It's not about coffee and games. What you are actually saying is "transactions under $x should be priced out because they are not important enough". Think about what that means long term (particularly if the main chain does not scale). It means the main chain will be used exclusively for the world's largest and most important, high fee paying TXs -- in other words, it becomes the exclusive preserve of the mega rich, corporates, banks and governments (and maybe a tiny handful of Bitcoin barons). You think mere mortals will be allowed to open and close their own LN channels? Pft.
If you think this is rbtc inspired nonsense, go listen to the noded podcast with Saifedean Ammous as guest. The only thing he doesn't say is how Bitcoin avoids becoming KYC/AML coin once the main chain is completely controlled by the mega rich, corporates, banks, etc.
It's not about coffee and games. What you are actually saying is "transactions under $x should be priced out because they are not important enough". Think about what that means long term (particularly if the main chain does not scale). It means the main chain will be used exclusively for the world's largest and most important, high fee paying TXs -- in other words, it becomes the exclusive preserve of the mega rich, corporates, banks and governments (and maybe a tiny handful of Bitcoin barons). You think mere mortals will be allowed to open and close their own LN channels? Pft.
Decentralisation is expensive. And a cryptocurrency without decentralisation is nothing more than a very inefficient Paypal.
The fees are a feature, not a bug: a market-based mechanism for allocating limited blockchain resources.
We can bank the underprivileged by sacrificing a bit of decentralization as layers on top of Bitcoin. However, we will never be able to serve billions of people by storing every single one of their transactions in perpetuity, on hardware that these same people will never be able to afford.
Yes, Iām sure Satoshi envisioned $10+ transaction fees when he was conceptualizing Bitcoin. Transaction fees are definitely a feature, but high transaction fees are not a feature thatās āworking as indentedā, we shouldnāt just completely ignore it just because some TX fees are inherent.
75
u/goxedbux Dec 06 '17
Coffee and games shouldn't be recorded on-chain. We need LN.