Great News For Bitcoin! Lightening Network First Payment Was Successful! - page 4.

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High fees = low BTC price

Quote from: darkangel11 on December 30, 2017, 04:03:14 PM

Anyway, according to the author of the video we should have raised block size long ago, but we didn't... or maybe we did through BCH? Is that the solution? IS it a better solution than the lightning network? IMO it's certainly better than being stuck in 1mb blocks with unbearable fees. I would be willing to accept the nodes as a temporary solution to reduce the network load until a better solution is found.

If you fixed windows then would you like un breakable glass or was you a doctor then would you like to see the world
without a need for doctors.

The dev team can fix this one in hours but are enjoying the profit too much and writing a new system
but any two bid 1st year software student could work out that BTC would not scale and that you don't need
20,000 nodes to service just 7 transactions a second that are only 250 bytes of input data.

VISA has 1/100th the CPU power BTC network has and can preform 25,000 transactions a second
and Ripple can scale to that too but BTC cannot and VISA do it without splitting the ledger so what does
that tell you about the Lightning sticking plaster.

darkangel11

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I watched the video and I partially agree with it. Mainly with what was said about Gavin and Blockstream. I knew there was something off about this guy back when there was this whole theory about his involvement with the CIA.
Anyway, according to the author of the video we should have raised block size long ago, but we didn't... or maybe we did through BCH? Is that the solution? IS it a better solution than the lightning network? IMO it's certainly better than being stuck in 1mb blocks with unbearable fees. I would be willing to accept the nodes as a temporary solution to reduce the network load until a better solution is found.

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High fees = low BTC price

Quote from: darkangel11 on December 30, 2017, 03:09:04 PM

We were waiting for this for months. I think there has been a thread about it last year, but people forgot about it when the whole big block quarrel has started and then we had all that drama with BCH and another drama with 2x... Lightning is a great solution because it doesn't interfere with BTC but works around it. I hope this will bring more people into Bitcoin and raise confidence that we have lost recently when the fees rose to $50+

So if ledgers on this BTC network keeps a balance of BTC then whats trading on Lightning ? Hens teeth maybe or
is it IOU's for BTC and if so then who lends out the IOU's to be settled at the end of the month.

Boy this reminds me of VISA card and bankers dreaming up money just like they do already and I am not alone
in saying this. https://www.youtube.com/watch?v=UYHFrf5ci_g

PoW and mining solved one problem and created ten more and this is just were we are heading with
lightning but instead of Bob talking to Alice we have Chow Ming mo and Rabdub Remead thrown into
the mix and they don't talk the same language or share the same tokens.

"confidence " will be restored to some degree when the miners stop mugging us and if too many exist
in the CPU War BTC has created to make a living from just mining coins then some will have to go, like
90% of them because we simply don't need 20,000 to process seven transactions a second

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Quote from: vv181 on December 30, 2017, 03:01:56 PM

Segwit should have improved the transaction fees and transaction confirmation times, but due to lack of adaptability of the segwit many people didn't feel the difference about it.

I am moving over to Segwit and it should be faster for now but it still won't go much faster as the
block-chain starts too fill up.

BTC does 7 transactions per second and my guess for Segwit would put it at about double the speed
under the same conditions so in other words they can double the size of a piston (Blocks) in a steam engine
but it's still a steam engine.

Where segwit will pull ahead is because the team is more radical and they understand that they will
need to move over to a petrol engine or better still an electric engine and I don't think they will let the miners
piss all over everyone like the BTC development team has done.

Read up a bit on Ripple and how the protocol works, peek at IOTA Tangle and then see HashGraph
that is not used yet and is under development and then you will understand why I am talking about
old steam engines with Segwit and BTC

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Quote from: Hoangle1523 on December 30, 2017, 11:40:56 AM

The lightening network

Quote from: HabBear on December 30, 2017, 01:08:48 PM

Now, is the Lightening Network

Quote from: eaLiTy on December 30, 2017, 02:20:09 PM

Everyone is waiting for the lightening network

Quote from: filharvey on December 30, 2017, 02:32:47 PM

longing for the lightening network to get activated.

Guys, do even know what you're reading? It's lightning, like that spark in the sky, not lightening, unless you're hoping to be enlightened by it Tongue

We were waiting for this for months. I think there has been a thread about it last year, but people forgot about it when the whole big block quarrel has started and then we had all that drama with BCH and another drama with 2x... Lightning is a great solution because it doesn't interfere with BTC but works around it. I hope this will bring more people into Bitcoin and raise confidence that we have lost recently when the fees rose to $50+

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High fees = low BTC price

Quote from: brontosaurus on December 30, 2017, 02:51:30 PM

That isn't really a drawback for the investors. High transaction fees doesn't affects them. Investors focus on returns and volatility of any coin. Investors still invest in bitcoin. Its the investors who have taken it to 19K despite of such high fees and time. Now what we are seeing is just a correction and nothing else.

I see from your footer that you are into gambling so lets cut the crap about investing and call it by it's real name "Gambling"

The miners took a gamble when BTC was shooting up that they could increase the fees because they have become a monopoly
or maybe you would like to explain why we need 20,000 full nodes just to perform 7 transactions per second

This correction is what you get when you have a nice car and the roads or network don't work, you sell your car so fix the
roads (fees) or the price will go down because people are jumping out all over the place.

"Let the trend be your friend" is a term you would have come across had you worked in finance

vv181

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Quote from: jjacob on December 30, 2017, 02:11:26 PM

Quote from: VitKoyn on December 30, 2017, 01:32:16 PM

Well that is really a great news, it will probably fix some problems that Bitcoin has but the problem is the implementation, lets say they already released the mainnet of lightning network and implemented it on the Bitcoin network, all wallets and exchanges should support it first for us to experience this cheaper and faster transactions and I doubt that wallets and exchanges will immediately update their service with lightning network. Just like segwit, it was released and implemented 4 months ago but still only few Bitcoin wallet/exchanges supports it.

There is some progress towards easing network congestion, but the question is whether it is too little too late. Segwit has been implemented, but there seems to be no reduction in transaction fees. I just hope that the migration to alt coins is not irreversible. There may be a certain inertia amongst crypto users to shift back to Bitcoin.

Segwit should have improved the transaction fees and transaction confirmation times, but due to lack of adaptability of the segwit many people didn't feel the difference about it.

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High fees = low BTC price

Quote from: eaLiTy on December 30, 2017, 02:20:09 PM

it is a good news for tech savvies so that they could work on implementing this to solve many issues.

I am one of these "tech savvies" and made a good living writing systems over the years
so pull your eyes away from the flashing lights on the slot machine and listen.

The software architecture of BTC was never going to scale, this would had been known from
day one and CPU war between miners is not doing anyone any good, stupid plan all along
as is proof of work to stop spamming.

From a technical point of view the wheels are falling off the wagon !

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Quote from: Hoangle1523 on December 30, 2017, 11:40:56 AM

Sup guys!

I think this is a very important piece of info as we all kinda doomed bitcoin, but this might be a breakthrough.

The lightening network is a technology basically adds a layer of tech that can be a scaling solution for bitcoin, its supposed to prevent the high fees and slow transactions, with the same level of security.

A few days ago the first payment using the lightening network was successful, it was made to pay a phone bill.

The payment was INSTANT, and the fees were ZERO.

Here's the full article - https://www.coindesk.com/payment-provider-bitrefill-runs-successful-lightning-transaction-test/

Bottom line - the lightening network could solve most of the problems with bitcoin - if it does, its a huge step forward in terms of bitcoins scalability, meaning itll be easier to get mass adoption and use BTC for day-to-day transactions, and generally will be great news for the whole crypto section.

The much anticipated update is finally here. This improvement will surely eradicate the long lasting scaling problems of bitcoin and blockchain. The last attack on bitcoin when the fees aggrevated to around 900 sats/byte has really ended the utility of bitcoin as a currency. With this network finally bitcoin might be of use as a means of settlement rather than just an asset.

Quote from: filharvey on December 30, 2017, 02:32:47 PM

Quote from: bizul on December 30, 2017, 12:21:14 PM

That's positive news, but still not enough to cheer the market back up. I don't want to sound negative but even when Lightening Network is fully implemented, it'll be too late for bitcoin to win all the investors who already moved to support new cryptos. New cryptos are implementing features that are missing from bitcoin such as anonymity and private transactions. Bitcoin is already outdated. I'm not saying that bitcoin will die. I'm sure bitcoin will stay forever however, it'll slow down gradually until another coin takes its place as the main crypto-currency.

Certainly not.Bitcoin had been the ultimate choice of most of the investors.The only drawback it was facing was the high transaction fee.Most of the investors had been longing for the lightening network to get activated.This is now really a great news.This would once again make investors to return to bitcoin once again proving it to be the king of crypto currencies.

That isn't really a drawback for the investors. High transaction fees doesn't affects them. Investors focus on returns and volatility of any coin. Investors still invest in bitcoin. Its the investors who have taken it to 19K despite of such high fees and time. Now what we are seeing is just a correction and nothing else.

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High fees = low BTC price

BTC was under testing for years and look at the mess we have got today not that this was not
planned from the word go.

20,000 miners are not needed, too little cake to go around and no one trusts the development
team anymore or the miners so forget the Lightning Network because it is a sticking plaster that
uses hubs and these are banks or called gateways on the Ripple network.

See https://www.youtube.com/watch?v=UYHFrf5ci_g

Fees are at crazy rates, fix the max fee in code and cull the miners because we have far too many
all wasting energy and as such offer no useful service and I won't even get into the 51% takeover bullshit
that has been floated around by snake oil salesmen.

We are the market, we are speaking so fix the fees or BTC will keep going down, it's that simple

7788bitcoin

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Quote from: jjacob on December 30, 2017, 02:11:26 PM

There is some progress towards easing network congestion, but the question is whether it is too little too late. Segwit has been implemented, but there seems to be no reduction in transaction fees. I just hope that the migration to alt coins is not irreversible. There may be a certain inertia amongst crypto users to shift back to Bitcoin.

If you are talking about the network up gradation these implementation are not in full effect,we are waiting for the lightening network to be implemented in bitcoin and that is the main upgrade everyone is looking forward as it will reduce the network fees and network delay we are facing at the moment,is it too late,it might be ,but implementing it will take time,you cannot switch it just like that.

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Quote from: bizul on December 30, 2017, 12:21:14 PM

That's positive news, but still not enough to cheer the market back up. I don't want to sound negative but even when Lightening Network is fully implemented, it'll be too late for bitcoin to win all the investors who already moved to support new cryptos. New cryptos are implementing features that are missing from bitcoin such as anonymity and private transactions. Bitcoin is already outdated. I'm not saying that bitcoin will die. I'm sure bitcoin will stay forever however, it'll slow down gradually until another coin takes its place as the main crypto-currency.

Certainly not.Bitcoin had been the ultimate choice of most of the investors.The only drawback it was facing was the high transaction fee.Most of the investors had been longing for the lightening network to get activated.This is now really a great news.This would once again make investors to return to bitcoin once again proving it to be the king of crypto currencies.

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Everyone is waiting for the lightening network to be implemented on bitcoin,it will take some time to get it implemented in bitcoin,it will solve the transaction issues we have at the moment but i doubt we will find some new troubles in the mean time,either way it is a good news for tech savvies so that they could work on implementing this to solve many issues.

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Quote from: VitKoyn on December 30, 2017, 01:32:16 PM

Well that is really a great news, it will probably fix some problems that Bitcoin has but the problem is the implementation, lets say they already released the mainnet of lightning network and implemented it on the Bitcoin network, all wallets and exchanges should support it first for us to experience this cheaper and faster transactions and I doubt that wallets and exchanges will immediately update their service with lightning network. Just like segwit, it was released and implemented 4 months ago but still only few Bitcoin wallet/exchanges supports it.

There is some progress towards easing network congestion, but the question is whether it is too little too late. Segwit has been implemented, but there seems to be no reduction in transaction fees. I just hope that the migration to alt coins is not irreversible. There may be a certain inertia amongst crypto users to shift back to Bitcoin.

hatshepsut93

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This is great, but you shouldn't expect that Lightning will soon get released, there's still a lot of bugs across its implementations, some compatibility issues and other problems. And since we are dealing with money, it's not acceptable to release a half-baked software - every bug can potentially cause millions of dollars worth of damage. So, the answer to a very popular question "When it will be released?" is - when it will be safe enough. Everyone should keep in mind that Bitcoin is a software in very active development phase, and open source development is usually slower than centralized development.

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Cross-chain atomic swaps will help whatever cryptocurrency becomes the predominate one. Not just bitcoin. Joseph Poon and Thaddeus Dryja are going to become famously wealthy regardless of which crypto wins. Congrats!

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Thanks for sharing this great news! Grin

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Quote from: Don Pedro Dinero on December 30, 2017, 12:23:47 PM

It is good news indeed, but what I find missing in the article is the approximate date when this could be widely used, as I think it will still take some time and that’s what the market is reflecting.

Does anyone know if the almost instant transaction and zero fees will also be the case when it gets massively adopted or will it have some fees and delays?

Earlier it was reported that the network of lightning will be introduced into bitcoin approximately immediately after the New Year. I hope it will not take long to wait. Meanwhile, bitcoin continues to lose its former popularity. Many are switching to the use of other coins, such as Ethereum, Ripple, bitcoin in cash.

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Quote from: BTCforJoe on December 30, 2017, 12:45:18 PM

While this is great, I’m not sure that the article is accurate in stating that there is no risk to security to run transactions on the lightning network. If my research has been correct, there are new security risks involved with using the lightning network; can anyone embellish on this?
Also, I had read that in order for the lightning network to take effect, both the sending and receiving wallets have to be online simultaneously to effectively become nodes on the network in order for the transaction to complete.

This is correct mate, both parties should be open to make the transaction successful. The only question is what if the other parties chooses to close its channel? What will happen to the transaction. There's also this sort of broadcasting previous channels as well, but I need to read more and understand how everything stands out. If more technical people like @HCP can chime in it will be a good discussions for all of us.

Quote from: BTCforJoe on December 30, 2017, 12:45:18 PM

I think this is a scalable option, but there is a lot of learning and implementation that needs to happen in order for the network to take effect, am I right? And to have a large network of nodes to run, does this allow for the risk of centralization? I’m interested to read more about the pros and cons of the lightning network as a viable option to help fix current issues with bitcoin transactions. Anyone have any articles to link that are relevant?

Yes, there will be sort of learning curve not just for newbies but for all of us because this will be a new technology. So many good reads around the net, like in medium but sometimes you need to filter out which info is correct.

On the bright side, this is really a welcoming news. Since a heard a few weeks that they have been testing it, this is the first time I saw that a live production test is successful. We all have been talking about Lightning Network to be the solution so I hope it will be implemented in Q1 next year so that all this issues can be fix ASAP. However, I'm expecting a lot of problems in the beginning, but I think we can get a hang on it after a few months of using it ourselves. Goodluck to everyone and let see how it goes.

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Quote from: Hoangle1523 on December 30, 2017, 11:40:56 AM

Sup guys!

I think this is a very important piece of info as we all kinda doomed bitcoin, but this might be a breakthrough.

The lightening network is a technology basically adds a layer of tech that can be a scaling solution for bitcoin, its supposed to prevent the high fees and slow transactions, with the same level of security.

A few days ago the first payment using the lightening network was successful, it was made to pay a phone bill.

The payment was INSTANT, and the fees were ZERO.

Here's the full article - https://www.coindesk.com/payment-provider-bitrefill-runs-successful-lightning-transaction-test/

Bottom line - the lightening network could solve most of the problems with bitcoin - if it does, its a huge step forward in terms of bitcoins scalability, meaning itll be easier to get mass adoption and use BTC for day-to-day transactions, and generally will be great news for the whole crypto section.

Reading through the article actually just made my day. Enough of the whole number of days for transaction to confirm or the exceeding high fees that a lot of people have been complaining which have raised the bar for people to come into bitcoin and shut those who into it forced to keep waiting for the situation to be better but today I am happy that a break through is in sight even though it might not be generally available, its something to behold and be happy about.

I must confess I have been waiting for this breakthrough that it seems the developers felt the only way was just creation of unlimited forks. When this is fully rolled out hopefully, we get to see some sanity being restored.

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