Dude buys sandwich with Lightning Network - page 2.

jseverson

hero member

Activity: 1834

Merit: 759

Quote from: Wind_FURY on September 28, 2018, 01:22:20 AM

No one is saying that Lightning is doing on-chain transactions, frank. Plus no one is saying that Lightning will replace on-chain transactions because we need on-chain transactions to open and close Lightning channels in the first place.

He's upset about the Lightning Network because it's essentially a bunch of IOUs, which, he is arguing, is not Bitcoin anymore. I do get where he's coming from.

But yeah, I personally think it's a welcome improvement. It's a potential game changer and it's optional, so even the most hardcore purists can ignore its existence. Lightning is essentially just an option to replace hot wallets at the end of the day, and I'm sure people will still keep a vast majority of their funds on-chain anyway.

Oniko

member

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Here it is! The future is near.

We are waiting for when large fast food will take bitcoin as a means of payment. This will spur the market to new growth and more people will learn about crypto-currencies

talkbitcoin

legendary

Activity: 1372

Merit: 1032

All I know is that I know nothing.

it is good to see that despite all the drama that has been going on, the lightning network development and adoption is still pretty much ongoing in a strong manner.
i am counting the days for the time when the first exchange starts opening up its first LN channel and allows bitcoin deposits through LN.

spadaccino

jr. member

Activity: 183

Merit: 2

We are seeing a new protocol to be implemented in the infrastructure of bitcoin and the thing went really smooth from there. So that is the new layer everyone is talking about: LN.
Nothing will be the same and we can consider again the Bitcoin like a form of payment with zero or so-like fee and start using everyday situation like it was meant to be at the Satoshi's days.
You can purchase any sort of good and start paying in crypto not only such an investment thing like house, horses and cars ( and they had been doing this ) but also a cup of coffee and a beer.
It's coming guys !

Ava Duvall

jr. member

Activity: 154

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Quote from: leavolnhals on September 27, 2018, 09:56:38 PM

wow, that's really what i need to know. The article gave me more motivation to hold the BTC longer. You know, I have invested in BTC at 12k $ and now it's only half way down. I hope the bitcoin will be accepted and developed in more developed countries.

its moving,slowly being accepted and integrated, it still needs time!

coinwizard_

jr. member

Activity: 336

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Most Advanced Crypto Exchange on the Blockchain

Lightning network is needed to solve all the pitfall of bitcoin. The bch variant will not be needed if LN can help with instant transactions and low fees. Also it will help other coins if they can upgrade their code to run on LN. Once implemented crypto can go mainstream

NeuroticFish

legendary

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Looking for campaign manager? Contact icopress!

Quote from: cellard on September 27, 2018, 07:34:07 PM

https://www.youtube.com/watch?v=ZlyPNABZtHk

The first demonstrations of real Lightning Network payments for real goods and services are already there and we are still in beta phase.

This is wonderful and I expect to see this in a near future in most countries.

However, as others stated, it's risky to be used on main net, you also wrote it's beta. I wish to hear there are no known bugs/flaws anymore and it's safe for whoever wants to use it. That's the next big step to achieve.

Wind_FURY

legendary

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Quote from: franky1 on September 27, 2018, 09:43:26 PM

Quote from: chocolah29 on September 27, 2018, 09:12:12 PM

Quote from: franky1 on September 27, 2018, 08:31:48 PM

standard disclaimer

LN is a separate network that multiple coins will use.
currently bitcoiners are testing it. but remember LN is a separate network that locks peoples funds up.

I'm sorry for ignorance, what do you mean in multiple coins will be use? What exactly those coins? Is that altcoin? Ok, I didn't know this whole thing, that funds can be lock up without our knowledge. All I know that LN is what made the bitcoin transaction more faster than the usual and with the help of SegWit2x the blocks became larger.

Thanks for this, I should do my assignment later.

1. lightning is a separate network and needed bitcoin to change to be compatible with it.
other coins needed to do the same aswell. like litecoin
changes such as segwit bech32 addresses bitcoin (bc1q address) litecoin (ltc1q address) to easily identify the initial locked funds apart to then check the separate blockchains that the funds are truly locked when users of both are on the lightning network

2. you can spot that the "payments" inside LN are not true bitcoin or litecoin transactions because the decimals of the token representations are not 8 decimals.

3. the payment is not moving bitcoin. it is just a bunch of private agreements between parties of who owes who wat. the settlement and real bitcoin movement/confirmation happens later

But users can close and broadcast the latest state of their channels in the blockchain in the form of a regular on-chain transaction.

No one is saying that Lightning is doing on-chain transactions, frank. Plus no one is saying that Lightning will replace on-chain transactions because we need on-chain transactions to open and close Lightning channels in the first place.

ErvingStephen

newbie

Activity: 33

Merit: 0

I trust that I can likewise observe those sorts of eateries in my nation soon. The amazing "Satoshi Nakamoto" extremely changed the world! I believe that he is extremely glad seeing his innovation generally utilized by individuals all around the globe.

Sojuculture

newbie

Activity: 18

Merit: 1

this video shows a good way and signs for crypto world, hope someday my country will have a store like that soon.

figmentofmyass

legendary

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Quote from: franky1 on September 27, 2018, 11:20:31 PM

Quote from: figmentofmyass on September 27, 2018, 11:10:14 PM

Quote from: dothebeats on September 27, 2018, 10:59:52 PM

We're still far from mass application of the LN with real-world scenarios. Also, this doesn't mean that it'll do good for bitcoin since the Lightning Network is a third-party, off-chain solution anyways and it still requires 'trust' for you to deposit your money and hope everything goes well.

no, you've been misinformed. LN is completely trustless.

LN channels are enforced by multisig contracts---there is no trusted third party involved. it is an off-chain solution (besides the on-chain transactions required to open and settle channels), and that's the reason why it can give us exponential scale. bitcoin's blockchain can't do that.

trustless
1. you have to trust the factory who hands out transactions that are not broadcast as they are one layer separated from the other layer(learn Eltoo)
2. you have to trust that underneath the GUI the co-partner has not modified their node to play around
3. you have to trust that the autopilot feature is not just going to let routers raid everything you have

it's way too early to say that network topology is limited to hub-and-spoke and that the protocol is therefore prone to censorship. that's FUD. if transactions can't be routed, they can always be settled on-chain---that's why we have bitcoin miners.

would you mind elaborating on the second and third points and/or pointing to some research on these supposed vulnerabilities?

Quote from: franky1 on September 27, 2018, 11:20:31 PM

saying LN is trustless is like saying a webwallet is trustless (facepalm)

web wallets = literally depositing bitcoins with a trusted third party. how is that comparable?

Quote from: franky1 on September 27, 2018, 11:38:14 PM

(hint LN will see litecoin on the same network as bitcoin)

that's actually great. what's the problem?

franky1

legendary

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Quote from: pooya87 on September 27, 2018, 11:20:58 PM

LN is simply a second layer on top of bitcoin that despite what franky insists is made for bitcoin

seems the promotion machine is on full steam.. give any network a bitcoin sticker and suddenly.....

P.S do you think rootstock, ripple and Bakkt are "bitcoin layers"..
dont hit reply so quickly. take time to research

(hint LN will see litecoin on the same network as bitcoin)

harry_crypto

newbie

Activity: 32

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It's amazing to see how fast and far these technologies have come. Soon, platforms like Lightning and the new Everitoken platform will be able to do so much more for our everyday lives!

Ozero

full member

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Someone wants to enter the history of the development of the crypto currency as a famous story with the purchase of pizza. Now it will be the purchase of sandwiches in Switzerland for bitcoin using a network of lightning. In order for such a purchase to go down in history, it is necessary that after the introduction of the network of lightning, the price of bitcoin increases as much as after the purchase of pizza. Is it possible?

pooya87

legendary

Activity: 3472

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Quote from: dothebeats on September 27, 2018, 10:59:52 PM

We're still far from mass application of the LN with real-world scenarios. Also, this doesn't mean that it'll do good for bitcoin since the Lightning Network is a third-party, off-chain solution anyways and it still requires 'trust' for you to deposit your money and hope everything goes well. The bitcoin network is already doing a great job in keeping the transaction costs at bay and confirmation times fast, the only problem I see is the number of places in which you can spend your coins freely.

this is why we are far away from mass adoption! simply because of all the false information that has being spread about lightning network. (figment already explained it). i keep seeing people either think too negative about LN thinking it is centralized, "third party", have no control,... or they think it is iron clad and without any problems and solves everything!

LN is simply a second layer on top of bitcoin that despite what franky insists is made for bitcoin which altcoins copied just as they have always been doing. it is not perfect and it is still in beta and it needs more usage to be tested more so that the problems are found and fixed.

franky1

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Quote from: figmentofmyass on September 27, 2018, 11:10:14 PM

Quote from: dothebeats on September 27, 2018, 10:59:52 PM

We're still far from mass application of the LN with real-world scenarios. Also, this doesn't mean that it'll do good for bitcoin since the Lightning Network is a third-party, off-chain solution anyways and it still requires 'trust' for you to deposit your money and hope everything goes well.

no, you've been misinformed. LN is completely trustless.

LN channels are enforced by multisig contracts---there is no trusted third party involved. it is an off-chain solution (besides the on-chain transactions required to open and settle channels), and that's the reason why it can give us exponential scale. bitcoin's blockchain can't do that.

trustless
1. you have to trust the factory who hands out transactions that are not broadcast as they are one layer separated from the other layer(learn Eltoo)
2. you have to trust that underneath the GUI the co-partner has not modified their node to play around
3. you have to trust that the autopilot feature is not just going to let routers raid everything you have

saying LN is trustless is like saying a webwallet is trustless (facepalm)
maybe best people actually use the testnet and try it as they wont risk real bitcoins if they are using testnet coins

IanKaramazov

newbie

Activity: 79

Merit: 0

For me, that is beauty of cryptocurrency.
Speed-of-light transaction and low fee also. I really cannot wait until all governments in the world accept crypto payment for all stores and restaurants. Hope they will realize the true benefits of crypto.

figmentofmyass

legendary

Activity: 1652

Merit: 1483

Quote from: dothebeats on September 27, 2018, 10:59:52 PM

We're still far from mass application of the LN with real-world scenarios. Also, this doesn't mean that it'll do good for bitcoin since the Lightning Network is a third-party, off-chain solution anyways and it still requires 'trust' for you to deposit your money and hope everything goes well.

no, you've been misinformed. LN is completely trustless.

LN channels are enforced by multisig contracts---there is no trusted third party involved. it is an off-chain solution (besides the on-chain transactions required to open and settle channels), and that's the reason why it can give us exponential scale. bitcoin's blockchain can't do that.

dothebeats

legendary

Activity: 3542

Merit: 1352

Cashback 15%

We're still far from mass application of the LN with real-world scenarios. Also, this doesn't mean that it'll do good for bitcoin since the Lightning Network is a third-party, off-chain solution anyways and it still requires 'trust' for you to deposit your money and hope everything goes well. The bitcoin network is already doing a great job in keeping the transaction costs at bay and confirmation times fast, the only problem I see is the number of places in which you can spend your coins freely.

leavolnhals

full member

Activity: 770

Merit: 101

wow, that's really what i need to know. The article gave me more motivation to hold the BTC longer. You know, I have invested in BTC at 12k $ and now it's only half way down. I hope the bitcoin will be accepted and developed in more developed countries.

Topic: Dude buys sandwich with Lightning Network - page 2. (Read 336 times)