Hacker News Reader

Hacker News

Comment by epx | Hacker News Reader

Full thread

epx

Yeah, with 7tps

View on HN

meh, bundled, off-chain transactions. Examples:

https://blog.coinbase.com/coinbase-rolls-out-bitcoin-transac...

https://en.bitcoin.it/wiki/Off-Chain_Transactions

Great, so let's use a... separate system... with none of the advantages associated with a cryptocurrency to do actual transactions.

https://lightning.network/

My criticism was in direct response to the lightning network.

Surely you understand how "with none of the advantages associated with a cryptocurrency" could make it seem like you were referring to Coinbase batching (since that's centralized). How exactly does Lightning negate any of bitcoins advantages?

Why would anyone use a complex disaster that people are avoiding like the plague when they could just use other cryptocurrencies that didn't intentionally cripple their throughput to sell that hacky second layer?

Ethereum dwarfs everything else in transaction volume and bitcoin cash has already consistently passed bitcoin in transactions per day.

https://bitinfocharts.com/comparison/transactions-btc-eth-bc...

Enough to be the first settlement layer of the whole finacial system. On top of that layer, you can have country fiat coins, centralized exchanges and others.

...a first settlement layer that the normal person simply cannot use. 7 billion peopl and 7 transactions per second is 1 billion seconds between transactions. Over 30 years.

Going completely to only larger players and being inaccessible to most people at the first layer is completely missing the major purposes of Bitcoin as laid out by Satoshi.

Most people in 1900 would not transact in Gold although it was the first settlement.

The world was fine till governments decided to operate without hard money as first settlement layer.

We are going to revert back. It _has_ to be fixed.

Reminds me of the transaction speed of gold back in the days they called it a gold standard.

During gold rush a Mug of beer was a pinch of gold.

Bartenders would favor employees with big hands.

Government came in and printed gold coins to solve the currency problem. However it turns out that a 50 dollar gold coin is not useful in any but the largest transactions.

Reply on news.ycombinator.com