Quote from: kiklo on February 14, 2017, 04:10:46 AM

Quote from: HostFat on February 14, 2017, 02:36:37 AM

Bitcoins stagnation
https://medium.com/@p.g.tomlinson/bitcoins-stagnation-2098753b2e17#.6ou04fus8

Great article

Especially liked the following comments.

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The other theoretical solution is the lightening network to carry out the off chain transactions
Two years ago it was an idea and by the looks of it, it still is (despite recent alpha announcements).
The proposal is to have transactions in off chain transactions that will somehow be trusted.
Again we go back to off chains being just like the old banking infrastructure today.
These off chain payment channels still rely on broadcasting back to the Blockchain.
If we already have congested blocks then how is Lightening even going to work?
The transaction fees and intermittent nature will still be present as these channels will only scale so far and we would still need to figure out how to scale on chain.
Lightening just seems like a complex theoretical model when in fact off chain should be simple.
If we go back to my Coinbase example it can just be on a central database.
Various payment providers keep track of their own ledgers, in fact this is what banks do today the technology is already there.
Users could choose to have a Bitcoin account with say a mainstream bank like Barclays.
Most of their transactions occur off chain on ledgers just like today.
Then the user may demand once their balance reaches a certain point to automatically post a set amount to a private bitcoin address they own.
They may choose just to use a bank to handle their bitcoin.

So not only is all the above both in my opinion unnecessary and complex but how the heck am I going to explain Bitcoin to others?
It was hard enough when there was just the Blockchain with terms such as distributed consensus and miners and digital wallets (and I had to pray they didnt ask what wallets were and if there were coins).
Now Ive got to explain these exotic off chain solutions on top of all that.
To me its almost like people are working on ways to make Bitcoin more complicated and in the long run make it more unpopular.

Honey Badger really doesn't give a shit if some moon kidz want to characterize his activities as "stagnation." Who made you his life coach?

Lightning tx are trustless. They are not some idiotic trusted 3rd party solution like Dash's Masternodes.

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"As a key feature of the Lightning Network, Poon and Dryja proposed trustless bidirectional payment channels."

https://bitcoinmagazine.com/articles/understanding-the-lightning-network-part-building-a-bidirectional-payment-channel-1464710791/

A Lightning type payment channel is simply a write cache for the blockchain.

Do you know how much the write cache improves a hard drive's performance? Try turning yours off and find out.

Why don't you moan about the presence of write caches on hard drives, and spew FUD about how output operations to the write cache aren't real "on disk" transactions! Cheesy