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
Topic: Lightning Network Observer - page 28. (Read 13674 times)
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
Examining the scaling method of the Bitcoin network and its evolution from a store of value to a medium of exchange.
This article examines the relationship between a monetary asset being a store of value vs being a medium of exchange.
Specifically, it focuses on the scaling method of the Bitcoin network as its main example, but also takes a broad look at the history of trade-offs in the cryptocurrency space as well to see why a layered approach makes the most sense.
The primary goal of this article is to examine the topic of how bitcoin has evolved as a medium of exchange, and more broadly to analyze the order in which new monetary assets can be accepted as a store of value and a medium of exchange.
As a big part of that, I’ll include an analysis of the Lightning network, which is a small but fast-growing payments layer that is interwoven into the Bitcoin network.
It’s not an easy ready, but definitely worth it.
A Look At the Lightning Network
Quote
Examining the scaling method of the Bitcoin network and its evolution from a store of value to a medium of exchange.
This article examines the relationship between a monetary asset being a store of value vs being a medium of exchange.
Specifically, it focuses on the scaling method of the Bitcoin network as its main example, but also takes a broad look at the history of trade-offs in the cryptocurrency space as well to see why a layered approach makes the most sense.
The primary goal of this article is to examine the topic of how bitcoin has evolved as a medium of exchange, and more broadly to analyze the order in which new monetary assets can be accepted as a store of value and a medium of exchange.
As a big part of that, I’ll include an analysis of the Lightning network, which is a small but fast-growing payments layer that is interwoven into the Bitcoin network.
I'd personally steer clear from something like this.
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.
Quote
“With Stablesats-enabled Lightning wallets, users are able to send from, receive to and hold money in a USD account in addition to their default BTC account,” said Nicolas Burtey, CEO of Galoy, in a statement sent to Bitcoin Magazine. “While the dollar value of their BTC account fluctuates, $1 in their USD account remains $1 regardless of the bitcoin exchange rate.”
https://bitcoinmagazine.com/technical/galoy-brings-us-dollars-to-bitcoinIn 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.
Quote
“With Stablesats-enabled Lightning wallets, users are able to send from, receive to and hold money in a USD account in addition to their default BTC account,” said Nicolas Burtey, CEO of Galoy, in a statement sent to Bitcoin Magazine. “While the dollar value of their BTC account fluctuates, $1 in their USD account remains $1 regardless of the bitcoin exchange rate.”
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..
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] 
But if it exists for X amount of time I will recover it. I just have to decide what X is.
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.
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!
But if it exists for X amount of time I will recover it. I just have to decide what X is.
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)
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)
So you really only want channels with reliable nodes.
Interesting ethic debate. Those funds are stuck on the channel. You could recover all the funds and then be ready to return those if the poor fellow will ever contact you.
Just to prevent the fact an accident on your side could make those funds lost forever.
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.
finally
it continues to move in the right direction... a us central bank has just recognized the importance of the ln for BTC
it continues to move in the right direction... a us central bank has just recognized the importance of the ln for BTC
Very nice find.
It’s duty of the public regulator to keep an eye on the innovation in the field.
✂
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.
there are hundreds of millions of users using central exchanges. and only 17k nodes
(...)
but i guess people dont want to observe actual numbers and actual real life stuff playing out. they just want to find any fluff piece that sounds like it meets their utopia
(...)
but i guess people dont want to observe actual numbers and actual real life stuff playing out. they just want to find any fluff piece that sounds like it meets their utopia
We're not suggesting there will be "hundreds of millions" of LN users at any point in the near future. If you are, then perhaps you are the utopian dreamer. Maybe try to keep your precious scenarios at least somewhat grounded in reality.
It seems as though you decry every new service adopting LN, because you realise each one means a small, incremental rise in liquidity. Whereas your goal is to try and scare people away one user at a time with your ludicrous hyperbole and fearmongering. You're not going to succeed.
my quote was in reference to someone pulling a puff piece suggesting that LN is the reason there is no bitcoin congestion.
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.
there are hundreds of millions of users using central exchanges. and only 17k nodes
(...)
but i guess people dont want to observe actual numbers and actual real life stuff playing out. they just want to find any fluff piece that sounds like it meets their utopia
(...)
but i guess people dont want to observe actual numbers and actual real life stuff playing out. they just want to find any fluff piece that sounds like it meets their utopia
We're not suggesting there will be "hundreds of millions" of LN users at any point in the near future. If you are, then perhaps you are the utopian dreamer. Maybe try to keep your precious scenarios at least somewhat grounded in reality.
It seems as though you decry every new service adopting LN, because you realise each one means a small, incremental rise in liquidity. Whereas your goal is to try and scare people away one user at a time with your ludicrous hyperbole and fearmongering. You're not going to succeed.
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.
finally
it continues to move in the right direction... a us central bank has just recognized the importance of the ln for BTC
it continues to move in the right direction... a us central bank has just recognized the importance of the ln for BTC
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:
Quote
The Lightning Network (LN) is a means of netting Bitcoin payments outside the blockchain. We find a significant association between LN adoption and reduced blockchain congestion, sug- gesting that the LN has helped improve the efficiency of Bitcoin as a means of payment. This improvement cannot be explained by other factors, such as changes in demand or the adoption of SegWit. We find mixed evidence on whether increased centralization in the Lightning Network has improved its efficiency. Our findings have implications for the future of cryptocurrencies as a means of payment and their environmental footprint.
there are hundreds of millions of users using central exchanges. and only 17k nodes
(...)
but i guess people dont want to observe actual numbers and actual real life stuff playing out. they just want to find any fluff piece that sounds like it meets their utopia
(...)
but i guess people dont want to observe actual numbers and actual real life stuff playing out. they just want to find any fluff piece that sounds like it meets their utopia
We're not suggesting there will be "hundreds of millions" of LN users at any point in the near future. If you are, then perhaps you are the utopian dreamer. Maybe try to keep your precious scenarios at least somewhat grounded in reality.
It seems as though you decry every new service adopting LN, because you realise each one means a small, incremental rise in liquidity. Whereas your goal is to try and scare people away one user at a time with your ludicrous hyperbole and fearmongering. You're not going to succeed.
Ha i laugh
yet there are hundreds of millions of users using central exchanges. and only 17k nodes
seems like the 'lack of congestion' is that people are using central exchanges as bank accounts more so than LN
to a tune of.. wait for it a 200,000+:17 factor (more then 200m vs 17k)
this is also backed up by the fact that the el salvador situation moved AWAY from LN in winter and is now using a central exchange as their bank account back bone of chivo customers balance (alphapoint)
but i guess people dont want to observe actual numbers and actual real life stuff playing out. they just want to find any fluff piece that sounds like it meets their utopia
yet there are hundreds of millions of users using central exchanges. and only 17k nodes
seems like the 'lack of congestion' is that people are using central exchanges as bank accounts more so than LN
to a tune of.. wait for it a 200,000+:17 factor (more then 200m vs 17k)
this is also backed up by the fact that the el salvador situation moved AWAY from LN in winter and is now using a central exchange as their bank account back bone of chivo customers balance (alphapoint)
but i guess people dont want to observe actual numbers and actual real life stuff playing out. they just want to find any fluff piece that sounds like it meets their utopia
finally
it continues to move in the right direction... a us central bank has just recognized the importance of the ln for BTC payments
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4142590
it continues to move in the right direction... a us central bank has just recognized the importance of the ln for BTC payments
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4142590
https://twitter.com/BTC_Archive/status/1546887982363320320
Foxbit is a BTCitcoin and cryptocurrency company headquartered in são paulo (brasil), it aims to revolutionize the financial market
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