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Libra, 2 Weeks In

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Re: Libra, 2 Weeks In

#281

Post by simplesleeper »

xiphias2 wrote: post #124

> Is this really a blockchain? It’s not open. It’s not decentralized! > While the initial mechanism by which organizations can run a node and become a member of the Libra Association, is definitely not as open as, say Bitcoin, where anyone can participate in the consensus algorithm, the Libra Blockchain is absolutely designed to be open. They skip the first question: Libra is not a block chain. It uses Merkel tree ac…

Don't Merkle trees underpin bitcoin? Why does it disqualify it as a blockchain?

Re: Libra, 2 Weeks In

#282

Post by simplesleeper »

xiphias2 wrote: post #124

> Is this really a blockchain? It’s not open. It’s not decentralized! > While the initial mechanism by which organizations can run a node and become a member of the Libra Association, is definitely not as open as, say Bitcoin, where anyone can participate in the consensus algorithm, the Libra Blockchain is absolutely designed to be open. They skip the first question: Libra is not a block chain. It uses Merkel tree ac…

wikipedia says - https://en.m.wikipedia.org/wiki/Blockchain - that transaction data is generally represented by a merkle tree in block chains

Re: Libra, 2 Weeks In

#283

Post by xiphias2 »

simplesleeper wrote: post #282
xiphias2 wrote: post #124

> Is this really a blockchain? It’s not open. It’s not decentralized! > While the initial mechanism by which organizations can run a node and become a member of the Libra Association, is definitely not as open as, say Bitcoin, where anyone can participate in the consensus algorithm, the Libra Blockchain is absolutely designed to be open. They skip the first question: Libra is not a block chain. It uses Merkel tree ac…

wikipedia says - https://en.m.wikipedia.org/wiki/Blockchain - that transaction data is generally represented by a merkle tree in block chains

Yes, the block of transactions is arranged in a Merkel tree, but that Merkel tree is finalized, chained to the previous block and secured by proof of work.

Libra is changing the Merkel tree over time, it is never final, which is similar to pre-Bitcoin digital currencies.

Re: Libra, 2 Weeks In

#285

Post by iso-8859-1 »

goristerHAN wrote: post #104
spookthesunset wrote: post #40

Earlier quoted context omitted.

Having to be online to be secure is a pretty big hole, don’t you think? Sure you could outsource it to some trusted party, but that feels awfully bank-like and I thought bitcoin was all about being your own bank. Am I wrong?

Watchtowers are not trusted parties and you do not have to be always online to be secure. There is a configurable period where you can broadcast a revocation transaction. Watchtowers can do it for you but it's designed so they cannot frame you. The penalty for broadcasting an out of date transaction is loss of all funds in the channel. To summarize. 1. Attacks are extremely unlikely in the first place. 2. Watchtowers…

If I am not online and don't use a watch tower, how is the breach remedy transaction published in time?

Re: Libra, 2 Weeks In

#286

Post by jcsycombinator »

spookthesunset wrote: post #25
r32a_ wrote: post #10

Earlier quoted context omitted.

Or choose Bitcoin and have neither :)

Great until you bump up against that 7 transactions per second limit, the entire planet adopts it and and you get to wait multiple decades between transactions. And before you say “lightning network” do realize that LN doesn’t exist and even if it did your solution is to avoid using bitcoin. Setting aside you still have to make transactions on the bitcoin blockchain before you can even play ball with LN. Bitcoin/cryp…

I use lightning every day. I use bitrefill to buy pretty much anything I want. Recently bought a game on steam and some late night uber eats.

Also loads of websites where you can use it.

Re: Libra, 2 Weeks In

#287

Post by andreshb »

shitgoose wrote: post #74

the moment libra is exchanged for fiat, it is under scrutiny (know your client etc). fbi routinely nails various e-gold enterprises, where clients exchange fiat for tokens and freely transact tokens across the globe. all it takes is to open a couple of libra accounts and send a transaction with "hurt as many americans as possible" in the details. a lot of people were busted for a lot less than that. imagine high volu…

You should really update your stereotypes.
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