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To: Paul Sztorc <truthcoin@gmail.com>, bitcoin-dev@lists.linuxfoundation.org
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Subject: Re: [bitcoin-dev] Lightning Network's effect on miner fees
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-----BEGIN PGP SIGNED MESSAGE-----
Hash: SHA256
On 10/14/2015 6:19 PM, Paul Sztorc wrote:
> LN transactions are a substitute good for on-chain transactions.
>
> Therefore, demand for on-chain transactions will decrease as a
> result of LN, meaning that fees will be lower than they would
> otherwise be.
>
> However, the two are also perfect compliments, as LN transactions
> cannot take place at all without periodic on-chain transactions.
>
> The demand for *all* Bitcoin transactions (LN and otherwise) is
> itself a function of innumerable factors, one of which is the
> question "Which form of money [Bitcoin or not-Bitcoin] do I think
> my trading partners will be using?". By supporting a higher rate of
> (higher-quality) Bitcoin transactions, the net result is highly
> uncertain, but will probably be that LN actually increases trading
> fees.
Probably yes. But probably no. Having less hashing power is not good,
and it's unrelated to scalability and decentralization, it's related
to security. Of course we could argue that the hashing power is not
super decentralized at this moment but it's unrelated to the topic.
I'd rather have less decentralized big amount of hashing power as
opposite to less hashing power.
One theory, very close to yours, is that if Bitcoin transactions
demand grows so high that we need the lightning network, there should
be plenty of on chain transactions for miners to collect fees from.
I haven't yet seen the incentives of everyone involved in lightning
network (payment channel end points, hub operators, miners, etc.) but
would it make sense to enforce a % of the fees collected by on payment
hubs to be spent as miner fees, regardless if the transactions from
that hub go on the main chain or not?
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