Bitcoin has a huge scaling problem–Lightning could be the solution

#1

Post by vrdabomb5717 » Sun, Feb 04, 2018, 1:54 PM UTC

Bitcoin has a huge scaling problem–Lightning could be the solution
arstechnica.com

Re: Bitcoin has a huge scaling problem–Lightning could be the solution

#2

Post by DennisP » Sun, Feb 04, 2018, 2:39 PM UTC

Here's a shorter explanation of Lightning, with Solidity code: http://www.blunderingcode.com/a-lightning-network-in-two-pag...

Re: Bitcoin has a huge scaling problem–Lightning could be the solution

#3

Post by grillwork » Sun, Feb 04, 2018, 2:39 PM UTC

Lightning is the solution and it's going to be great for making micro transactions w/ bitcoin again.

Lightning network is actual innovation and the next evolution in making Bitcoin easier to use for the masses. One step at a time.

Re: Bitcoin has a huge scaling problem–Lightning could be the solution

#4

Post by ericb » Sun, Feb 04, 2018, 2:40 PM UTC

Lightning involves an always-on, networked, machine holding your private key. Your bitcoin is a bounty for 0-day exploits. Brilliant!

Re: Bitcoin has a huge scaling problem–Lightning could be the solution

#5

Post by xiphias » Sun, Feb 04, 2018, 2:43 PM UTC

Lightning is one of the solutions, signature aggregation (using Schnorr signatures as the next step) is at least as important for compressing the data on the blockchain.

Re: Bitcoin has a huge scaling problem–Lightning could be the solution

#6

Post by masterjack » Sun, Feb 04, 2018, 2:53 PM UTC

ericb wrote: post #4

Lightning involves an always-on, networked, machine holding your private key. Your bitcoin is a bounty for 0-day exploits. Brilliant!

And if you go offline for a few hours, your peers can steal your balance (unless you entrust somebody else to monitor it for you, which has its own tradeoffs)

Re: Bitcoin has a huge scaling problem–Lightning could be the solution

#7

Post by wanda » Sun, Feb 04, 2018, 2:55 PM UTC

For a moment I thought this was an article about how mining groups could try to power their ASICs by waiting for lightning to strike and storing the energy in giant capacitors or something.

(Not because this is a good idea, but because I didn't know anything about the Lightning network.)

Re: Bitcoin has a huge scaling problem–Lightning could be the solution

#8

Post by marsRoverDev » Sun, Feb 04, 2018, 2:59 PM UTC

Or perhaps replacing bitcoin with something that doesn't have fundamental flaws in its design.

Hence why a lot of us think it has no inherent value into the future. Of course, those in on the ponzi scheme will disagree with this sentiment.

Re: Bitcoin has a huge scaling problem–Lightning could be the solution

#9

Post by nissimk » Sun, Feb 04, 2018, 2:59 PM UTC

ericb wrote: post #4

Lightning involves an always-on, networked, machine holding your private key. Your bitcoin is a bounty for 0-day exploits. Brilliant!

I thought it relies on a multisig transaction.

Re: Bitcoin has a huge scaling problem–Lightning could be the solution

#10

Post by kyledrake » Sun, Feb 04, 2018, 3:00 PM UTC

masterjack wrote: post #6

ericb wrote: post #4

Lightning involves an always-on, networked, machine holding your private key. Your bitcoin is a bounty for 0-day exploits. Brilliant!

And if you go offline for a few hours, your peers can steal your balance (unless you entrust somebody else to monitor it for you, which has its own tradeoffs)

So basically, it turns into a ridiculously complicated bank. That requires 42tWh of power waste (and growing) to function.

I'm sorry, but I'm not impressed. Let's build a solution that scales better on-chain and uses a more power efficient mining algorithm.