Author

Topic: Lighting network (Read 147 times)

member
Activity: 210
Merit: 26
High fees = low BTC price
December 27, 2017, 06:09:02 PM
#8

There are no direct implications on the security of Bitcoin itself, but when you use Lightning, it will be a different trust model than the one we're currently accustomed to.  The person you open the payment channel with can choose to close it at any time, including a time that may be inconvenient to you.  Whichever balance is recorded at that time is the one that will be saved to the blockchain, which again, may not be what you wanted.  So there are possible attack vectors where unscrupulous actors can walk away with your money if you aren't paying attention.  Generally, though, as long as you only deal with reputable companies and people you know and trust, this shouldn't be an issue.  Plus, because Lightning is generally aimed at improving microtransactions, there hopefully won't be any large sums at risk.  If it's a large sum of money, just put it straight on the blockchain as you currently do now.

So you mean centralized using hubs and that's what we should had done from the start instead of all this Pow Bull crap
that wastes CPU power and put the miners into a CPU war when mining but now they made the hubs like bankers
loaning coins out, gone from bad to worse really.

This is the main reason BTC and the clones will not scale and it was obvious from the start and now we are
being scammed on mining fees. Central coordinators does not mean you have to give up you virginity you know   
member
Activity: 210
Merit: 26
High fees = low BTC price
December 27, 2017, 06:02:10 PM
#7
All you need to know https://www.youtube.com/watch?v=UYHFrf5ci_g
Easy to understand
sr. member
Activity: 1246
Merit: 260
1A6nybMUHYKS6E6Z3eJFm4KpVDdev8BAJL
December 27, 2017, 05:59:38 PM
#6
If the situation keeps going by this way, the lightning network is probably never going to get implementeed because of the major exchanges and the ones who are always going to try to lucrate from the fees (the miners)

I dont know, maybe it will get implemented on the middle half of the first quarter, or on the second quarter.
Segwit wallets have beeen created more than 5 months ago, and they are just being integrated right now.

So make your own conclusions about how much it could take..
legendary
Activity: 3724
Merit: 3063
Leave no FUD unchallenged
December 27, 2017, 03:51:20 PM
#5
What sort of issues could this present to the security of Bitcoin? All I see is the advantages being discussed but never the disadvantages.

There are no direct implications on the security of Bitcoin itself, but when you use Lightning, it will be a different trust model than the one we're currently accustomed to.  The person you open the payment channel with can choose to close it at any time, including a time that may be inconvenient to you.  Whichever balance is recorded at that time is the one that will be saved to the blockchain, which again, may not be what you wanted.  So there are possible attack vectors where unscrupulous actors can walk away with your money if you aren't paying attention.  Generally, though, as long as you only deal with reputable companies and people you know and trust, this shouldn't be an issue.  Plus, because Lightning is generally aimed at improving microtransactions, there hopefully won't be any large sums at risk.  If it's a large sum of money, just put it straight on the blockchain as you currently do now.

newbie
Activity: 28
Merit: 0
December 27, 2017, 03:40:37 PM
#4
What are the actual real world cases where a consumer business would use it? For you to receive your BTC, the channel has to close.

What are the real world uses of person to person for a channel? How long are you gong to wait to close the channel to receive your BTC?

I don't see many cases for it. Amazon maybe, but how long are they gonna not let you close the channel? They are essentially loaning you goods as they don't receive any BTC while the channel is open.

I see lightning network as the same lie as segwit. It will fix everything.....until it did nothing.

(I fully realize lightning was a 2 step process, step 1 segwit, step 2 lightning)
sr. member
Activity: 467
Merit: 578
December 27, 2017, 03:37:37 PM
#3
Hi guys,

I´m new on the crypto eco system and be pleased about some interessting discussions.

What do you think when will lightning go live, Q2 or Q3?

Thanks and best regards
I hope it won't last as long as you wrote. The Lightning Network is working now on the testnet and there's an open test channel on the live blockchain too (but just for test purposes). The implementation of Lightning Network doesn't need any fork (nor soft neither hard fork) so as soon as the developers think it's ready it will simply go live on the live chain too. What we need to wait is to have the payment channels open and to wait for the users to learn how it works.

What sort of issues could this present to the security of Bitcoin? All I see is the advantages being discussed but never the disadvantages.
hero member
Activity: 1442
Merit: 629
Vires in Numeris
December 27, 2017, 03:34:45 PM
#2
Hi guys,

I´m new on the crypto eco system and be pleased about some interessting discussions.

What do you think when will lightning go live, Q2 or Q3?

Thanks and best regards
I hope it won't last as long as you wrote. The Lightning Network is working now on the testnet and there's an open test channel on the live blockchain too (but just for test purposes). The implementation of Lightning Network doesn't need any fork (nor soft neither hard fork) so as soon as the developers think it's ready it will simply go live on the live chain too. What we need to wait is to have the payment channels open and to wait for the users to learn how it works.
newbie
Activity: 40
Merit: 0
December 27, 2017, 02:43:05 PM
#1
Hi guys,

I´m new on the crypto eco system and be pleased about some interessting discussions.

What do you think when will lightning go live, Q2 or Q3?

Thanks and best regards
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