Topic: Lightning Network vs Bitcoin cash - page 4. (Read 1436 times)
in general, I don't understand why this is a need to discuss. because bitcoin cash this cryptocurrency peer-to-peer with a large size of the block in 8mb. and lightning this payment system that is designed to pay cryptocurrency. maybe I don't quite understand and in question about lightning bitcoin then I think this once no one desired Fork. for whom you need it, if the modernization requires the whole system, not one currency.
Lightning nodes will remove the decentralization, and those who hold those nodes will have the power. Who will hold these nodes? The banks. Bitcoin sold his soul.
Agree, I'm starting to see a lot of coins who are taking away, little by little, some of the users power
it seems like some smart people have been visiting this thread so maybe you will be able to help me out
my knowledge is limited but i'd like to learn more
as far as i know there are 2 main problems with big blocks: blockchain size and blocks propagation time
solution for blockchain size seems easy:
we can just from time to time archive old parts of blockchain removing middle-man transactions from main chain
for the solution of blocks propagation time i had this idea, maybe you can point out why it's bad:
we increase block size and make it so miner who solves puzzle picks transactions not for current block but for 2 blocks ahead
miner who mined new block had added at the bottom sha256 of his transactions list for 2 blocks ahead, he sends out 2 packets:
1st small packet consisting of 2 things: sha256 of his transactions list and solution for block
2nd big packet of transactions for 2 blocks ahead (or whatever best current method is to send less data)
1st packet propagates very fast and since everyone was mining same transactions (passed from 2 blocks before) everyone can easily verify if solution is valid just with this 2 recieved information (they cannot yet verify if sha256 is correct, they trust it because proof of work)
2nd packet propagates slowly, but it has time since we are all working on next block and it propagates during that work (now they can verify sha256 of transactions list and list itself and if something is wrong go back to working on previous block)
my knowledge is limited but i'd like to learn more
as far as i know there are 2 main problems with big blocks: blockchain size and blocks propagation time
solution for blockchain size seems easy:
we can just from time to time archive old parts of blockchain removing middle-man transactions from main chain
for the solution of blocks propagation time i had this idea, maybe you can point out why it's bad:
we increase block size and make it so miner who solves puzzle picks transactions not for current block but for 2 blocks ahead
miner who mined new block had added at the bottom sha256 of his transactions list for 2 blocks ahead, he sends out 2 packets:
1st small packet consisting of 2 things: sha256 of his transactions list and solution for block
2nd big packet of transactions for 2 blocks ahead (or whatever best current method is to send less data)
1st packet propagates very fast and since everyone was mining same transactions (passed from 2 blocks before) everyone can easily verify if solution is valid just with this 2 recieved information (they cannot yet verify if sha256 is correct, they trust it because proof of work)
2nd packet propagates slowly, but it has time since we are all working on next block and it propagates during that work (now they can verify sha256 of transactions list and list itself and if something is wrong go back to working on previous block)
LN is using a version of Tor?
Is there somewhere I can read up on this? And the rest of the stuff you mentioned? thanks
The github is the least nuanced source, start with this:
https://github.com/lightningnetwork/lightning-rfc/blob/master/04-onion-routing.md
Follow the links there to go through the other layers.
LN is using a version of Tor?
Is there somewhere I can read up on this? And the rest of the stuff you mentioned? thanks
The github is the least nuanced source, start with this:
https://github.com/lightningnetwork/lightning-rfc/blob/master/04-onion-routing.md
Follow the links there to go through the other layers.
While lightning network provides a much better solution by compressing the fees and times by a great scale and making BTC ready for mass adoption. But what until it doesn't hits the market? BTC dominance is already under 45% they need to launch it very soon to avoid further questions on the supreme command of bitcoin.
You missed the point that LN, now using a version of Tor based routing, will be UTTERLY inefficient. You are trying to shoehorn fast payment methods into a subsystem whose primary objective was to obfuscate the very connections that need to be optimised to keep fees and time reasonable.
Have a look at bolts 4-7 specs to see how hideously complex and unfit for purpose these layers have become.
When they finally realise that this is not going to work on any scale ( like Poons original, now binned proposal) it too will need to be binned. Welcome to your next 18 month delay.
LN is using a version of Tor?
Is there somewhere I can read up on this? And the rest of the stuff you mentioned? thanks
While lightning network provides a much better solution by compressing the fees and times by a great scale and making BTC ready for mass adoption. But what until it doesn't hits the market? BTC dominance is already under 45% they need to launch it very soon to avoid further questions on the supreme command of bitcoin.
You missed the point that LN, now using a version of Tor based routing, will be UTTERLY inefficient. You are trying to shoehorn fast payment methods into a subsystem whose primary objective was to obfuscate the very connections that need to be optimised to keep fees and time reasonable.
Have a look at bolts 4-7 specs to see how hideously complex and unfit for purpose these layers have become.
When they finally realise that this is not going to work on any scale ( like Poons original, now binned proposal) it too will need to be binned. Welcome to your next 18 month delay.
Lightning Network is best idea to solve all bitcoin problems.
Perhaps the best, but unfortunately not resolved in time.Now this is becoming a serious problem with the BCH
The 'biggest' problem here only is, that BCH is open to all scaling options. That's real decentralization.
Solid point. One that is at the root of all the anti-BCH hatred.
I'm a small blocker, but mining is the aspect of bitcoin that was designed to decentralize. It requires work to do so people can't just mine for free. It requires investment for your vote to count. This is why we mine.
So if miners control the network, then bitcoin is working as designed.
So if miners control the network, then bitcoin is working as designed.
Absolute bullshit. Miners will never be given full power let alone be having an option to choose block sizes. Bitmain has already been caught doing some shady shits in the past before the bcash split ... Go figure the terms: ASICBOOST and ANTBLEED scandals.
Sorry to burst your bubble but that's not gonna happen in Bitcoin. Miners will never be given any extra privilege. Move your miners to Btrash if you have to and we won't miss you.
Antbleed? Seriously?
The n00b seems to have acquired a more balanced understanding of how things work than the blinkered, force-fed propoganda that you are spewing.
People have a choice, they will pick what suits them. If you are so sure that you made the right choice, then you would not care. But it clearly bothers you when any users choose an alternative implementation: and thats on you, not them.
Lightning Network is best idea to solve all bitcoin problems.
Perhaps the best, but unfortunately not resolved in time.Now this is becoming a serious problem with the BCH
The 'biggest' problem here only is, that BCH is open to all scaling options. That's real decentralization.
LN is the future. Many small transactions don't need to be on the chain. No matter how big the block is, increasing block size is not scalable.
When will lighting network launch?
I'm waiting 5 days for some confirmations and i really panic and tired now.
I'm waiting 5 days for some confirmations and i really panic and tired now.
https://www.coindesk.com/lightning-last-test-shows-bitcoin-scaling-solution-almost-ready/
soon
hello I want to know your thoughts on Lightning network vs Bitcoin cash 
Lightning network off chain is not as secure as bitcoin cash, or are they the same?
not sure because i go on reddit /r/BTC and they say very bad things about lightning!
They are not at all same. Bitcoin cash has nothing to do with swiftness and affordability of transactions. Fact that it itself will become slow once overcrowded is undoubtedly true. While lightning network provides a much better solution by compressing the fees and times by a great scale and making BTC ready for mass adoption. But what until it doesn't hits the market? BTC dominance is already under 45% they need to launch it very soon to avoid further questions on the supreme command of bitcoin. Lightning network off chain is not as secure as bitcoin cash, or are they the same?
not sure because i go on reddit /r/BTC and they say very bad things about lightning!
hello I want to know your thoughts on Lightning network vs Bitcoin cash
Lightning network off chain is not as secure as bitcoin cash, or are they the same?
not sure because i go on reddit /r/BTC and they say very bad things about lightning!
Lightning network off chain is not as secure as bitcoin cash, or are they the same?
not sure because i go on reddit /r/BTC and they say very bad things about lightning!
Bitcoin cash is so temporary . Who can say that bitcoin cash is safer than the lightening network after the suspections and the frozen deals with the bitcoin cash ?
Lightening deal is the best way out to the problem . Some day bitcoin cash is also going to need such technology when it is over flooded in the coinbase , Actually i hope bitcoincash remains underflooded .
hello I want to know your thoughts on Lightning network vs Bitcoin cash
Lightning network off chain is not as secure as bitcoin cash, or are they the same?
not sure because i go on reddit /r/BTC and they say very bad things about lightning!
Lightning network off chain is not as secure as bitcoin cash, or are they the same?
not sure because i go on reddit /r/BTC and they say very bad things about lightning!
Bitcoin cash is so temporary . Who can say that bitcoin cash is safer than the lightening network after the suspections and the frozen deals with the bitcoin cash ?
Lightening deal is the best way out to the problem . Some day bitcoin cash is also going to need such technology when it is over flooded in the coinbase , Actually i hope bitcoincash remains underflooded .
When will lighting network launch?
I'm waiting 5 days for some confirmations and i really panic and tired now.
I'm waiting 5 days for some confirmations and i really panic and tired now.
With the lightning network, if I want to send say 1 bitcoin to someone I have never met and don't know, how will that work in practice?
Will we have to first set up a channel between us and deposit bitcoin in it?
Will we have to first set up a channel between us and deposit bitcoin in it?
Well if you want to send the money to someone on lightning network, you need funds commited to it. So yes you will have to pay the on-chain fee to enter the LN.
LN is useless for sending one payment. But it's good for making many. You deposit your monthly expenses and then send 100s of payments off-chain through LN.
With the lightning network, if I want to send say 1 bitcoin to someone I have never met and don't know, how will that work in practice?
Will we have to first set up a channel between us and deposit bitcoin in it?
Will we have to first set up a channel between us and deposit bitcoin in it?
The lightning network is an implementation of Hashed Timelock Contracts (https://en.bitcoin.it/wiki/Hashed_Timelock_Contracts).
You can think of it as a network with bidirectional payment channels which allows the payments to broadcasted/routed between several channels safely.
Therefore you and your business parther would not have to join the same channel since you are connected through a 'network of paymentchannels'.
With the lightning network, if I want to send say 1 bitcoin to someone I have never met and don't know, how will that work in practice?
Will we have to first set up a channel between us and deposit bitcoin in it?
Will we have to first set up a channel between us and deposit bitcoin in it?
What everyone agrees on is that Lightning Network can't come soon enough. The fees for BTC transactions are becoming ridiculous recently.
Once the Lightning Network is there, BitcoinCash, Litecoin would be swept aside.
Once the Lightning Network is there, BitcoinCash, Litecoin would be swept aside.
Nope, they will increase their Block sizes to try and compete with Bitcoin and the Lightning Network and then realize that it will never be able to compete. By doing this, they will open new attack vectors and their strategy will explode in their face.
LiteCoin will do much better, because it already implemented SegWit and the Lightning Network runs on top of that. BCash does not run SegWit, so they will not be able to implement the LN. ^smile^
Could Bitcoincash just introduce Segwit any time they liked?
Bitcoin is currently able to handle about 3 Transactions per second.
Now bitcoin cash doubled the block size.. so about 6 tx / s are possibe..
Thats a pretty weak 'technological' growth. Increasing block size is just delaying the problem. Its not solving it at all.
The lightning network (together with segwit) on the other hand could have the capacity to handle up to 50.000 Tx/s.
This brings bitcoin to the same level of scalability as ripple, which is quite impressive.
IMO BCH is just a fraud. It may take some time.. but people will realize that BCH is just a smart way of stealing peoples money.
In the end BTC will outpace BCH in terms of everything.
Now bitcoin cash doubled the block size.. so about 6 tx / s are possibe..
Thats a pretty weak 'technological' growth. Increasing block size is just delaying the problem. Its not solving it at all.
The lightning network (together with segwit) on the other hand could have the capacity to handle up to 50.000 Tx/s.
This brings bitcoin to the same level of scalability as ripple, which is quite impressive.
IMO BCH is just a fraud. It may take some time.. but people will realize that BCH is just a smart way of stealing peoples money.
In the end BTC will outpace BCH in terms of everything.
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