41–50 of 344 posts
I still hope that they listen to reason and increase bitcoin’s ability to scale. We are all held hostage by a tiny cabal of developers that think they know what is best and want bitcoin to have a perversely small block size and pitiful 7 transactions per second top speed.
Earlier quoted context omitted.
But after all the blocks are mined, how does the blockchain even work?
Every time a block is mined, miners are paid in transaction fees + newly generated coins. After 21 million coins have been generated, miners will only be rewarded transaction fees => it doesn't mean blocks will stop being mined; blocks will keep being mined, but without generating new coins out of nowhere.
I still hope that they listen to reason and increase bitcoin’s ability to scale. We are all held hostage by a tiny cabal of developers that think they know what is best and want bitcoin to have a perversely small block size and pitiful 7 transactions per second top speed.
Lightning network solves this as do many other things (liquid sidechains)
Bitcoin: A Peer-to-Peer Electronic Cash System
Note to commenters: In this context "Bitcoin production" is not mining; they're talking about the development of the protocol being centralized.
At least in a capitalist democracy we get to elect the criminals who rob us blind.
Earlier quoted context omitted.
Lightning network solves this as do many other things (liquid sidechains)
Lightning Network is not peer to peer which is what most of us signed up for with bitcoin. I don’t want centralized middlemen and their channels, might as well use a bank at that point. Lightning Network isn’t simple and elegant, it is a convoluted mess. The peer to peer foundation of bitcoin is literally in the title of the white paper from Satoshi. Bitcoin: A Peer-to-Peer Electronic Cash System https://bitcoin.org/…
Earlier quoted context omitted.
Every time a block is mined, miners are paid in transaction fees + newly generated coins. After 21 million coins have been generated, miners will only be rewarded transaction fees => it doesn't mean blocks will stop being mined; blocks will keep being mined, but without generating new coins out of nowhere.
How is the amount of a transaction fee determined?
If there are tons of people looking to make transactions, fees go up or down based on people's willingness to pay to be included in the next block.
Earlier quoted context omitted.
Lightning network solves this as do many other things (liquid sidechains)
Lightning Network is not peer to peer which is what most of us signed up for with bitcoin. I don’t want centralized middlemen and their channels, might as well use a bank at that point. Lightning Network isn’t simple and elegant, it is a convoluted mess. The peer to peer foundation of bitcoin is literally in the title of the white paper from Satoshi. Bitcoin: A Peer-to-Peer Electronic Cash System https://bitcoin.org/…
Earlier quoted context omitted.
The same hardware. Miners get both a reward for mining (the fixed set of coins) as well as collecting fees. After they’re all mined, it’ll just be the fees.
But after all the blocks are mined, how does the blockchain even work?
Earlier quoted context omitted.
Lightning Network is not peer to peer which is what most of us signed up for with bitcoin. I don’t want centralized middlemen and their channels, might as well use a bank at that point. Lightning Network isn’t simple and elegant, it is a convoluted mess. The peer to peer foundation of bitcoin is literally in the title of the white paper from Satoshi. Bitcoin: A Peer-to-Peer Electronic Cash System https://bitcoin.org/…
Can you explain why you think it's a convoluted mess?
It takes something that is, in human terms, relatively simple and makes it so convoluted that it's hard to even follow.