Topic: [2019-01-21] Lightning Network is Happening! First Physical Item Purchased on LN (Read 154 times)
January 21, 2018, 10:17:14 PM
However, bitcoin is now experiencing not the best of its time. Because of the hanging of transactions and the high cost of commission fees, it began to dramatically lose popularity. It is necessary to correct the situation more quickly. Including the network of lightning need to be more actively tested, to identify possible errors and decide whether to implement or not. In addition, there are other methods for eliminating these drawbacks of bitcoin.
January 21, 2018, 07:57:14 PM
Hint: it might seem too early to sell right now, but Lightning is going to make "in-person" specific coins like Litecoin look pointless. Be advised though; alot of people are probably thinking the same thing right now...
I think you are a bit on the milder side to be honest. I seriously believe that the far majority of the altcoins will dry out beyond the plenty of dead shitcoins this market already counts. The only coins that will be able to remain relevant and to experience growth, are those that offer something useful Bitcoin doesn't offer at this point in time. Monero is a great example of a very useful and problem solving altcoin. If we look at the main aspect that made altcoins grow in value like there is no tomorrow, then it's Bitcoin's current incompetence. Take that incompetence away, which LN will do, then the far majority of the altcoins will tank so badly, that people don't even know what to do or think anymore. And then we have some noobs saying that what if altcoins implement LN before Bitcoin? What if? Nothing if. People want to use Bitcoin, and regardless of whatever shitcoin being first with LN, once Bitcoin gets it implemented, the end result will still be the same -> altcoins will dry out badly.
You're probably right that altcoins like litecoin will dry up since they really do not offer anything different from bitcoin. Right now they may be faster and cheaper to use but if LN succeeds they will quickly become obsolete. However we should be cautious with statements like this, we're not there yet.
January 21, 2018, 04:06:25 PM
Hint: it might seem too early to sell right now, but Lightning is going to make "in-person" specific coins like Litecoin look pointless. Be advised though; alot of people are probably thinking the same thing right now...
I think you are a bit on the milder side to be honest. I seriously believe that the far majority of the altcoins will dry out beyond the plenty of dead shitcoins this market already counts. The only coins that will be able to remain relevant and to experience growth, are those that offer something useful Bitcoin doesn't offer at this point in time. Monero is a great example of a very useful and problem solving altcoin. If we look at the main aspect that made altcoins grow in value like there is no tomorrow, then it's Bitcoin's current incompetence. Take that incompetence away, which LN will do, then the far majority of the altcoins will tank so badly, that people don't even know what to do or think anymore. And then we have some noobs saying that what if altcoins implement LN before Bitcoin? What if? Nothing if. People want to use Bitcoin, and regardless of whatever shitcoin being first with LN, once Bitcoin gets it implemented, the end result will still be the same -> altcoins will dry out badly.
You're probably right that altcoins like litecoin will dry up since they really do not offer anything different from bitcoin. Right now they may be faster and cheaper to use but if LN succeeds they will quickly become obsolete. However we should be cautious with statements like this, we're not there yet.
January 21, 2018, 03:44:01 PM
Hint: it might seem too early to sell right now, but Lightning is going to make "in-person" specific coins like Litecoin look pointless. Be advised though; alot of people are probably thinking the same thing right now...
I think you are a bit on the milder side to be honest. I seriously believe that the far majority of the altcoins will dry out beyond the plenty of dead shitcoins this market already counts. The only coins that will be able to remain relevant and to experience growth, are those that offer something useful Bitcoin doesn't offer at this point in time. Monero is a great example of a very useful and problem solving altcoin. If we look at the main aspect that made altcoins grow in value like there is no tomorrow, then it's Bitcoin's current incompetence. Take that incompetence away, which LN will do, then the far majority of the altcoins will tank so badly, that people don't even know what to do or think anymore. And then we have some noobs saying that what if altcoins implement LN before Bitcoin? What if? Nothing if. People want to use Bitcoin, and regardless of whatever shitcoin being first with LN, once Bitcoin gets it implemented, the end result will still be the same -> altcoins will dry out badly.
January 21, 2018, 10:45:31 AM
This is how Bitcoin should be :
Knock knock, 1 burger please...ok, print this code bar sir...bitcoin transaction sent and tada!
Knock knock, 1 burger please...ok, print this code bar sir...bitcoin transaction sent and tada!
And of course, it was never really like that. 0 confirmation transactions were always a serious risk to the receiver, yet even recently this has been offered as a genuine solution for in-person usage of BTC (or other cryptocurrencies). I've been saying this for a long time about Lightning: it's a very good solution for the physical, in-person use case.
Hint: it might seem too early to sell right now, but Lightning is going to make "in-person" specific coins like Litecoin look pointless. Be advised though; alot of people are probably thinking the same thing right now...
January 21, 2018, 08:28:05 AM
I understand that people are excited to use this, but this kind of news will only make people rush to use this technology but could end with a disaster. The developers of LN themselves are not suggesting to use it on the mainnet for the moment as there is a possibility of losing funds If the node crash, etc. If you really want to help, use it on the testnet and report bugs.
I am assuming that people will start using it to save fees and for faster transactions. I wouldn't mind using it in the mainnet if the transactions amounts isn't that high but for bigger transactions, we have to wait. This solves almost all the usability issues, and the next big thing needed, would be to make bitcoin more user friendly. People are used to a "windows" type of environment, where they get everything done at the press of a button, and even that way, some people manage to mess things up.
This is how Bitcoin should be :Knock knock, 1 burger please...ok, print this code bar sir...bitcoin transaction sent and tada!
January 21, 2018, 07:37:02 AM
I keep seeing news like this recently, so this probably means that the lightning network deployment should be coming soon. I don't understand why we are not getting more cover about this over media channels, since this is going to be the best improvement ever in bitcoin.
I'd say the dedicated, Bitcoin-related media outlets are covering it. But if you're talking about the mainstream media, assuming they're at least slightly responsible journalists, they'll probably need a while to understand it before they can actually report on it. I can imagine Lightning is not the easiest thing to explain to the average member of the public. I certainly haven't tried. "Regular" Bitcoin can be tricky enough to get a generally accurate impression into their heads. People normally just smile and nod when I try to talk to them about the basics. It's probably better to wait until they can ensure they've covered it correctly, rather than giving the wider world the wrong idea. Plus, what OmegaStarScream just said and what I said here. We don't want to rush these things.
January 21, 2018, 07:23:44 AM
I understand that people are excited to use this, but this kind of news will only make people rush to use this technology but could end with a disaster. The developers of LN themselves are not suggesting to use it on the mainnet for the moment as there is a possibility of losing funds If the node crash, etc. If you really want to help, use it on the testnet and report bugs.
January 21, 2018, 07:17:58 AM
I keep seeing news like this recently, so this probably means that the lightning network deployment should be coming soon. I don't understand why we are not getting more cover about this over media channels, since this is going to be the best improvement ever in bitcoin. This solves almost all the usability issues, and the next big thing needed, would be to make bitcoin more user friendly. People are used to a "windows" type of environment, where they get everything done at the press of a button, and even that way, some people manage to mess things up. We will need that so that bitcoin payment options are seen on stores all over the world, both online and physical. Maybe a new niche of opportunity will be born, were developers will offer these types of services, even though we all know that BTC and LN are open source.
January 21, 2018, 03:00:13 AM
The cryptocurrency community is celebrating what may have been the first ever transaction on the Bitcoin Lightning Network’s (LN) mainnet. Additionally, the good news is that the Bitcoin payment operation was, “instantaneous and fee-free.”
LN TRANSACTIONS PROVE TO BE CHEAP AND FASTER
The cryptocurrency community is becoming increasingly enthusiastic about the LN implementation because it promises to significantly lower Bitcoin’s transaction fees while making possible near-instant transactions.
Social media is humming with news references to LN technology progress. And, when Reddit user btc_throwaway1337 announced that he had successfully used the LN mainnet to make a purchase, crypto enthusiasts rewarded the news with over one thousand five hundred upvotes.
Specifically, user btc_throwaway1337 announced:
He described the purchase experience as follows:
User btc_throwaway1337 also submitted proof of the purchase, shown here, indicating that the funding transaction for the channel cost about $2.40 USD.
And, because TorGuard already has channels open with vendors and users, he was able to use the same channel for routing payments to/from others.
TorGuard is a provider of anonymous Virtual Private Network (VPN), proxy, and email services.
Read more: http://bitcoinist.com/lightning-network-happening-first-physical-item-purchased-ln/
LN TRANSACTIONS PROVE TO BE CHEAP AND FASTER
The cryptocurrency community is becoming increasingly enthusiastic about the LN implementation because it promises to significantly lower Bitcoin’s transaction fees while making possible near-instant transactions.
Social media is humming with news references to LN technology progress. And, when Reddit user btc_throwaway1337 announced that he had successfully used the LN mainnet to make a purchase, crypto enthusiasts rewarded the news with over one thousand five hundred upvotes.
Specifically, user btc_throwaway1337 announced:
Quote
I used Lightning Network’s mainnet (via lnd) to purchase an AR300M VPN Router through TorGuard, and it’s here! This may have been the first ever physical purchase on LN.
He described the purchase experience as follows:
Quote
It was all quick, easy, painless, and most importantly: instantaneous and fee-free!
User btc_throwaway1337 also submitted proof of the purchase, shown here, indicating that the funding transaction for the channel cost about $2.40 USD.
And, because TorGuard already has channels open with vendors and users, he was able to use the same channel for routing payments to/from others.
TorGuard is a provider of anonymous Virtual Private Network (VPN), proxy, and email services.
Read more: http://bitcoinist.com/lightning-network-happening-first-physical-item-purchased-ln/
Jump to: