Point-by-Point Response To Mike Hearn’s Final Bitcoin Post

By January 18, 2016Bitcoin Business

So, I read it all and some of it’s links, and while a lot of it is just personal attacks on Mike, it make some points that is unclear at this point (At least for me):

1) The current state of Lighting Network (LN), it’s ETA and it’s cost of operations. Some people make it looks like LN is a private network that we will have to pay to use, and that "Vanilla" Bitcoin is being held back so to make LN more attractive. I’ve read a bit on LN, it’s sidechains, but it was unclear if I could send some money from my PC to my mobile (Both who run a client outside any wallet providers [Why replace banks with wallets?]), then go to a cafe and buy my Latte, or when I order some late night pizza, will sidechains help me get my latte or my pizza without waiting for it? And if yes, without any associated fee to be paid to anyone else but the miners? If I need to send money to my mom, on another country, for an urgent matter, and then I go offline for some reason, will it mess with the sidechain?

2) I kind of see the point with RBF, and I think it is good to be able to bid for a spot on the next block, or to be able to call back my coins if I send them to the wrong guy, or to be able to fix any last-minute mistake in general… But I think people rely on the current risk and trade-offs to do business, simply take it from them and tell they did it wrong is to blunt. Like this NYT article , will they be able to do that kind of transaction with RBF? Will they […]

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