News for hackers. Stuff that matters.

A comment on Avg. Transaction Fee of Bitcoin Surpassed the Peak from 2017. Parent comment

Re:Avg. Transaction Fee of Bitcoin Surpassed the Peak from 2017 by this_user on Thursday April 22, 2021 @07:36PM (#26909419)
The conundrum at the heart of BTC is that you have to introduce a second layer in order to work around the inherent limitations of the first. But at that point you may as well do away with that first layer, and then will have simply re-invented PayPay, which only goes to show how "blockchain technology" is almost entirely useless.
[ Parent | on HN ]
Re:Avg. Transaction Fee of Bitcoin Surpassed the Peak from 2017 by xur17 on Thursday April 22, 2021 @07:50PM (#26909518)
How has lightning network re-invented paypal? One is a custodial way to store and transfer money, another is a decentralized non-custodial way to store and transfer money. It couldn't be more different.
[ Parent | on HN ]
Re:Avg. Transaction Fee of Bitcoin Surpassed the Peak from 2017 by gruez on Thursday April 22, 2021 @07:38PM (#26909443)
>But at that point you may as well do away with that first layer, and then will have simply re-invented PayPay, which only goes to show how "blockchain technology" is almost entirely useless.

the lightning network isn't going to freeze your funds for 180 days because they think your account is suspicious.

[ Parent | on HN ]
Re:Avg. Transaction Fee of Bitcoin Surpassed the Peak from 2017 by castlecrasher2 on Thursday April 22, 2021 @07:46PM (#26909498)
No, it would have its own bullshit to deal with, we just haven't seen it yet.
[ Parent | on HN ]
Re:Avg. Transaction Fee of Bitcoin Surpassed the Peak from 2017 by singularity2001 on Friday April 23, 2021 @01:19AM (#26911225)
I remember getting "this feature is currently suspended" messages on kraken when trying to pull my money out during the last bitcoin crash.
[ Parent | on HN ]
Re:Avg. Transaction Fee of Bitcoin Surpassed the Peak from 2017 by pfundstein on Thursday April 22, 2021 @08:35PM (#26909776)
> you have to introduce a second layer in order to work around the inherent limitations

Not true, the block size was intended to deal with this exact issue.

[ Parent | on HN ]
Re:Avg. Transaction Fee of Bitcoin Surpassed the Peak from 2017 by noxer on Thursday April 22, 2021 @07:48PM (#26909506)
That shortsighted. Blockchain tech isn't only bitcoin. There are solutions to the problems bitcoins has and they are working fine since years. BTW the link includes the transaction fees on the XRPL you probably didn't see it because the line is almost flat and almost at zero.

Blockchains or rather DLTs are here to stay - bitcoin probably not.

[ Parent | on HN ]