Topic: Lightning Network Observer - page 28. (Read 13809 times)

lightning capacity in BTC from this day
we are so early

btc = bitcoin network.. bitcoin never leaves the bitcoin network
msat. = lightning.. msats are not understood by the bitcoin network

when people make payments measured in msat where they are shown a balance in msat. they are not 'only using bitcoin'

oh and a little hint

the chivo wallet DROPPED LN and instead used a CEX exchange as the backend to the chivo wallet to AVOID using the LN flaws that hit el salvador in september-december 2021

https://gadgets360.com/cryptocurrency/news/el-salvador-chivo-wallet-app-new-relaunch-bitcoin-alphapoint-2746778

yep even el salvador hated LN flaws, failed payment. bottlenecks and blocked funds(offline hubs/channel partners)
now el salv citizens have alphapoint accounts that custodian-ise the btc. and do mysql account balance swaps internally.
yes they can still withdraw to bitcoin addresses or risk locking into LN channels some msat balance but thats has become secondary gimmicks rather the main fund store of the custodian service

it actually pays to obverse lighting with eyes wide open instead of closing eyes and selling the dream using animation and random tweets of narrow use cases that fit your confirmation bias

you can easily find one person that smiles and says they do X when they actually do Y. where as i can show a whole countries government change their systems due to issues thousands/millions of their citizens suffered with.

have a nice day.

Of course it is an anedoctical evidence:



Living in El Salvador using bitcoin only, primarily Lightning.
In a third world state, almost bankrupt.

Looks like a success to me.

and when people do get struck by LN see the flaws of LN. they come back to bitcoin and realise they should never have left bitcoin. and then they appreciate bitcoin

The other day I read an interesting article by Lyn Alden. It was super interesting, but I forgot to post it here, untile I saw it relaunched by Micheal Saylor:



It’s not an easy ready, but definitely worth it.

A Look At the Lightning Network

I would agree with you, but I would probably use this as temporary solution more than using other any stablecoins built on top of shitcoin networks.
Imagine people that had tokens like TerraUSD, any stablcoins on solana network, or they would have to pay crazy fees on ethereum for USDT or USDC.
Just for comparison sake, there is a list of 22 failed ''stable'' coins so far, some of them I never heard before:
https://cryptosec.info/failed-stablecoins/

It would be interesting to make something like Stablesats but with decentralized exchanges like Bisq (instead of using OKX), so you would remove biggest risk.
However, this is easier said than done for many resons.

As the article states, if a lot of people buy e.g. 1BTC worth of stablesats and Bitcoin loses half its value, the company will have to give each such user 1BTC, and the users would be able to cash out 2BTC, right?
In a longer bear market, it will absolutely wreck the company if they don't have enough reserves.

Seeing that they are looking for money in the single-digit-millions-range, it doesn't appear to me that they have sufficient reserves.
Maybe they are working with centralized exchanges in a way that is often suspected already to be happening: those 1BTC I mentioned earlier, will be 'printed' out of thin air at the exchange, in hope that not all users withdraw to non-custodial wallets at the same time.

I'd personally steer clear from something like this.

https://bitcoinmagazine.com/technical/galoy-brings-us-dollars-to-bitcoin

I often reference https://walletscrutiny.com/, when it comes to questions like 'How good is wallet X' or 'What wallet would you recommend?'.
Mostly for their regular tests of build reproducibility. Open-source code gains you nothing if the firmware you are flashing to your hardware wallet or the software package you are installing, doesn't match the source.
That's why I value their service a lot.

The other day I noticed they are looking for donations and their donation page supports Lightning payments.
I think it fits the 'Lightning Network Observer' topic since it's a way to spend some sats and support a good cause..

the lightning network is getting bigger and bigger 👌

today i accidentally came across a very good ln-bot for telegram. this bot is a BTCitcoin lightning wallet that can send tips (small amounts) on telegram. to send a tip, add the bot to a group chat. the basic unit of tips are satoshis and with the start of the bot, a lightning address is automatically created for the respective user - in my case the: [email protected] 

By this metric he has 3 months.  My node made requests for force closes 30 days ago.  The channel was opened 120 days ago.  Leaving him 3 months to return.

Or Channel opened 727763 Close request 741000 current 745150.  It was open for roughly 13k blocks.  So sometime around 758500 would do.

I am in no hurry.  I will also have to learn how to craft the close action by hand... that might be tough.

His node was YOUNG.  Mine was from 2019.  At the time his channel was worth ~2kUSD (half that now).  Who would walk away from this much.  Craig Wright?  Franky?  Really only a raving lunatic!

This amount is defined in blocks?
How long this channel has been opened?
I guess it is fair to set roughly the same amount of time the channel was open.

Bitcoin Beach Wallet is now open to other countries not just El Salvador!
Works perfect in Europe!

First NFC Bitcoin Card (Bolt) works perfect in UK (more LN locations on Isle Of Man)
Buy the Bolt NFC card for free (use £10 Bonus) with my invitation: https://www.coincorner.com/?AffiliateId=9224 (required £100 deposit and one trade/change for £10 Bonus)

I did the forensics on this and I am amazed.

The zombie channel was indeed initiated by my channel partner.  And I do not believe it ever had any traffic.  So they are just kissing .05BTC goodbye.  Wow.  I assume eventually they will come to their senses and force close it.  But if it exists for X amount of time I will recover it.  I just have to decide what X is.

there is also no way around continuing to observe these great innovations and implementing them step by step in the entire ecosystem.
and i think that there will soon be more positive news about the lightnig network and its many advantages.

Who said it? Obviously it's wrong, or to be fair to that "someone", you probably have taken it out of context like in some of our debates?

Plus it's better to educate him/her franky1. Be respectful, and don't ridicule people in the forum. Given that demand for transactions in the Bitcoin blockchain can be limited, with limited supply of block-space, the network will congest, driving fees higher. In theory it can also be the same with the Lightning Network, because of the limited supply of capital, the Bitcons, "locked" in payment channels.

my quote was in reference to someone pulling a puff piece suggesting that LN is the reason there is no bitcoin congestion. i clearly stated when there are only 17k LN nodes but hundreds of millions of centralised exchange accounts.. no fluff. its actual numbers anyone can find should they dare observe..
 the reality is people are using exchanges as "bank accounts" to avoid the bitcoin network. rather than using LN.

as stated there is real world evidence. not just the hundreds of millions of exchange customers. but also that even the CHIVO dropped LN, to instead prefer centralised exchanges as the back bone account management system of crypto/fiat of chivo payments

atleast my goal is not to lock people into LN and then give lame excuses for why they should never exit it. by screaming how bitcoin is bad, bloated, heavy,broke just to make your network look good
while simultaneously trying to ignore, hide, avoid, the flaws of your favoured network

have you dared to even read your own post history and tally how many times you shamed bitcoin vs how many times you shamed LN.. go on try it observe your bias

yea you hate bitcoin network i get it. but do yourself a favour. if you want to be a PR guy for LN.. try better.

Very nice find.

It’s duty of the public regulator to keep an eye on the innovation in the field.
Let me quote the abstract: