News for hackers. Stuff that matters.
Re:A Formulation of the Trilemma in Proof of Work Blockchain by lordofgibbons on Tuesday July 23, 2024 @12:36AM (#41042526)
So why is nobody actually using the lightning network after all these years?

Multiple large vendors that support lightning network vendors are seeing practically no usage by anyone: https://x.com/CoinCards/status/1809702144288882870

Re:A Formulation of the Trilemma in Proof of Work Blockchain by Mengkudulangsat on Tuesday July 23, 2024 @01:59AM (#41042955)
Ex-purist like me bought our own full node and fiddle with it all weekend just to play around with the lightning network.

Aint' nobody else got time for that.

Re:A Formulation of the Trilemma in Proof of Work Blockchain by ProllyInfamous on Tuesday July 23, 2024 @01:59AM (#41042952)
Background: I was around for August 2017 hard-fork, running one of (then) ~2000 worldwide verification nodes (i.e. not mining, rule-setting): I can assure you the lack of offchain usage was predictable.

For the diehard technologists, it's interesting to note that Satoshi's original whitepaper called for a much larger blocksize (32MB, verse 1MB pre-SegWit/Lightning); myself, I ran BitcoinUnlimited with 16MB block acceptance well into 2018 (I'm anti anti anti SegWit/Lightning).

For some reason, years of BIPs have claimed that "1MB is necessary due to bandwidth limitations..." which even in 2017 was horseshit... but now it's 2024 and I can get 300mbps fiber for $57.99/month (with a ping <3ms).

HODL.

Re:A Formulation of the Trilemma in Proof of Work Blockchain by api on Tuesday July 23, 2024 @10:32AM (#41046374)
My understanding is that miners wanted small blocks and have hobbled the protocol for them.
Re:A Formulation of the Trilemma in Proof of Work Blockchain by ProllyInfamous on Wednesday July 24, 2024 @07:04PM (#41063137)
I'm not sure what caused your belief, but:

Miners are (and always have been) allowed to mine blocks containing zero transactions (i.e. ~0kB, not including necessities). It's us nodes that choose to reject/accept (of course there is Venn overlap).

This was common until block congestion actually started encouraging senders to include transaction fees; these [still!-]voluntarily fees represent a healthy addition to the blockreward, so most miners incur the minimal overhead for much-greater profit.

Yet zero-transaction blocks continue to be mined (albeit less-frequently).

Re:A Formulation of the Trilemma in Proof of Work Blockchain by kylebenzle on Tuesday July 23, 2024 @07:38AM (#41044914)
Because LN is a centralized service that 100% defeats the purpose of cryptocurrency, it's weird so many have fallen for the scam.

Bitcoin Cash (BCH) functions as Bitcoin, digital cash, still, Bitcoin (BTC) is a digital Ponzi scheme for morons run by the US government.

Re:A Formulation of the Trilemma in Proof of Work Blockchain by snapcaster on Tuesday July 23, 2024 @08:36AM (#41045318)
Do you understand the downside of large blocks?
Re:A Formulation of the Trilemma in Proof of Work Blockchain by DennisP on Tuesday July 23, 2024 @09:56AM (#41046081)
Do you understand that the block limit was set fourteen years ago, and that bandwidth and storage have increased exponentially since then?
Re:A Formulation of the Trilemma in Proof of Work Blockchain by lawn on Tuesday July 23, 2024 @10:22AM (#41046278)
It was also introduced as a temporary spam measure.
Re:A Formulation of the Trilemma in Proof of Work Blockchain by snapcaster on Tuesday July 23, 2024 @03:37PM (#41049910)
So right, but the issue is that block size increases only get you a linear increase in transaction rates which doesn't really address the problem (would 50 t/s somehow resolve any blockchain congestion?). So you make your currency less secure, risk chain splits but haven't even really solved any problems
Re:A Formulation of the Trilemma in Proof of Work Blockchain by DennisP on Tuesday July 23, 2024 @10:13PM (#41053039)
If the hardware is improving exponentially, then increasing the block size on the same curve is also an exponential improvement.

Layer 2 is helpful but does not entirely remove the need for space on chain. In LN for example, every channel opening and closing uses block space.

Re:A Formulation of the Trilemma in Proof of Work Blockchain by Geee on Tuesday July 23, 2024 @10:36AM (#41046412)
Nothing centralized about it and it's not a service. I can open a Lightning channel to my friend and make as many transactions as I want. Only the final difference is broadcasted to the Bitcoin blockchain. A similar method was originally suggested by Satoshi for scaling Bitcoin, so I don't know how it could be a "scam".
Re:A Formulation of the Trilemma in Proof of Work Blockchain by thisconnect on Tuesday July 23, 2024 @09:10AM (#41045616)
Why use lightning when you can use visa?

Hint hint hint