Live data from Hacker News

The senatorial governance of Bitcoin: making (de)centralized money

tandfonline.com

341–344 of 344 posts

Re: The senatorial governance of Bitcoin: making (de)centralized money

#341
post #257

Earlier quoted context omitted.

> and hope they know someone The system has routing, and it turns out that it doesn't take much for the probability of a graph to be connected with low average diameter. See: The six degrees of kevin bacon. If lightning doesn't work for a particular payment, you can simply make a payment without using it, potentially by splicing out funds from one of your channels. Yes, Lightning has trade-offs. You have to be online…

> though if you don't like them you're free to not use it. No true: due to limited block space on the base-layer. I am not convinced you get any efficiency increase with the LN: just more difficult capacity planning because everything is suddenly so hard to measure. Sending a payment, whether on the first or second layer, will take a certain amount of: bandwidth, processing and storage. Even if fewer nodes are involv…

> Even if fewer nodes are involved with each transaction, the LN seems to rely on a lot of message passing; beyond what a simple broadcast on the base layer requires.

Today sending a transaction communicates 10 messages for each of ~100k nodes in the network. Once its confirmed, that transaction will additionally be sent once to every new host to join the network, forever.

Lightning sends a couple of messages back and forth among the nodes directly involved in the transaction... maybe 4. (The average shortest path length is about 2.8 currently).

So the marginal communication cost for a transaction is literally hundreds of thousands times lower-- even ignoring the cost to future nodes joining the network-- and this advantage grows as the number of nodes increases.

Re: The senatorial governance of Bitcoin: making (de)centralized money

#343
post #251

Earlier quoted context omitted.

Yes, and lightning does the same. The other bitcoin nodes that route your messages are not a trusted third party, no more than the bitcoin nodes that relay your transaction when you transmit it any time you use Bitcoin. Wrights comments on topology are technobabble and largely meaningless, so it's difficult to say something about them... however, to the extent that we can assign any meaning at all to them don't you n…

Unlike the base layer, the LN uses source routing: which was abandoned years ago. Requiring the endpoints to know the structure of the network graph leads to intractable routing problems at scale.

Many source routed networks work fine, including Tor. All MPLS usage is source routed. Source routing isn't used for _IP_ (generally) but for reasons which have nothing to do with 'scale'.

Re: The senatorial governance of Bitcoin: making (de)centralized money

#344
post #79
post #73

Earlier quoted context omitted.

Yes, they share a blockchain history until a certain point. If your Bitcoins were sent in a transaction belonging to a block prior to the split, you own both BCash and Bitcoin.

Why do people call it BCash? Because it's part of a social engineering campaign to discredit Bitcoin Cash and to prevent people from learning about the idiocy of what Bitcoin is doing. https://medium.com/@jonaldfyookball/why-some-people-call-bit...

Because it's deceptive to call it "Bitcoin" Cash, because it's not Bitcoin. It's confusing to people who want to buy real bitcoins.
Post reply on HN