Topic: Great News For Bitcoin! Lightening Network First Payment Was Successful! (Read 674 times)

Great news for the community. Looking forward to no or lower fees.
Should bump up the price in the near term.

Would love to see this implemented, and it would surely increase the price.

I know many of you think bitcoin is money that is rising in value because lots of people are using it to make their daily purchases. That’s simply not true. Bitcoin is rising in value because the big bad rich boys of bitcoin are manipulating the market to make a shit ton of money by taking it from the simpletons that are buying .05btc and hoping to be a millionaire from that someday.

Are the “real users” of bitcoin going to be able to manipulate the market faster with Lightning? Are these rich “real users” going to be able to day trade even faster making bitcoin even more volatile? The bitcoin blockchain at that point will become little more than a reconciliation ledger. It will take a while for the blockchain to catch up with enormously fast day trading. Will that increase in speed cause some day traders to lose money? Will trading speed wipe out some of the few big bad rich boys and return bitcoin back to the people? Will super speed trading increase the ability to arbitrage between exchanges?

I think Lightning is going to make bitcoin a super forex trading wet dream on crack. This shit is going to be fun to watch.

i dont know more about Lightening Network i read about them and from many sources that i read about them i can say
with Lightening Network or any other solution we need to send bitcoin with low fee and fast confirmed.
The fees are very high so I hope they do more to make the network see the light quickly so that we can get more confirmations and cheap fees.
hope developers find and apply solution fast because i stop using bitcoin for this problem

Not sure what you are trying to say. Software development is a continuous process and ongoing updates are expected.



The loss of private keys has nothing to do with Bitcoin the network. Do you blame the internet whenever credit card info gets stolen from corporate databases?



One point that keeps popping up in your posts is how resource intensive it is to replicate the blockchain across thousands of nodes -- that's exactly why blockspace is a scarce resource and should be treated as such.



Pre LN. But doesn't make much of a difference as far as decentralization is concerned.



[citation needed]



It would be a bad thing, if it were the case.



Maybe we're talking about different things. If you can give me a concrete example of an alt that uses "coordinators" in the sense that you had in mind I'll gladly reconsider my position.



We're not talking about cars though.



Not sure you what you are trying to stay. You can compare PoW to other consensus mechanisms and still argue about centralization.



Create an alt then. Write either a white paper or protocol specs and find yourself some devs to work with.



Throwing credentials around won't help your argument. Some of the worst devs I've ever worked with claimed the same. Similar fields too. Different story though.



Maybe you should stick your head in academia. Just a little. Not that I ever did until late in the game, but it helps expand your toolset.

(Civil discussion has little to do with "praising the lord" by the way. This statement comes across as a baseless, hand-wavy dismissal of anything that challenges your way of thinking to be honest.)

---

So, where were we? Ah yes.

"PRAISE THE LORD!"

I mean... who else has played around with testnet LN so far?

I finally came around trying Eclair and the HTLC.me web wallet to see Lightning in action and I must admit it still feels incomplete. Which is expected, of course, but makes me slightly wary of how long it will take until we see the final product. Apart from what seems to be occasional connectivity issues it works like a breeze though. Tried microtransactions by unlocking articles on yalls.org. Instant and low-fee, just like in the olden days <3

You are wrong and on top of transaction fees you will be getting hub fees, these are banks in plain English

If you want to set up a channel with your local Coffey shop and buy a drink a day for the next year then it
will work for you but when you settle up you are back to having to pay transaction fees as the channel get closed.

in the real world you want to send anything from $0.10 to lets say $50 to many people you will only ever buy from
once in your life so you will be worse off, not better

Watch https://www.youtube.com/watch?v=MpfvhiqFw7A

See Brian in the middle, hes a bank or hub as they call them and you could keep a channel open with him
for months and lets him link to other hubs/banks in order to relay micro transactions but he then has running
costs to keep his network of channels open and ends up paying a transactions fee when ever a channel get closed
and written to the block-chain.

Who do you think Brian is going to pass these costs on to if not you ?

What will happen if Bob and Alice does not have nodes that are too small to connect and talk with each other ?

Do you think we end up with central bank type hubs that connect the small hubs to each other by interconnecting with
other central banks and will they not change the small hubs for the pleasure and this then get past to you

Bob >>>>> Brain <><><><><>Big Bob <><><><><>Big Goldman<><><><>Paul<<<<<Transaction  count       
          5                      200                             50,000                               2,000                 1

Alice gets her $100 and closes the channel with Paul who was charging her $1 a day for the service
because she is not a crypto-freak, it's all her fault she get hit with $51 in costs because she does not
know how to use the system.

Watch it again and see how the wool is being pulled over your eyes







 

 

How many fixes do you need in a bug free program.


Well none i guess if we ignore current circumstances, hack and lost coins we can all blame on users or
bad designs of wallets as we tweak core BTC so what version of BTC we using now ? 0.15.1 is it 


Why have they tried it and this "scarce resource" you call it is just an illusion but if you think that
bits and bytes are worth so much then i can always sell you a 64gb pen drive for lets say
$500,000.00 . Boy the price of data was not that high even when it cost a years wages to
buy a Winchester 2mg hard drive and these things even came in a teak wooden box.


Is that Pre LN or post because hubs are a step down this road not that I am saying that's such a bad thing
but your arguments for not using coordinators is none founded regardless of how I look at it and yes a car
might be theft proof but it's no good if it becomes too heavy to move is it now.

I guess i would have to say none to be honest because they are all running away from it and Mining and PoW and
block-chain when it's not a clone or fork so does that not tell you something might be a little bit wrong.

My way of fixing this mess in BTC would never get approved because too many people are making too much
money and i've worked for banks, loan sharks, broker, and something like Walmarts on-line shopping plus
stuff I cannot discus and you won't find me walking around some university campus with my head stuck
in academia so maybe that is why I am not "praising the lord" with you all

It's indeed a good news, that bitcoin transaction can be fast and cheap. Now we need to have it implemented on every transaction to really push bitcoin up from where it is now. It's a first step, but there's still work to be done.

Indeed, with the Lightening Network update fully working - we are back in the game, baby! Very soon bitcoin will be shooting to the moon again. Where are the "bitcoin prophets" you should start your new predictions for bitcoin price of the year 2018.

If this really works then btc price will sky rocket.. but i think it is not 100% complete yet..

This is truly a remarkable and one step forward for bitcoin. The question now is "When will it be fully developed and implemented?". Surely, if this milestone has been achieved, there will be more investors that will get attracted to bitcoin. Happy New Year everyone!

SegWit and LN implementation began long before blocks were even close to full.

Please expand on which problems you are referring too that occured before BTC started running at capacity.



Setting a maximum price on a scarce resource (ie. blockspace) never ends well.

Kindly provide me with an alt coin example that is significantly more decentralized than BTC.

This is amazing! And indeed a good news! Woth this fast transfers with low or zero transaction fee, people will return to bitcoin and believe again. More people would buy bitcoin, bitcoin price would be high. More bicoin users also mean that more connectivity of people around the globe for fund transfers.

Well that's no true at all and BTC does not scale and they did not need to wait for the wheels
to start falling off it before rushing to fix it.

it said "Near virtually free transactions" on the box so it should have had a maximum
amount of fees that would be charged and it is not decentralized when ten big miners
account for 90% of all transactions.

We can debate if Hubs in LN are really banks but your above comment is not
worth debating IMHO

zero fee. this is the most I like when you ripple. fee very small per transaction. like you dont care about it. hope bitcoin can do that

If you'd ve said Jihan and CSW, I could not say much, but Roger?

Anyway, crypto makes me lookin clueless every day.

 

Let's cheers to that. Thats a positive news for all of us. We might experiencing sad moment because of bitcoin plunging. We still have this news that will benefit all of us. As of the bitcoin increase in these recent year, the transaction fee is really a shock (not advisable to withdraw or transfer small amount of bitcoin, the fee is much higher that what you supposed to withdraw). As of now, these news is one of the positive vibes i have in this 2018. (celebrating).

To da mooon 

Do you know that Lightning Network and Ripple were dating? They fucked and made a gay son named Lightning Ripple McQueen.




The above is more likely than BCH becoming anything more than another one of Roger Ver’s perverted attempts to control bitcoin. Anybody that supports bcash is clueless.

Woww. If this is can be applied to the main bitcoin framework to improve the scaling issues presently being experienced in bitcoin, then it would be a very big and cheering news for the community.