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StaffLegendaryActivity: 3402Merit: 1105I support freedom of choice How to achieve the Lightningcoin network January 22, 2016, 04:01:14 AM

Last edit: January 22, 2016, 04:13:24 AM by HostFat #1



1 MB unchanged -> No more space for transactions -> Only transactions with higher fee -> No more transactions of lower value (the common payments for the majority of common people)

If an user has to pay $10 (lower value transaction), he wont use the on-chain transaction if he has to pay $1 to get it in 10 minutes (if he is lucky)



Then, the only way to make transactions of lower value (and lower fee) will be the Lightning Network.



On-chain transactions wont be anymore for payments, only as a part of a settlement network (big transactions from intermediaries/hubs of the LN, rich people, banks, exchanges, business ...).



We will have then the new Lightningcoin network!



A large cut of fees will go to the intermediaries/hubs of the LN, so miners will get less money from the potential revenue.



But... maybe even miners/pools will be able to be intermediaries/hubs of the LN, so I'm not sure how this will resolve...



Anyway, it's for sure a big change on the economic rules and incentives of the current Bitcoin network.



Will it work?



Maybe after a while that the LN is taking fees,



Because all of this, I think that on the long run the current miners will be the losers



What do you think about all of this? (Am I wrong with my predictions?)



EDIT:

This was in the mining section before, someone has moved it here. RBF enabled by default -> Double spend 100% sure -> Zero conf. impossible and ...1 MB unchanged -> No more space for transactions -> Only transactions with higher fee -> No more transactions of lower value (the common payments for the majority of common people)If an user has to pay $10 (lower value transaction), he wont use the on-chain transaction if he has to pay $1 to get it in 10 minutes (if he is lucky)Then, the only way to make transactions of lower value (and lower fee) will be the Lightning Network.On-chain transactions wont be anymore for payments, only as a part of a settlement network (big transactions from intermediaries/hubs of the LN, rich people, banks, exchanges, business ...).We will have then the newnetwork!A large cut of fees will go to the intermediaries/hubs of the LN, so miners will get less money from the potential revenue.But... maybe even miners/pools will be able to be intermediaries/hubs of the LN, so I'm not sure how this will resolve...Anyway, it's for sure a big change on the economic rules and incentives of the current Bitcoin network.Will it work?Maybe after a while that the LN is taking fees, there will be also a new version of the client with a new POW (the code is already there), to decentralize the network even more.Because all of this, I think that on the long run theminers will be the losersWhat do you think about all of this?(Am I wrong with my predictions?)EDIT:This was in the mining section before, someone has moved it here. NON DO ASSISTENZA PRIVATA