Lightning Network - Thoughts? - page 5.

TravelMug

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Quote from: Marckolind on March 13, 2020, 11:12:57 AM

Quote from: TravelMug on March 12, 2020, 08:53:16 PM

Quote from: Marckolind on March 12, 2020, 02:28:27 PM

Guess I need to do some research on Lightning, as this post above is pretty damn interesting.

I've seen a lot of hate on Lightning as of lately, but this seems like a cool implementation idea. Thanks for posting.

Who is hating Lightning Network? when we can save a lot of transaction fees although it has some limitations. But it could really help in a way, specially if we go on another parabolic run choking the network.

So if you wanted to pay someone, you can take advantage of LN, open a channel so that the other party can issue the payment without adding congestion to the network, p2p, off-chain transaction.

There's been a lot of hate and criticism around it's security on Reddit. This is another setup though, masternodes will handle everything, so the actual users wont need to have any technical knowledge on Lightning in order to trade, let alone send/recieve coins over the Lightning Network

Are you talking about the supposedly lost funds? It was his fault, he didn't understand how LN works. And just like any other cryptos out there, if you lack knowledge and something wrong went in your way, don't blame the system.

https://www.reddit.com/r/Bitcoin/comments/dnffim/did_the_guy_who_claimed_to_lose_4_btc_on_the/

I wouldn't say that you need to be technical here, but you should at least learn the basics because we all know that transactions here are irreversible.

nelson4lov

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Quote from: ?? on ??

Seen a lot of people argue that DEX's are bad for 2 obvious reasons:

1) Speed of trading
2) Liquidity/volume

Stakenet solves both of these problems with their Lightning Network compatible DEX, which is an integrated part of their multi currency wallet. Off-chain trading is instant, which solves the speed issue.
Next issue is liquidity, which is solves by integrating a "DEX Aggregator", which basically combines other DEX orderbooks into Stakenet's, adding TONS of liquidity, with USDT adding Lightning soon, you'll be able to scalp BTC profits instantly while on the "go", since this will be available as a phone app as well.

It still leaves much to be desired in my opinion. The issue of speed seems to be taken care of but whatever about liquidity? Not so sure. This is why centralized exchanges have always been ahead of decentralized exchanges. Orderbooks in DeXs are usually thin. I hope stakeNet solves this soon. Kudos to the StakeNet team. They seem to be the only ones concerned about the future of decentralized exchanges.

Marckolind

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Quote from: leea-1334 on April 07, 2020, 09:43:54 AM

Quote from: Wh00re on April 06, 2020, 12:49:34 PM

I'm sure masternode owners hosting DEX's in the future will make an absolute KILLING.

Don't be the fool looking for gold (investors), be the guy selling the shovels (run nodes). Grin

I am hoping for this and to be perfectly honest,,, I do not mind one single bit to give 500 satoshis all the time to one individual who has to host a node and channel, rather than pay thousands PER transaction to a company's wallet.

If I had resources, I would run nodes!

I feel the same way. This way the fees are shared amongst those who setup the servers and host them to benefit the network. I love this decentralized way of thinking, and believe that nodes on this network will be very profitable long term. We'll see though!

leea-1334

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Quote from: Wh00re on April 06, 2020, 12:49:34 PM

I'm sure masternode owners hosting DEX's in the future will make an absolute KILLING.

Don't be the fool looking for gold (investors), be the guy selling the shovels (run nodes). Grin

I am hoping for this and to be perfectly honest,,, I do not mind one single bit to give 500 satoshis all the time to one individual who has to host a node and channel, rather than pay thousands PER transaction to a company's wallet.

If I had resources, I would run nodes!

Wh00re

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Quote from: beerlover on March 27, 2020, 08:55:04 AM

Think about it, exchanges make a killing from the withdrawal fees, they are using segwit and lets say they pay 300 satoshi for 5 transactions in a single move from one wallet, they collect 500 satoshi from each of them making a 2200 satoshi profit.

Now you may say 2200 satoshi is nothing but that is just one transaction, think about how many withdrawals happens in the big places, these dudes literally make thousands of dollars per day from the excess withdrawal money they ask from people.

So, if the whole world changes to LN, that would mean the end of all those profits for exchanges, well when exchanges do not accept deposits from LN and they do not withdraw to LN that means the whole world has to accept the fact that they will not use LN at all. Only possible way would be some exchanges start accepting LN as an option to get more users and be competitive, which will result with others following because they are losing users to their competition.

I'm sure masternode owners hosting DEX's in the future will make an absolute KILLING.

Don't be the fool looking for gold (investors), be the guy selling the shovels (run nodes). Grin

Flux0z

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Quote from: nightflightcourt on March 31, 2020, 05:05:11 PM

Instant One-click BTC/LTC swaps on Lightning!
https://www.youtube.com/watch?v=wSNFhFBKmsc
Grin

Looks absolutely SICK! Considering this is a project evaluated at JUST $3.5 million dollars in marketcap, I'm DEFINITELY considering to get a node or two more to my stack of coins.

Thanks for posting!

nightflightcourt

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Instant One-click BTC/LTC swaps on Lightning!
https://www.youtube.com/watch?v=wSNFhFBKmsc
Grin

Marckolind

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Just tried the DEX and did my first BTC/LTC trade, which was INSTANT, just as when you trade on Binance. Pretty mind blown, and crossing my fingers that more projects starts to enable Lightning on their chain, as this opens the door to full scale trading with no boundaries. Cool

Flux0z

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Quote from: beerlover on March 27, 2020, 08:55:04 AM

Think about it, exchanges make a killing from the withdrawal fees, they are using segwit and lets say they pay 300 satoshi for 5 transactions in a single move from one wallet, they collect 500 satoshi from each of them making a 2200 satoshi profit.

Now you may say 2200 satoshi is nothing but that is just one transaction, think about how many withdrawals happens in the big places, these dudes literally make thousands of dollars per day from the excess withdrawal money they ask from people.

So, if the whole world changes to LN, that would mean the end of all those profits for exchanges, well when exchanges do not accept deposits from LN and they do not withdraw to LN that means the whole world has to accept the fact that they will not use LN at all. Only possible way would be some exchanges start accepting LN as an option to get more users and be competitive, which will result with others following because they are losing users to their competition.

Bitfinex recently added support for Lightning Network transactions, and many other exchanges will do the same. It's all a matter of competition, the best exchange wins the race.

This DEX will be superior compared with any other DEX on the market due to speed and liquidity. Read up on their DEX Aggregator if you want to know more about how liquidity is taken care off.

beerlover

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Think about it, exchanges make a killing from the withdrawal fees, they are using segwit and lets say they pay 300 satoshi for 5 transactions in a single move from one wallet, they collect 500 satoshi from each of them making a 2200 satoshi profit.

Now you may say 2200 satoshi is nothing but that is just one transaction, think about how many withdrawals happens in the big places, these dudes literally make thousands of dollars per day from the excess withdrawal money they ask from people.

So, if the whole world changes to LN, that would mean the end of all those profits for exchanges, well when exchanges do not accept deposits from LN and they do not withdraw to LN that means the whole world has to accept the fact that they will not use LN at all. Only possible way would be some exchanges start accepting LN as an option to get more users and be competitive, which will result with others following because they are losing users to their competition.

Flux0z

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Quote from: nightflightcourt on March 26, 2020, 10:26:39 PM

Quote from: Flux0z on March 26, 2020, 08:43:42 AM

Couldn't have said it any better man. Lightning transactions will hopefully be adopted soon enough, and I believe Stakenet is solving an actual problem here, making Lightning transactions EASILY accessible by the average Joe with their Multi Currency Wallet.

It is very straightforward.
1.) Buy Bitcoin
2.) Send to Stakenet wallet
There. Now you have all the benefits of Lightning and an exchange in a private wallet that no one but you can tamper with.

True, however do you know if the "DEX Aggregator" will be "active" at launch? Since it allows a ton of liquidity from other DEX's orderbooks, I'd love to see it in action! Grin

nightflightcourt

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Quote from: Flux0z on March 26, 2020, 08:43:42 AM

Couldn't have said it any better man. Lightning transactions will hopefully be adopted soon enough, and I believe Stakenet is solving an actual problem here, making Lightning transactions EASILY accessible by the average Joe with their Multi Currency Wallet.

It is very straightforward.
1.) Buy Bitcoin
2.) Send to Stakenet wallet
There. Now you have all the benefits of Lightning and an exchange in a private wallet that no one but you can tamper with.

Flux0z

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Quote from: el kaka22 on March 26, 2020, 03:00:11 AM

It is cheap right now and we do not have any problems about it, however how about make it even cheaper and faster?

I mean there is no reason to get ready for a huge day in the future but also we can't just accept the current one alright enough and stop? That is not what satoshi did, he didn't liked the current monetary system and built something better, we should take him as example and work towards getting better.

I understand that LN is working towards the future, for a day when bitcoin transactions are so so so much that we will HAVE TO use LN and I get that, however I do not see the point why we have to wait right now and pay more, you can use LN today and still get faster and cheaper transactions, we should take advantage of that development when we can and not when we have to.

Couldn't have said it any better man. Lightning transactions will hopefully be adopted soon enough, and I believe Stakenet is solving an actual problem here, making Lightning transactions EASILY accessible by the average Joe with their Multi Currency Wallet.

nightflightcourt

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Quote from: el kaka22 on March 26, 2020, 03:00:11 AM

I understand that LN is working towards the future, for a day when bitcoin transactions are so so so much that we will HAVE TO use LN and I get that, however I do not see the point why we have to wait right now and pay more, you can use LN today and still get faster and cheaper transactions, we should take advantage of that development when we can and not when we have to.

Agreed.

el kaka22

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It is cheap right now and we do not have any problems about it, however how about make it even cheaper and faster?

I mean there is no reason to get ready for a huge day in the future but also we can't just accept the current one alright enough and stop? That is not what satoshi did, he didn't liked the current monetary system and built something better, we should take him as example and work towards getting better.

I understand that LN is working towards the future, for a day when bitcoin transactions are so so so much that we will HAVE TO use LN and I get that, however I do not see the point why we have to wait right now and pay more, you can use LN today and still get faster and cheaper transactions, we should take advantage of that development when we can and not when we have to.

Wh00re

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Quote from: nightflightcourt on March 24, 2020, 12:36:32 AM

Quote from: adaseb on March 23, 2020, 11:04:33 PM

I think the reason why most people don't bother to use Segwit and LN is because bitcoin fees are fairly cheap again. We are getting 20% slower blocktimes due to the difficulty retarget and you can still get a transaction confirmed with an hour or so using 1 sat/byte. Hence transaction for bitcoin are very cheap at the moment.

If it ever comes to the times when we had those $50 confirmations which took hours then more and more people would start to use Segwit and LN. So we need adoption first, to congest the network, and then people will use LN more and it will lead to even more adoption since we have even cheaper and faster fees. Maybe if BTC hits a new ATH and gets a surge of new retail people joining, maybe then it will start the congestion again and we might consider LN.

True. Fortunately, it looks like Bitcoin will be much better prepared this cycle.
Everything should be there, fully-prepared, to handle volume off-chain.

Next cycle could mean $100 BTC fees if the bullrun exceeds the last one, forcing people to use the Lightning Network if they want to transact in BTC. That's pretty bullish for a project like Stakenet, since they'll solve an actual problem.

Marckolind

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Quote from: adaseb on March 23, 2020, 11:04:33 PM

I think the reason why most people don't bother to use Segwit and LN is because bitcoin fees are fairly cheap again. We are getting 20% slower blocktimes due to the difficulty retarget and you can still get a transaction confirmed with an hour or so using 1 sat/byte. Hence transaction for bitcoin are very cheap at the moment.

If it ever comes to the times when we had those $50 confirmations which took hours then more and more people would start to use Segwit and LN. So we need adoption first, to congest the network, and then people will use LN more and it will lead to even more adoption since we have even cheaper and faster fees. Maybe if BTC hits a new ATH and gets a surge of new retail people joining, maybe then it will start the congestion again and we might consider LN.

True, I guess the majority of people will "wake up" once we go full bull again, and experience these crazy high transaction fees. The Lightning Network will probably be the "standard" way to transact if fees increase too drastically over time, which I'm sure they will as more and more people start to transact with it.

We'll see though... One thing's for sure, Stakenets vision and game plan is spot on here.

nightflightcourt

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Quote from: adaseb on March 23, 2020, 11:04:33 PM

I think the reason why most people don't bother to use Segwit and LN is because bitcoin fees are fairly cheap again. We are getting 20% slower blocktimes due to the difficulty retarget and you can still get a transaction confirmed with an hour or so using 1 sat/byte. Hence transaction for bitcoin are very cheap at the moment.

If it ever comes to the times when we had those $50 confirmations which took hours then more and more people would start to use Segwit and LN. So we need adoption first, to congest the network, and then people will use LN more and it will lead to even more adoption since we have even cheaper and faster fees. Maybe if BTC hits a new ATH and gets a surge of new retail people joining, maybe then it will start the congestion again and we might consider LN.

True. Fortunately, it looks like Bitcoin will be much better prepared this cycle.
Everything should be there, fully-prepared, to handle volume off-chain.

adaseb

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I think the reason why most people don't bother to use Segwit and LN is because bitcoin fees are fairly cheap again. We are getting 20% slower blocktimes due to the difficulty retarget and you can still get a transaction confirmed with an hour or so using 1 sat/byte. Hence transaction for bitcoin are very cheap at the moment.

If it ever comes to the times when we had those $50 confirmations which took hours then more and more people would start to use Segwit and LN. So we need adoption first, to congest the network, and then people will use LN more and it will lead to even more adoption since we have even cheaper and faster fees. Maybe if BTC hits a new ATH and gets a surge of new retail people joining, maybe then it will start the congestion again and we might consider LN.

nightflightcourt

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Quote from: Twinkledoe on March 23, 2020, 03:25:01 AM

If we want adoption, we need LN.

Agreed 100%. Could it have been implemented better? Absolutely. The doubts and concerns people have had about LN's viability are very valid.
However, we only have so much time to present a working decentralized solution to the world before central banks will step in and try to "save the day" with centralized fiat tokens. If crypto can't get Bitcoin right after 11 years+, I think it will be the perfect excuse to for central banks to to step in with digital fiat and claim that "it's like Bitcoin but safe".
Fortunately, we're in a rare place of opportunity where we have all the tools and resources we need to make BTC/LN resilient. It can be made very easy and safe to use and make purchases big and small.

Topic: Lightning Network - Thoughts? - page 5. (Read 1644 times)