Re:Goldman Sachs Report Explores Use of Bitcoin as Currency
by 0wing on Monday January 15, 2018 @11:58PM
(#16155948)
Either the Lightning Network has found a solution to the routing problem which the entire internet has relied upon since 1989 [1], or the LN marketing is disingenuous and the actual implementation will be nothing more than an excuse to extract wealth to centralized payment processor hubs, further distancing Bitcoin from the main design of electronic cash:
"A purely peer-to-peer version of electronic cash would
allow online payments to be sent directly from one party
to another without going through a financial institution."
Re:Goldman Sachs Report Explores Use of Bitcoin as Currency
by SkyMarshal on Tuesday January 16, 2018 @01:05AM
(#16156170)
jstanley makes a very good point, especially considering that Bitcoin itself is a probabilistic good-enough solution to the Byzantine Generals Problem, rather than a perfect deterministic one. But you didn't even address jstanley's question, you just repeated the exact same talking points you posted higher up in this thread, hoping that readers can't tell the difference. That is not an honest debate, but propaganda.
The constant repetition of talking points without actually addressing the critiques of those talking points may fool the gullible, but the technologically savvy see it, and it costs you your credibility with them. You guys are like Marco Rubio [1] constantly repeating the same talking points regardless what critiques are thrown your way.
Re:Goldman Sachs Report Explores Use of Bitcoin as Currency
by 0wing on Tuesday January 16, 2018 @02:52PM
(#16161677)
I cited BGP.
You've provided no technical details, only an ad hominem fallacy.
Feel free to explain actual technical details of how LN does anything interesting, other than further centralize Bitcoin into centralized payment processor hubs?
As per the LN white paper:
8.4 Payment Routing
It is theoretically possible to build a route map
implicitly from observing 2-of-2 multisigs on the
blockchain to build a routing table. Note, however, this
is not feasible with pay-to-script-hash transaction
outputs, which can be resolved out-of-band from the
bitcoin protocol via a third party routing service.
Building a routing table will become necessary for large
operators (e.g. BGP, Cjdns). Eventually, with
optimizations, the network will look a lot like the
correspondent banking network, or Tier-1 ISPs.
Secondly, even if it was the TSP, you don't need to 100% solve it in order to have a working system. How do you think actual travelling salesmen can exist? They just pick a good enough route, nobody is checking whether they picked the perfect route, and nobody cares.