[bitcoin-dev] A Proposed Compromise to the Block Size Limit
jtimon at jtimon.cc
Sun Jun 28 17:53:40 UTC 2015
On Sun, Jun 28, 2015 at 7:29 PM, Gavin Andresen <gavinandresen at gmail.com> wrote:
> On Sun, Jun 28, 2015 at 1:12 PM, Mark Friedenbach <mark at friedenbach.org>
>> But ultimately, lightning usefully solves a problem where participants
>> have semi-long lived payment endpoints.
> Very few of my own personal Bitcoin transactions fit that use-case.
> In fact, very few of my own personal dollar transactions fit that use-case
> (I suppose if I was addicted to Starbucks I'd have one of their payment
> cards that I topped up every once in a while, which would map nicely onto a
> payment channel). I suppose I could setup a payment channel with the grocery
> store I shop at once a week, but that would be inconvenient (I'd have to
> pre-fund it) and bad for my privacy.
Unlike other payment channels designs, the lightning payment channel
network allows you to pay to people that you haven't sent a pre-fund
There's must be a path in the network from you to the payee.
That's simpler with only a few hubs although too few hubs is bad for privacy.
> I can see how payment channels would work between big financial institutions
> as a settlement layer, but isn't that exactly the centralization concern
> that is making a lot of people worried about increasing the max block size?
Worried about financial institutions using Bitcoin? No. Who said that?
> And if there are only a dozen or two popular hubs, that's much worse
> centralization-wise compared to a few thousand fully-validating Bitcoin
Remember the hubs cannot steal any coins.
> Don't get me wrong, I think the Lightning Network is a fantastic idea and a
> great experiment and will likely be used for all sorts of great payment
> innovations (micropayments for bandwidth maybe, or maybe paying workers by
> the hour instead of at the end of the month). But I don't think it is a
> scaling solution for the types of payments the Bitcoin network is handling
I don't see how people could pay coffees with bitcoin in the long term
Bitcoin IOUs from a third party (or federation) maybe, but not with
real p2p btc.
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