Post
Topic
Board Bitcoin Discussion
Re: Gavin Andresen Proposes Bitcoin Hard Fork to Address Network Scalability
by
tvbcof
on 30/10/2014, 17:12:52 UTC
...
I'm also operating under the assumption that miners/processors in sidechains have income from fees as well.  Ultimately, for bitcoin to get the same fees it would get otherwise, users would have to pay more to use sidechains so that the entities running the sidechains can make their money, too.  Quite frankly, sidechains for transfer of value just don't seem likely to have benefits that outweigh their costs, but that is IMO.

I've learned over the years that 'nothing is free' and to be highly suspect of things which are.  Initially at least I would only use a sidechain which entailed some sort of a fee.  As always, I'd want to be able to see exactly what is becoming of those fees and would expect the sidechain to be completely transparent in all ways and in this way in particular.  I would expect that if there was an excess which was not refunded to users it would be going toward support of the Bitcoin core.

I expect that one thing which will develop would be that organizations run their own sidechains.  In this case they can make an economic justification for subsidizing costs.  I probably would use these types of sidechains as well as needed, but here again I would even more strongly favor this class of sidechains based on their demonstrable support of the Bitcoin core (in it's original decentralized and non-controlled form.)  This would, in fact, be a big factor in my choosing to do business with them at all.

2)  I think sidechains for added benefits would be fine, but pruning and blocksize increases need implemented in bitcoin regardless.

Ya, well, don't hold your breath on that one.  Voice of experience based on years of waiting and seeing a giant nothingburger.  Maxwell did make an oblique reference to 'working on something better' probably at least a year ago.  Possibly that was sidechains and if so I'd strongly agree that it is a more promising avenue.  In the mean time the cost of bringing up a full node continues to build on the back of a giant pile of absurd and inconsequential garbage.

One fairly safe method which occurred to me would be a massively POW'd optimized re-base.  As in half the hashing power working on the best solution for at least a quarter, and maybe with the results inserted into the codebase.  This, however, was never part of the design of Bitcoin.  Maybe it will be on a sidechain.