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Miners can censor transations and some are already doing that, wait until govs start to make laws to obligate miners only accept KYC transactions and you will see your transactions censored unless you KYC yourself.

What you can't see now you will see really soon.

goatmeal 1y ago

I don't think that the attack vector is miners refusing to process different L1 transactions. I think the attack vector is different.

there's a perverted vision for bitcoin where creating a L1 transaction is as difficult as dispatching an oil tanker. it will only be performed by financial institutions and it will be very expensive. they will open lightning channels and 99% of the bitcoin users will not be able to afford anything besides interacting with custodial lighting wallets operated by large banks. once custodians are in control of 99% of the user interactions, they can impose financial censorship very easily.

permissionlessness and censorship resistance can only be preserved by making self-custody more scalable. this means that pairing excessively small blocks with the lightning network is not good enough. I can either pray for bitcoin to have a consensus change to make self-custody more scalable, or I can use the altcoins that bitcoin thus far has failed to make redundant.

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Discussion

goatmeal 1y ago

even ecash won't save you from this scenario. pirate jim's cashu mint will not be big enough to afford to maintain lighting channels via L1 transactions, and bank of america is not going to keep a channel open with an unlicensed money transmitter anyway. this is where the censorship comes in. it is impossible to avoid this scenario without doing a consensus change or just using altcoins.

Aeneas 1y ago

I agree with you. Time will show us, but we already can see what the infrastructure will look like, and future of Bitcoin will be custodial for people.

Walter Victor ⚡🔑 1y ago

The future of Bitcoin is multiple decentralised sidechains working alongisde it (drivechains). They will be totally self-custidial and anonymous.

Aeneas 1y ago

You are funny, the data availble is saying otherwise, like lightning usage for example is 90% custodial..

Walter Victor ⚡🔑 1y ago

The solution for this problema you quoted is decentralised permissionless trustless drivechains. There is already an UASF for this and some people are developing a way it won't need to be a soft fork to be on the network.