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RE: The Bitcoin big blocks farce is becoming a laugh.
You may be interested in reading this:
https://theflippening.github.io/open-letter-to-bitcoin-miners-from-another-miner/
Make of it what you want, still trying to wrap my head around the possibility myself.
Good luck!
Thank you for sharing. Will dive into that too. Already was investigating. Starting all over with the Bitcoin Whitepaper. Interesting food for thought and posting.
Seen things like: "...almost certain that..." getting used as arguments that Lightning Network could be patented. But no proof that it is. While that is being presented for bcash support. Now that makes me sceptical. As I did not find proof to support that claim.
And it is hard to get ones head around it all. That is why I started again from the root, the Bitcoin Whitepaper.
One of the references talks about the lighting network being imposible to be maintained peer2peer. Needing massive hubs instead.
Make sure you Reed the reverences! It's worth the time.
Will read as much as possible, all in good time.
The article referred to is so filled with wrong assumptions and misinformation that I could not bare read on.
It looks to me like a bcash propaganda piece. No apoarant knowledge of the Bitcoin Whitepaper.
Replacing Fiat, for instance, that claim is improbable. As I did my best to explain in my post. Again I refer to the Bitcoin Whitepaper, it is all there.
Most Lightning Network transactions are done off chain. Although more transactions will ask more from any P2P network. That is why just going for big blocks won't solve anything. If will just constipate the network.
LN claims to be able to do millions to billions of transactions per second off-chain, at low fees, transferring even 1 cent of value.
The main bitcoin blockchain is still very important for locking in and out using Smart-Contracts. And finalizing transactions in blocks, just like normal.
Most of the LN transactions will be outside the Bitcoin network.
There is a lot of documentation, also open in addressing risks.
http://lightning.network/
Just posted it, feel free to comment:
https://steemit.com/bitcoin/@thename/the-flippening-bth-btc-might-actually-happen
Will have a look into it later. Now time gor my daily walk.
Enjoy!
Thanks it was cold but nice.
Okay.