Post
Topic
Board Bitcoin Discussion
Re: How does block size harm decentralization?
by
Khaos77
on 08/02/2019, 17:36:44 UTC
Ironically here i am, weeks into syncing the blockchain and run a full node, but I'm barely halfway there (84g). I like bitcoin core solution, and the market likes bitcoin core as well regardless of what fork supporters say.

This is not "a war" though. It is about CHOICE. If you have a "better" idea, you are free to fork and see if others follow you. So far what others have proposed is clearly not good enough to take over the crown. Bitcoin as it is handled by the core team remains The King.

LN provides neat things like (true) decentralized exchange, you could theoretically directly exchange litecoin for bitcoin and back without using any web site (wallet to wallet). LN is optional, you may use it or not. Either way, providing this option is already offloading the on chain network enough for it to scale. Each shop could run its own LN node, and why not, a full Bitcoin node along it (and while you are at it an Electrum server pointed to your node).

Perhaps someone will sell some raspi pre-installed with everything so its plug and play and shops can have their solution ready, or same as there is a linux distro for "miners", a linux distro foe "nodes" (or the same distro could do both).

Anyway, enlarging blocks is dumb, I wish newbies stopped requesting that as a "solution" for a "problem" that is no more... Spend that energy pushing for faster wallet LN adoption...

I think the confusion , come from lack of understanding of economics.
Current Business Model
Miners earn Bitcoins reward & transaction fees by protecting the network.
Rewards halved ever 4 years, making the miners more dependent on transaction fees to support the network.
(Bigger Blocks allow the miners to keep transaction fees smaller while earning enough to maintain profitability.)

LN Business Model
Earn money processing transactions offchain, starving the onchain bitcoin network of transaction fees.
While LN may offer greater speed by introducing a layers of banks between the users, it does not directly support the underlying onchain network which is necessary to bitcoin's survival.

How exactly do you expect the underlying bitcoin onchain network to survives when LN hub are nothing more than parasites extracting fees, while doing absolutely nothing to support the underlying network continued survival?