Is Lightning Network Guaranteed to be released this year?

bitcon

legendary

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Quote from: very_452001 on January 02, 2018, 05:52:34 PM

If not what are the obstacles against it?

I am waiting for this update of BTC blockchain for at least one year. I so much believe that Lightning Network will be lauched as soon as possible. BTC chains are under big stress. They have become very complex.

Anti-Cen

member

Activity: 210

Merit: 26

High fees = low BTC price

Quote from: icanscript on January 03, 2018, 04:03:40 PM

Technology does not stand still, but it takes time and effort to implement. Now the task is just debugging and testing. Payments already pass through the network.

But BTC Core has already had six years of that and LN is so complicated that no one
seems able to explain it in full but the hubs are banks because they charge fees and
then you hear the second hand promise about low fees.

Fool me once, shame on you, fool me ............

Argoo

sr. member

Activity: 2352

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The bad news is that the lightning network has suggested Bitrefill to be deployed in Bitcoin, and not the Bitcoin development team. Therefore, it is difficult to guess when this network can be introduced into bitcoin in practice. Although earlier wrote that this can happen already at the beginning of this year.

icanscript

hero member

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Technology does not stand still, but it takes time and effort to implement. Now the task is just debugging and testing. Payments already pass through the network.

Anti-Cen

member

Activity: 210

Merit: 26

High fees = low BTC price

Quote from: Butmayselche on January 03, 2018, 12:02:02 PM

first trial payment using LN done so it will take a small time to released.

Are you sure because it took six years of testing BTC Core only to find it would not scale
and Lightning seem so complicated that no one can explain quite how it works so I tried myself

https://bitcointalk.org/index.php?topic=2680315.new#new

Quote

if this happen’s in 2018 price will break historical numbers

oh it will do that alright if what I am picking up so far about LN is true but if all you
want to see is "Faster speeds, Billions of transactions a second, low fees" then best ignore facts to-date

1. Three hour network delays
2. Just seven transactions a second (Billions Cheesy

)
3. BTC white-paper "Virtually free transaction fees"

Banks keep balances and charge fees but in crypto-gag-ga-land we call them Lightning Hubs because
we don't want to panic the sheeple

Hobo66

hero member

Activity: 1344

Merit: 502

I wont mine the lightning network if it cut less in fees,
I dont really know much about this network but it looks
like it will have allot of advantages when sending a payment
to someone, cant wait to see the out come of lightning network.

I found this video explaining lightning network payment with bitcoin,
almost no transaction fee!!!
https://www.youtube.com/watch?v=XFUYvLW-0oE

soham

sr. member

Activity: 406

Merit: 250

I believe so! It is being tested in test net and the first trial payment through LN has been successful. The transfer was instant and free of cost. I think Lightening network will go live by the end of first quarter of 2018. At this point of time, we certainly such kind of modifications to be made in bitcoin network to increase its acceptability in the market and to bring back the positive vibes. The long confirmation queue and high confirmation fees was really frustrating and due to which a lot of investors have started investing in altcoins like ETH or Ripple. Bitcoin dominance decreased to 39%, so wee need to gain ground now. LN is a proper solution to all these issues.

TotleCrypto

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It will certainly go live in 2018. It does have a few obstacles, but I think with Bitcoin's scaling problems those small obstacles are very easy to overcome with the bigger picture at hand. I think LN combined with Atomic Swamps will be a killer combo.

Irvinn

full member

Activity: 966

Merit: 104

I read that a network of lightning can be introduced into bitcoin already at the beginning of this year. There are several problems for its implementation. The first, in my opinion, is that it is not the team of its developers that is going to introduce it into Bitcoin, but some Bitrefill firm. The second problem is that a network of lightning will need to adapt wallets, and this will take time.

Butmayselche

jr. member

Activity: 32

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first trial payment using LN done so it will take a small time to released.

if this happen’s in 2018 price will break historical numbers

Anti-Cen

member

Activity: 210

Merit: 26

High fees = low BTC price

See https://bitcointalk.org/index.php?topic=2680315.new#new

I am having a long debate with another developer like myself and it's well complicated to
understand whats going on with LN and how it works and what it really is but so far
its looking like a network of hubs who charge fees and interconnect to create channels

So far too me it's looking like a carrot being sold as prime beef and it will taste shit
when you get to taste it.

One line of code is needed just now
public static money MaxFee =1.50 // 20,000 is 19,000 miners too many to share the tx-fees

We could make it deal with spam transactions too with a little bit of code but the developers won't want to
hear it because they are getting too much money from rip-off fees

if (MemPool>10000 && Amount <=0.001btc)
Return Error.Trade_Too_Small // Might allow later if we get spare capacity

jseverson

hero member

Activity: 1834

Merit: 759

I don't know if miners are against it, but I can think of one group that wants it to fail: big blockers, with Bitcoin Cash shills at the forefront. I visit their reddit now and then and they always find reasons to shit on it. It's easy to see why, too, since the Lightning Network seems like it can kill Bitcoin Cash altogether.

As for obstacles, I don't think there are any. Transactions have been completed in it after all. It's probably just a bunch of dev work and rigorous testing at this point. We're talking about money here, so it would have to be flawless.

Quote from: very_452001 on January 02, 2018, 07:06:24 PM

Quote from: KylesmomisaB on January 02, 2018, 06:09:58 PM

The biggest obstacle I see is how to sell people on Lightning Network when it isn't a decentralized system. This to me will be the hardest problem to overcome but there are several different problems pick your poison.

Does it make bitcoin whole network centralised permanently or is it a centralised off chain layer temporarily centralised when lightning transaction happens?

Or what scalable solution is available for bitcoin out there that is not centralised?

Just the off chain layer. It doesn't even necessarily have to be centralized. There could be multiple payment channels owned by multiple groups. They also can't do anything to the transaction other than to facilitate it either, to my understanding. I don't believe this to be a problem.

I don't know of any other solutions. Even bigger blocks lead to centralization.

very_452001

sr. member

Activity: 1056

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Quote from: junoreactor on January 02, 2018, 07:07:23 PM

If it comes true, the demand for Bitcoin will definitely grow, the major problem encountered by Bitcoin lately is a median fee of circa $22.
Some article on the subject: https://www.forbes.com/sites/ktorpey/2017/12/28/will-bitcoins-lightning-network-kill-off-altcoins-focused-on-cheap-transactions/#5f80a49a7dab
Long term, no altcoin would be needed. However, what about the miners? I read here and there that they could be affected, but some say maybe not since it can contain fee's but just a large quantity of small fee's combined.

Ok miners and who else might be against it?

junoreactor

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If it comes true, the demand for Bitcoin will definitely grow, the major problem encountered by Bitcoin lately is a median fee of circa $22.
Some article on the subject: https://www.forbes.com/sites/ktorpey/2017/12/28/will-bitcoins-lightning-network-kill-off-altcoins-focused-on-cheap-transactions/#5f80a49a7dab
Long term, no altcoin would be needed. However, what about the miners? I read here and there that they could be affected, but some say maybe not since it can contain fee's but just a large quantity of small fee's combined.

very_452001

sr. member

Activity: 1056

Merit: 270

Quote from: KylesmomisaB on January 02, 2018, 06:09:58 PM

The biggest obstacle I see is how to sell people on Lightning Network when it isn't a decentralized system. This to me will be the hardest problem to overcome but there are several different problems pick your poison.

Does it make bitcoin whole network centralised permanently or is it a centralised off chain layer temporarily centralised when lightning transaction happens?

Or what scalable solution is available for bitcoin out there that is not centralised?

KylesmomisaB

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Activity: 194

Merit: 100

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The biggest obstacle I see is how to sell people on Lightning Network when it isn't a decentralized system. This to me will be the hardest problem to overcome but there are several different problems pick your poison.

very_452001

sr. member

Activity: 1056

Merit: 270

If not what are the obstacles against it?

Topic: Is Lightning Network Guaranteed to be released this year? (Read 163 times)