Topic: Bitcoin (BTC) Lightning Network Capacity Has Surged Nearly 2x Over the Last Year (Read 190 times)

oh you silly man of drama queen land
your over exaggerations over the last few years..  and hype and dreams... is you and your chums pretending that ketchup is a burger (facepalm)

fact
ketchup is not a burger. they are 2 separate things. ketchup is not reliant on burgers. ketchup can be used with different food stuff. burger is not ketchup and ketchup is not burger

If you want to pretend ketchup is a condiment for burgers, show me where the tomatoes are growing inside a live cow. 

That's how fucking ridiculous you sound. 

if you want to pretend LN is bitcoin

show me some lines of code in bitcoin core that allow 11 decimals
show me code in bitcoin core that understand the LN gossip protocol
show me code in bitcoin core that understand invoices

you can say what you like. but bitcoin code and bitcoin blockchain data doesnt lie

what you find out is lightning wallets. like LND have code for multiple currencies
https://github.com/lightningnetwork/lnd/blob/4c010e803e99c28aeee4d1073c2e3fc7f7a74d16/chainreg/chainregistry.go#L47
just one example

yet bitcoin core has no code for lightning parameters
and no, dont even bother trying to slip in bitcoin spv/lite wallets, as for instance electrum didnt even integrate LN compatibility until after 2019(after the pizza event)

and electrum also supports other altcoins too. so dont even suggest that lightning is bitcoin 'coz electrum' as thats as silly as saying litecoin is bitcoin 'coz electrum'

Hold up a second... Lemme get this straight...
So, you actually want to sit there with a straight face and rant about how LN isn't exclusive to Bitcoin and that other currencies can use it too, then make ridiculous comments when an article on the internet raised the perfectly legitimate fact that there are BITCOIN ENABLED LIGHTNING WALLETS?  You know, as opposed to the Litecoin enabled Lightning wallets which enable users of that blockchain to make off-chain transactions? 

Or did you think they were the same thing?

Yeah, it's definitely me who needs to learn.   
and continue adding more rolleyes to infinity because OMFG how much of a braindead moron is this franky1 fuckwit? 

no its not ontop of bitcoin. its a separate network. .. the hint is in the N of LN
you are the worse mis-information and overhyper of what LN is. and yet from reading your posts you are not even that involved in LN..

the top of the bitcoin network is mining pools. the bottom is lite wallets.
LN is not even a side chain.. its another network which just copies and pastes via LN bridges.. yep LN is a separate island.
bitcoin does not 'bridge' to LN because bitcoin does not understand LN's network gossip. its LN that is a bridge to many coins(islands).
LN can function without bitcoin. because it can be used with many coins.
its not a sole feature that relies on bitcoin. so again not ontop of bitcoin

to truly understand you need to learn
no bitcoin ever leaves the bitcoin network. LN justs sees bitcoin from a distance.
and copies a transaction ID

LN uses this ID as its justification for allowing LN to create its own 11 decimal transactions on the separate network
but what happens within the LN island is 11 decimal traffic that cant cross the bridge
and then when closing, with the authorisation of the other party.. it can send a commitment bitcoin can accept.


so you want to blame the BITCOIN enabled lightning wallets..
you are soo funny with your lame attempts

its actually LN wallets.
and the fact that the liquidity was not there to allow the gateways at/toward the 'fold' node to allow all payments

maybe you need to learn how routing works and stop blaming bitcoin as if you want people to hate bitcoin
you are too transparent with your bitcoin hate and other network adoration

That's like saying ketchup isn't a condiment for burgers because you can put it on hot dogs too.  Your laughable attempt to twist things with your subjective interpretation of the English language is a clear act of desperation on your part.  You aren't fooling anyone.

It is not exclusively a Bitcoin second layer, but it does act as a layer on top of Bitcoin.  There is no possible way for you to deny this, so why continue to discredit yourself by repeating it non-stop for years on end?  Oh, that's right, credibility isn't important to you anymore because you are blinded by hatred and bitterness.



And you try to manipulate that to imply that 90% of payments were attempted but failed to be routed, which would be a lie.  That's not what happened.  You just expect people to believe you without looking any further into it.  You deceitful little maggot. 

Taken from another article:

So, back in the realms of reality and facts, it actually had very little to do with difficulty routing a payment and more to do with how people get to grips with a new technology they hadn't used before. 

Just once in your pathetic life, tell the truth.  It shouldn't be this difficult for you.  Unless you truly are a sociopath like I'm starting to suspect you are.


 

lightning is a different network.
a different network that many coins can use.

its not a bitcoin second layer.. as that falsely assumes it is bitcoin and is solely for bitcoin and has all the benefits and security of bitcoin.. LN is not and does not.

as for saying it is bitcoins solution. is suggesting that people should abandon bitcoin because bitcoin has no solution but this other network does.

if you think the solution to bitcoin is to lock up bitcoin and stop using bitcoin, to then use another network.. then you are not advertising a bitcoin solution your advertising another network..

the bitcoin-core client. does not communicate with LN network direct.
the bitcoin-core client. does not understand the gossip protocol of LN
the bitcoin-core client. does not understand invoices.
the bitcoin-core client. does not accept 11 decimal transactions

in short. LN is not bitcoin.

bitcoins feature is no middlemen.. LN replies on co-signing counterparties and middlemen(routes)
LN measure payments in 11 decimals. something bitcoin does not.

LN is not bitcoin.

if people actually dispell the oversell of LN and actually describe it for what it is. actually give people factual information about the risks and issues. they can be more informed.
then with actual information they can make a true clear decision, understanding the risks. and then use it if they want.
however trying to oversell it as bitcoin2.0 and pretend its perfect fluffy limitless utility. is not a way to win any long term favours with the community

even the articles about the LN pizza event pretend it was a success in the title.. even though when reading the actual article it shows it was a failure with only 10% payments going through

https://decrypt.co/5321/folds-bitcoin-lightning-pizza-turns-out-to-have-been-a-success

if your still unclear.
think about the 1970's banking structure
change 3 words. and you will see the comparison
bitcoin=gold
LN=bank
msat=dollar

if you still want to think dollar and gold are the same thing
if you want to think a bank note is gold.. then you are missing out some basics

bitcoin is not the 11 decimal token that LN uses. yes when you decide to exit the LN network you can have a 'commitment' that converts msats into a btc value using a format of that contract that bitcoin does understand..  and then with counterparties signature then get some btc. but thats the same as getting a banks authorisation who you locked your gold up with, to authorise getting your gold out when you want to close your bank account.

the funny part is the next phase is to over expression of how much "weight" bitcoin(gold) is so that LN counterparties can offer cheaper weight altcoins(nickel and brass) as the exit strategy of LN

yep the strategy of abandoning bitcoin is this
get them to lock up bitcoin with middlemen. use an alternative token and then offer an altcoin instead of bitcoin as their LN exit

i hope you are now caught up wit the actual plans. and not just the fluffy glossy pamphlet of hype,hope, and dreams

"Excellent" might have been too strong of a word, but it offers "a" solution. Time will tell how good of a solution it will become. I remember watching a video by Andreas Antonopoulos in which he talks about what was needed for him to send an email back in the 80s/90s and how easy it is today. Back in the days, you needed to download the email client with awful internet speeds, compile the software yourself, create your email address, manually connect to a server, and he said he waited for hours before he knew if the email was sent or not. Do you see how far that technology has come today and how easy it is to send email in our age?

Bitcoin is only in its beginning, let alone the LN. It's going to take years of testing, modifying, and failing before it becomes as user-friendly as emailing is today. You are a very negative person all around and I don't remember reading anything positive from you ever. Maybe I am wrong. I'd rather support and praise the efforts that developers do (even if it's not perfect), so we can all use this technology, than criticize and belittle everything all the time. I guess you are the type of person who looks at a rose bush and thinks of all the dog shit and urine in its roots, instead of its beauty, smell, etc. I am not like that. 

Never heard of it but I would be interested to read more about it. Any source/proof for that?

Where did I show support of people abandoning the first layer solution in favour of a second layer? You don't get to decide what is and what isn't. If you don't want it, use something else. Others have already decided that it is and that's what counts.

Only few understand this and don't exactly feel how the fees are also present in those card related payments and the banks would charge interest on your credit card payments and that seems to be feasible to them as due to this pandemic situations digital payments have taken over and less people prefer to pay in cash and that has increased the bank and third party payment gateways profits from fees and charges.They received billion in just 1-2% of the total amount.

But with LN you just open a channel between two parties and all works in trust manner and you only pops up the fundamental and final transactions to the blockchain for settlement and opened and closing of the channel.The amount of transactions that can be made are also huge that you won't possibly cross that limit ever and the coins remain locked with no issue and with revocation keys you feel safe over LN.The fees will be for the only transactions that are transmitted over the network and you won't mind paying that much as it's far much better than paying in interest and fine charges to card companies in normal.That is why he have seen LN settled so much transactions and 100 bitcoin capacity was achieved in five days time span.Make clarification for the same with this image :


We will soon see the capacity increasing more rapidly with adoption as it is one of the best possible use of bitcoin transactions.

seems someone has been reading the glossy pamphlets and now thinks of himself as PR guy number 50

anyway.. no it cant.
LN relies on 'hot potato' transactions. (pass the parcel)
requiring users to have liquidity to pass the payment of others
LN suffers a 'payment success' flaw. where not all payments are successful

when using LN for actually real world price of good values. it will hit many problems. that prevent anywhere near to 'millions of transactions a second'

not so long ago there was a LN pizza campaign.. 1500 payment attempts were tried to buy pizza. only 10% got their payment accepted

yes silly 'proof of concept' scenarios of minimum msat payments suffer less. but the real world doesnt work at msat payment amounts.. you cant buy coffee for an msat

LN is not a solution. because if LN has a failure rate of 90% at just 1500 attempts to buy pizza over 1 evening.. its no where near the hype of "one million transactions a second"

as for the fee's
with each channel along a route you have to pay a fee to each party along the route.
the more hops needed the more you pay.

as for the 'capacity' well 90% of it is not average joe users own funds in outbound ready to spend positions.. . its services locking up value to offer 'inbound balance'.. even if users dont even get it to spend for themselves. its just sat there

please dont exaggerate, over promise, over commit the features/utility of other networks hoping to get people to abandon using the bitcoin network in favour of another network
LN is not even a network for the sole use of bitcoin. so stop trying to pretend it IS bitcoin

The Lightning Network can already offer an excellent solution, one that is even better than those provided by credit cards and banks. Credit cards have a throughput of several ten thousand transactions per second right? Well the Lightning Network can route a million transactions per second, probably even more than that.

When it comes to costs, people think credit cards are cheap. They actually aren't. They are for you (the buyer), but they aren't for the merchant. He has to pay hefty fees, but those costs will be included in the price that you as a buyer pays. Have you ever been in a shop and the merchant asks "cash or credit card?" There is a reason for that. If you pay with cash, you'll pay less compared to what you would pay if you used a credit card. That's because of the fees I mentioned previously.

To route payments over the LN on the other hand, you only pay a few sats + the channel opening and closing on-chain transaction.

Link source:
https://coingape.com/bitcoin-btc-lightning-network-capacity-has-surged-nearly-2x-over-the-last-year/?utm_source=