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RE: Bitcoin Surges To New All-Time High Near $8,000 As Wall Street Plunges In
BCH going to 8 MB blocks is at best a short term solution to the scaling issue. This video explains why off chain scaling is better for privacy:
Nevertheless we should watch for Bilderberg and Wall St fuckery. As long as the code is still open source and centralization is avoided, in the long term bitcoin will survive.
i agree with you and its good comments @zoidsoft
Nice post steemit
He says we made a mistake by not introducing privacy etc. on the base layer of the internet. Now he suggests we does the same with Bitcoin. It doesn't make sense.
Andreas said "I hope" we don't make the same mistake. Not the same thing.
Why is he advocating doing it on Lightning instead of the blockchain then? Am I missing something?
Well for one thing the blockchain compromises privacy and if LN works it will be many times faster than blockchain. The way LN works is by using the blockchain as a court system. Just as it is the case that not every issue goes to court, so too will it be unnecessary to send every transaction to the blockchain which will increase both speed and privacy.
Yeah I agree. But I think we should still keep on-chain transactions cheap.
The fewer transactions on the block, the cheaper they will be. I think it's unlikely that we'll still have 1 MB blocks post 2020.