📅 Original date posted:2015-06-29
📝 Original message:On 6/28/2015 3:07 PM, Adam Back wrote:
> We dont know what that limit is but people have been imagining 1,000
> or 10,000 transactions per anchor transaction. Basically users would
> park Bitcoins a on a hub channel instead of the blockchain.
This re-introduces a solved problem (solved by bitcoin better than
anything else) - worrying whether your "payment hub" actually connects
to whom you wish to pay.
There will be enormous network effects and centralization pressure in
the payment-hub space. A few entities, maybe single entity, should be
expected to quickly corner the market and own the whole thing.
This concept is far too untested to justify amateur economic meddling in
the bitcoin fee market by setting a restrictive hard cap below technical
feasibility.
I can guess exactly who would want to keep bitcoin from improving:
*those who hope to be the future payment hub oligarchs*.
Tom Harding [ARCHIVE] /
npub1ms…pmwjy
2023-06-07 15:41:00
in reply to nevent1q…8gky
Author Public Key
npub1msef5qkfwz4t7qacwxz775wgdtlytph78g2g2z903x90874u263sypmwjyPublished at
2023-06-07 15:41:00Event JSON
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"content": "📅 Original date posted:2015-06-29\n📝 Original message:On 6/28/2015 3:07 PM, Adam Back wrote:\n\u003e We dont know what that limit is but people have been imagining 1,000\n\u003e or 10,000 transactions per anchor transaction. Basically users would\n\u003e park Bitcoins a on a hub channel instead of the blockchain.\n\nThis re-introduces a solved problem (solved by bitcoin better than\nanything else) - worrying whether your \"payment hub\" actually connects\nto whom you wish to pay.\n\nThere will be enormous network effects and centralization pressure in\nthe payment-hub space. A few entities, maybe single entity, should be\nexpected to quickly corner the market and own the whole thing.\n\nThis concept is far too untested to justify amateur economic meddling in\nthe bitcoin fee market by setting a restrictive hard cap below technical\nfeasibility.\n\nI can guess exactly who would want to keep bitcoin from improving: \n*those who hope to be the future payment hub oligarchs*.",
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