Topic: Lightning network - page 2. (Read 624 times)

I have heard some of the positive reviews about those lightning networks, but I'm still amazed how can you apply that thing on the decentralised bitcoin transactions system. Maybe it would be a mediator?

Lightning Network is a proposed implementation of Hashed Timelock Contracts (HTLCs) with bi-directional payment channels which allows payments to be securely routed across multiple peer-to-peer payment channels. This allows the formation of a network where any peer on the network can pay any other peer even if they don't directly have a channel open between each other.

Wow , both of you think I am a troll, both of you luv bitcoin and both of you think LN is great
therefore according to Pursuer small world theory , you too must be the same person.

Nah, I have never been that lame as to believe people that shared the same views are all the same person.
Enjoy your conspiracy.  

P.S. I am Batman in my spare time.  

(Took 6 weeks for that leg to heal.)  

@Pursuer,
Shame you can't tell the difference between someone speaking the truth and someone trolling.
But your problem , not mine.

LN is most definitely Banking 2.0 and multiple people have said this.
And I doubt they are all the same person.

---

Are you locked in a closet or do you have access to the internet?
How does the Government currently enforce AML/KYC laws, simple they have people that will arrest your ass.
And foreign governments have their own AML/KYC laws, that can get you arrested.

https://www.moneylaunderingwatchblog.com/category/extraterritorial-application-of-us-law/

Just because you guys try and twist the english language to suit your false beliefs , does not mean it will hold up in court.
https://bitcointalksearch.org/topic/m.43006363

https://en.wikipedia.org/wiki/Banking_license

Banks used to hold Gold and Silver and use Banks notes & US Dollar Notes to allow redemption of gold & silver,  
http://www.antiquemoney.com/value-of-10-gold-certificate/
Notice on the old Fiat it used to say $10 in GoldCoin

LN uses Multi signatures to hold Bitcoin (Time Locked) ,
LN uses their own notes system (ledger) to transfer balances between other LN hubs (No actual bitcoin is transacted , it is time locked remember).
Once the LN channels are closed (you can redeem your LN transactions for real bitcoin ONchain (may take up 2 weeks))

LN is exactly Banking 2.0 designed for crypto , with fees per hub , like banks charge fees.
Under the right circumstances a bank or LN hub can seize your funds.
Since LN balances are nothing more than a representation of a bitcoin, fractional reserve is possible in the future with a minor software update to LN.

Don't strain your brain,
I know you guys drank the kool-aid and believe all of the BS the core devs sprouted. Thinking is not your strong suit, otherwise you would have already come to these same conclusions.

And there has been a recent development, a thinking person can see the problem with LN.
https://medium.com/andreas-tries-blockchain/bitcoin-lightning-network-4-what-happens-when-you-close-half-of-the-lightning-network-b25b330dfad2

This guy placed $1000s of dollars worth of bitcoin in a time lock to run a LN hub for a few weeks.
His profit less than 35 cents, which if you factor in any of his input costs such as running a node or time monitoring his money, he came out at a massive loss.

LN has fees for each hub, fees for the watchtowers, plus the onchain fees.
For an LN hub to actually make any money , it is going to have to charge alot higher fees , meaning the promise of low fees , was a false promise once it actually gets operational, because stupid people can only work for free for so long before they go broke.

Now go drink your kool aid , and forget anyone ever told you the truth.
Because you can't handle the truth.  

But how will the state stop it if anyone can open channels all over the world and outside their jurisdiction? Your debate is lost.


Define banking license. No one is holding your money for you in Lightning. It will be the exchanges on top of Lightning that should be KYC/AML compliant. But it is the same set up that we have today, but more scalable because of Lightning.

It's undoubtedly easier for us to recognise that Zin-Zang is a troll, because we have the experience and knowledge to make an informed judgement.  But it would be just as easy for anyone new to Bitcoin to be lured in by such posts and start believing something that's not true.  Best to nip it in the bud.  The last thing we need is a whole forum full of people claiming it's some sort of conspiracy to create "banking 2.0".

lightning network enables users to transacts cryptocurrency such as bitcoin over a specific short span of time.Users may interact with another via different nodes known as peer to peer.And i think some companies value this innovations that makes them more efficient both in workplace and in network.Lightning network also features malleability which uses algorithm encryption which i think more suitable for a innovative industries and marketshare.

dude why do you keep feeding this troll? Zin-Zang has been doing the same thing last year with SegWit and kept spreading nonsense about it like this but with a different account while advertising his altcoin. that account is banned now by the way and he is ban-evading right now.

When LN will get full release and some adoption, altcoins will have really hard time. They will try to criticize it, which will be rare, or they'll try to adopt it themselves and will say that it works better with their network (this is what Bcash is planning to do). ETH is planning to have its own versions of LN, and together with its competitors like EOS and Cardano they will be claiming that they are better than Bitcoin because they have smart contracts.

Yes YOU DO STILL HAVE FULL CONTROL over your Bitcoins if using the Lightning network. If anything goes wrong with your channel, you simply broadcast the current state of your channel as if it was a normal on-chain Bitcoin transaction.


LN is not a service to scale "the network"(you are talking about bitcoin).. LN is a separate service network all on its own. LN is to allow many different coins to use this separate service network so they are no longer using the blockchain of many coins.
its got nothing to do with "scaling bitcoin" its about diverting people away from using bitcoins mainnet.
EG its not a highway that needs an extra lane and LN is that extra lane.
LN is telling people to get off the highway and use a country road along side farm trucks and pedestrians(othercoins). thus the highway doesnt get its extra lane