Lightning network is mostly dead. Someone should do this but for the thriving L2 ETH ecosystem.
You are trolling, right ?
L402: The Missing Piece in the Internet's Payment Infrastructure
71–80 of 146 posts
Re: L402: The Missing Piece in the Internet's Payment Infrastructure
#72Earlier quoted context omitted.
Segwit made transactions smaller, right? What was the problem with it?
No, SegWit decoupled (segregated) the witness data from the signature data. Also the signature data has a lower “weight” now. It also happens to have been a soft fork for Bitcoin where the block size was increased to roughly 4 MB.
But you can discard the witness data after a short while, can't you? I don't think that was practical with the old format?
Also isn't the signature part of the witness?
Re: L402: The Missing Piece in the Internet's Payment Infrastructure
#73Earlier quoted context omitted.
The answer is federation. Don't try to sell me "subscribing to one specific blog", sell me a sensibly curated and rich network. People might be willing to pay $10 per month for a broad spectrum of quality content, but they don't want to spend 13 cents for a given arbitrary single article. It's an annoying decision burden, even if you try to shunt it away from them with delayed end-of-month billing (constant fear of a…
There was something similar with Coil.com, based on the Web Monetisation API. Basically you paid $5/month, and it was shared on a pro-rata basis between on content you consumed that supported the API. Coil themselves had content lists on their website to discover, but the goal was for the monetisation to happen organically. It failed.
Most companies fail. But I think something like that could work.
It's what Google Contributor should have been. Not the bizarre v1 where your money tried to outbid ads, or the pay-per-view v2 that also only supported a handful of websites.
Re: L402: The Missing Piece in the Internet's Payment Infrastructure
#74Bitcoin is not acceptable in 2024, and Lightning doesn't help. Nothing based on a PoW cryptocurrency should get any support from anybody.
Why? Using wasted energy at scale doesn't seem to cause significant CO2 emissions, especially given that it's such a price-sensitive buyer, and curtails so well.
Curiously, this energy hunger is driving decentralization despite the otherwise inevitable benefits of scale.
Re: L402: The Missing Piece in the Internet's Payment Infrastructure
#75Earlier quoted context omitted.
Do you think you're being reasonable in saying that? I think micropayments are desperately needed, and I don't see modern payment networks doing anything to get there
Yes, I do. If you really want micropayments, then use one of the newer, better base systems that do the same things better on every metric, including not ripping through half a percent of the electricity generated in the world. Even if Bitcoin were the only choice available, micropayments aren't needed desperately enough to justify the climate impact. But in fact it's not.
If censorship resistance and reliability are your metrics, there really isn't a serious competitor. There is huge incentive to claim to be so, however!
But if you're trying to build something for decades, as you should be for internet infrastructure, there isn't much option.
Re: L402: The Missing Piece in the Internet's Payment Infrastructure
#76Earlier quoted context omitted.
Do you think you're being reasonable in saying that? I think micropayments are desperately needed, and I don't see modern payment networks doing anything to get there
Bitcoin Cash works for small payments as Bitcoin was originally designed to do. Artificially limiting the block size to try and push fees up as high as possible is simply not a good designe choice that was added long after Satoshi left.
It was Satoshi who introduced the block size limit though. Awkward!
Re: L402: The Missing Piece in the Internet's Payment Infrastructure
#77Is lightning network open source and a non-profit? How can we put our trust in L402? Can it go bankrupt? Can it be corrupted? Can it go down?
It is a for profit company, software is closed source.
This I'd wrong. There are at least 4 independent, FOSS implementations and an open specification and spec process.
Re: L402: The Missing Piece in the Internet's Payment Infrastructure
#78Bitcoin is not acceptable in 2024, and Lightning doesn't help. Nothing based on a PoW cryptocurrency should get any support from anybody.
Why? Using wasted energy at scale doesn't seem to cause significant CO2 emissions, especially given that it's such a price-sensitive buyer, and curtails so well. Curiously, this energy hunger is driving decentralization despite the otherwise inevitable benefits of scale.
> Why? Using wasted energy at scale doesn't seem to cause significant CO2 emissions […]
There is no such thing as "wasted energy". The fact that cryptocurrency mining exists means there is load on the grid, which needs to be given supply. If that load/demand goes away, then the supply can be reduced or shutdown. I.e., if there is no demand the power would not be generated in the first place.
Re: L402: The Missing Piece in the Internet's Payment Infrastructure
#79Earlier quoted context omitted.
Yes, I do. If you really want micropayments, then use one of the newer, better base systems that do the same things better on every metric, including not ripping through half a percent of the electricity generated in the world. Even if Bitcoin were the only choice available, micropayments aren't needed desperately enough to justify the climate impact. But in fact it's not.
If censorship resistance and reliability are your metrics, there really isn't a serious competitor. There is huge incentive to claim to be so, however! But if you're trying to build something for decades, as you should be for internet infrastructure, there isn't much option.
> If censorship resistance and reliability are your metrics, there really isn't a serious competitor.
Given the public ledger of Bitcoin, I would hardly say it has "censorship resistance". On that metric I would think Monero or some such would be better:
* https://www.investopedia.com/tech/five-most-private-cryptocu...
Re: L402: The Missing Piece in the Internet's Payment Infrastructure
#80Earlier quoted context omitted.
Why? Using wasted energy at scale doesn't seem to cause significant CO2 emissions, especially given that it's such a price-sensitive buyer, and curtails so well. Curiously, this energy hunger is driving decentralization despite the otherwise inevitable benefits of scale.
> Why? Using wasted energy at scale doesn't seem to cause significant CO2 emissions […] There is no such thing as "wasted energy". The fact that cryptocurrency mining exists means there is load on the grid, which needs to be given supply. If that load/demand goes away, then the supply can be reduced or shutdown. I.e. , if there is no demand the power would not be generated in the first place.
>There is no such thing as "wasted energy".
Your argument's basis is detached from reality: https://orientalnewsng.com/global-gas-flare-heightened-by-15...
Thankfully, there are market participants who are capturing this previously-wasted energy and putting it to use: https://hashrateindex.com/blog/flared-gas-bitcoin-mining-101...