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Segregated Witness Benefits

19 comments
39% Upvoted
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level 1

The main one is it is the foundation to turn bitcoin into fiat 2.0

level 2
Original Poster1 point · 1 month ago

But why? you can't mine more bitcoin just because segwit is enabled.

level 3

LN is looking to introduce interest rates. News is from this week or last. There's plenty of materials in the sidebar to understand how BTC was hijacked and sabotaged by the powers that be to stop the bitcoin project from fulfilling its original goal.

level 4
Original Poster2 points · 1 month ago

hm... But you could already get interest in an ordinary BTC exchange account... it has happen before..

It is not a part of the specs AFAIK https://github.com/lightningnetwork/lightning-rfc/blob/master/00-introduction.md

level 5

With the LN the other party needs to lock BTC into the channel so that there is capital for the routing. With on-chain transactions there is no need to lock BTC away and thus no opportunity cost for the other party.

Because of this cost hubs will charge interest for channels that are kept open for you (and have few tx on it).

level 6
Original Poster1 point · 29 days ago

I'm not against on-chain transactions.. It will just be very expensive.

I think it is better to use the word fee and not interest for hubs.. We are talking about a very little fee and it can keep being little. unlike on-chain transactions.

level 7

On-chain transactions are not very expensive on Bitcoin Cash.

In the financial system if someone gives you money to use then you pay an interest on it.
This is on top of the routing fees you will pay when you use the LN.

level 8
Original Poster1 point · 29 days ago

I pay negative interest for storing money in my bank - this is a common practice now. This incentives people to move money from their accounts.

The routing fee will likely by sub-satoshi. TNSTAAFL

level 9

Do you want to say that BTC should mimic the banking system and that this is good practice?

level 10
Original Poster1 point · 26 days ago

If you want node centralization by doing big blocks? well.. then you destroyed the 1. layer.

In BTC you get both a decentralized 1. and 2. layer. And I believe that mainstream will most get 3. layer applications.

Rick falkvinge is propagandizing that people shouldn't run nodes and the BCH fools are cheering.

I'm not afraid that BCH will overtake BTC it is two completely different philosophies. after 2-3 years of BCH usage the number of nodes own by local nodes should drop.

All that talk about 300 MB blocks you need much bigger blocks if you want to run twitter like applications on the blockchain.

level 1

Segwit is garbage. It doesn't even solve quadratic hashing since an attacker isn't forced to use it. It doesn't solve malleability for the same reason not that it needed solving

level 2
Original Poster1 point · 29 days ago

But it will be more expensive to attack with legacy transaction... since BTC has a size discount on segwit transactions.

level 2
Original Poster1 point · 29 days ago

But you can still check the transaction signature and address signature with segwit - I'm not sure why the BTC nodes are weaken with segwit?

level 1

Bitcoin cash has:

  • Linear hashing for all transactions.

  • Input value signing for all transactions.

We should definitely add HASH256 as an option for P2SH to avoid 80-bit attacks, and consider adding SIGHASH_NOINPUT for people who want to play with chained off-chain transactions (not a malleability fix, but rather lets you make off-chain things that are insensitive to malleation).

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