Jeff Swann's avatar
Jeff Swann 2 years ago
That all sounds nice except that I don't think hash determines ownership is a secure way to do anything. It increases data costs for miners (much the same way big blocks would) & limited miner participation could make it possible to steal all coins in the sidechain. There's zero opportunity cost to attempting the attack. If there was any sort of network hash disruption or major change like the China ban it could open the door for someone to sweep the entire sidechain. I think it's overall just a bad idea. IMO it would make more sense for someone to build software to help mining pool operators to become LN hubs. They need to payout to individual miners, enabling payouts over LN would potentially further decentralize mining participation by making it possible to send small amounts of sats to people running their heaters, it would reduce onchain txn load, it would incease LN liquidity & potentially create a new source of revenue for mining pool operators.

Replies (3)

If mining pool operators became LN hubs right now, there would be two massive lightning hubs. Even now, lightning could be considerably decentralized, but the majority of people choose WoS or Alby because they make everything so much easier. Drivechains could potentially increase node costs, but if the prices are not worth it, then they can do blind merge mining. In most cases, the prices would be worth it because the fees would cover the costs. Michael Saylor has said if we want privacy, maybe we should buy Monero. He seems to want Bitcoin to be a legal, surveilled, expensive rock that we can cash in for CBDC tokens. I would guess a majority of bitcoiners won’t use a sidechain unless they feel comfortable. Imagine a sidechain with the privacy of Monero or zcash, with a slightly increasing blocksize based on Moore’s law; just for spending money. This would let us all run a node while it becomes too successful to justify theft, and Layer 1 is ossified and protected from more stupid shit like Ordinals.
Jeff Swann's avatar
Jeff Swann 2 years ago
Lightning is very decentralized. There are zero gate keepers & tons of well connected nodes & hubs. I don't think what Saylor wants really matters. We already have the foundations of pretty good privacy. Taproot helps. We have Vortex to open LN channels, permissionless peg-ins on Liquid (which itself has decent privacy), & atomic swaps out of Liquid to LN... And we will eventually get atomic swaps to & from fedimints &/or spiderchains too. The solutions are all there, they just aren't all implemented yet. I don't think we need another "solution" that has a far more dangerous & unknown impact on the base layer when there are so many possibilities not yet realized & thoroughly explored.
Default avatar
₿itcoin 2 years ago
Moores law doesnt apply to africa, just saying.