional coins appeared from nowhere.  Miners and nodes will never accept those particular rules changing.

LOL,  Cheesy

You think they are going to tell you it will have the ability to do fractional reserves.
It is an offchain representation , there is nothing stopping them from adding an update ,that allows fractional reserves.

Whether "they" tell us or not, it will be apparent from the code, which people will look at before they run it.  People will see that you can't add to the balance once it has been locked.  The total can't be changed.  You aren't handing your coins to the custody of a third party where they can alter the balance.  And no, someone can't just "add an update that allows fractional reserves", because the code that governs the network is set in the client and users wouldn't update their client if the new code allowed fractional reserve.  Enough with the conspiracy theories.  It's clear from your posts that you haven't read a single thing about it.  You're only proving my point that the anti-blockstream hardliners are no better than anti-blocksize-adjustment hardliners.

It was apparent in Banking and that did not stop people from using Banks.
It will be apparent in LN, and the LN Hubs will update because they will profit from the fraud also.

And make no doubt , fractional reserve banking is nothing but outright fraud.

I have read the LN whitepaper , your attempts at smearing me with propaganda techniques is sad & pathetic.

LN will do exactly what the Goldsmiths did, you are naive & foolish not to see that.

Those that refuse to learn the lessons of history are forever doomed to repeat it.   Wink

 Cool

FYI:
https://bitcointalk.org/index.php?topic=1691802.msg16985041#msg16985041
https://bitcointalk.org/index.php?topic=1691802.msg16985332#msg16985332
https://bitcointalk.org/index.php?topic=1691802.msg16992577#msg16992577
https://bitcointalk.org/index.php?topic=1776119.msg17758623#msg17758623