[Cryptography] Does Bitcoin have unaddressed design flaws?

Ray Dillinger bear at sonic.net
Mon Feb 8 00:10:59 EST 2021

On 2/5/21 6:48 PM, jrzx via cryptography wrote:
> What is needed to overthrow the existing financial system is a
> blockchain designed to handle six thousand transaction a second, and a
> lightning network that works as in the above proposal.
(A) A system that can handle six thousand transactions a second cannot
be meaningfully a blockchain system.

(B) attempts to "overthrow the existing financial system" are laughable,
short of Apocalypse.  I am not in favor of Apocalypse.  Further,
Apocalypse would inevitably destroy the same infrastructure required for
any competing electronic payment system.  So you wind up with the
Anarchist's problem: even if you do overthrow the government you will
have no say in what kind of government replaces it.  Causing change
without shaping it rarely results in improvement.

> But with that lightning network, and a blockdag architecture rather
> than a blockchain architecture, crypto currency is likely to eat the
> world financial system.  It is already making a serious dent despite
> the ten transactions per second limit.

Your notion of a "serious dent" must have no particular relation to mine.


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