Topic: ln_strike- a good sign for the Layer 2 Bitcoin Network.From fiat to btc in a sec (Read 633 times)

And Dummies will be Dummies.

It is a Shame so many of you can't think for yourselves , but swallow anything core devs say like it is gospel.

Oh well, run lemmings run. 

FTFY,  

You contact local law enforcement and request they hold that person, until a representative from your Government arrives to take them back to their country.

US Government brought the banks of sweden into compliance, you really think some local guy can resist.  

Like anything , they start arresting the biggest illegal players and work their way down.

Ask the Guy that ran silk rose, how safe he was on the dark web & tor.
https://en.wikipedia.org/wiki/Silk_Road_(marketplace)

Don't worry , they will be arrested in due time.
What is bad is people like you that lie to them that they won't be.

LN was never made for the little guy , it was made for the banks, get that thru your thick skulls.

People like you & dumbmad that give up freedoms for the ease of slavery, no wonder the banks have been winning throughout history.

I suggest you reread section 5, it excludes Miners and ONCHAIN Transactions ,
if you think it excludes Offchain transactions from an LN hub or crypto exchange, you are seeing something that is literally not there.


LN Hubs are nothing like Bitcoin full Nodes.

People that run LN hubs are a 3rd party and as such a money transmitter,
don't worry when the Hub operators start getting arrested as money transmitters, then it will become apparent to you.  

FYI: https://www.fincen.gov/resources/statutes-regulations/guidance/application-fincens-regulations-persons-administering

Hub=exchanger

I don't know about the others, but I'm fine thinking on my own. Has nothing to do with whatever the core devs say. I do see a few hundred contributors, I don't know any of them, not really.

That wasn't a fix. It's a quoted post edited to reflect something false. But hey, trolls will be trolls.

ha ha ha. so much fail in one post

you say "in lightning" ... "its bitcoin" .. wait you were saying they the same thing..

first he says LN is bitcoin..
then ends with 'its about lightning not bitcoin...

which is it??
(rhetorical question only you need to answer for yourself.. i already know.. and deep down you kinda know they separate. but afraid to admit it publicly)

..
anyway the other points.
LN channels are just pegged 12 decimal tokens that are linked to bitcoin locked transactions. LN are also channels that are not linked directly to bitcoin transactions.
you might want to (dare i say it once more) do some friggin research!!
check out how the 'factory concept works

hint. the factory (custodian) has the pegged tokens that sign transactions.. and what they then hand out to users is OFF CHAIN transactions that dont identify as reminiscent to the onchain transactions.. this allow users to play around with, to their hearts content and pleasure and can be consolidated and re-issued without needing bitcoins blockchain..

lastly..
you keep thinking lightning is bitcoins layer..
ITS NOT

lightning is a separate network for multiple coins.. fully independent of bitcoins network.
it was actually bitcoin that had to change to be compatible to LN to actually do things for LN..
wake up and take our nose out of certain peoples back side and try to read something independent.
heck even some LN devs themselves are honest enough to admit LN's issues..
but if you only want to stick with a certain camps thoughts. then you are very one sided and not willing to learn. you just want to fanboy
beut please do some friggin research... its been a few years yet you still seem stuck back in the old age myths.. and its becoming very very strange for someone to be promting someone and yet years later not any better knowledged on the subject.

very very very very last hint.
learn the friggen difference between millisats and sats and why millisats are not compatible with bitcoin.
try to actually learn some basics and not some fanboy tactics

..
point is..
if you saying moving iat using bitcoin
the whole typing in debit card details takes more than a few seconds
getting the bitcoin takes minute. putting bitcoin into a channel takes time.. moving millisats(notbtc) takes seconds. then getting the actual BTC at the end takes minutes(sometimes weeks depending on lock
.. please understand difference between the tx of few seconds of millsat based tokens. is not bitcoin
this might aswell be saying kraken makes bitcoin fast because XRP is fast..
(you know XRP is not bitcoin)

ask anyone what bitcoin is
if one person describes blockchains and 8 decimals and confirmation and mining.. they are correct

if one person describes channels and 12 decimals and just countersigning they are incorrect.
someone has really duped you into thinking bitcoin is not bitcoin and LN is

screw it.. for future reference and a reminder.. ill make a short quote by your own words too.. just as a reminder

No, they won't, but go, report them to the FBI/SEC/FINCEN. Haha.


 


Banks started buying Bitcoin, and staked/locked them in Lightning channels to provide liquidity, wouldn't that be a success?


It's misinforming trolls like you that make this forum a bad place to learn.

He made a mistake and was not able to hide all his tracks. He had an account registered with his real email address on this very forum asking about "the silk road" ... so there's that. (and a bunch of other seemingly smaller mistakes like using the wifi from the coffee shop in the same city he's always been) Otherwise he'd probably not get caught.

Yes, they will probably start with the biggest players. It would be a precedent if it can hold up in court or actually processed. The biggest players will resist on all available legal grounds, so it's going to be a fight we should be watching. If it ever happens.

How do you arrest someone when they are outside your jurisdiction, (or if you don't know where they are) ... ip addresses don't easily give a specific location either. Sometimes they do, sometimes they don't.

I guess it becomes a federal matter for them then. Or bump it up to interpol level or something. Or they'd have to get evidence and prove it in court before a judge first or something.

I think more likely the rules will change. It's not easy trying to arrest 11,000 computers.

Khoas77, the technology will change/IS changing the "rule book". You don't like it, contact the FBI/SEC/FINCEN, and shout at them that there are 11,000 money-transmitters operating illegally, https://1ml.com/statistics

decentralized protocols like LN do not require custodial intermediaries. transaction routing by LN nodes does not constitute money transmission in any way, shape, or form. see section 5 of FINCEN's recent guidance:

similar to LN nodes, bitcoin nodes can also propagate transactions to other nodes. that doesn't make them money transmitters. they are propagating/routing data to the p2p network, not transmitting money.

When there are as many LN nodes or hubs as bitcoin full nodes (and they typically go hand in hand) you can't classify them all as money transmitters just because some entity says so. It's technology that runs on it's own. No one is transmitting any money.

They'd have to define what money is first. If they include bitcoin, then it must be made public that the government acknowledges bitcoin as money. They can't classify it as something else.

I believe, right now, it's considered maybe a commodity or an asset.. so commodity transmitter? asset transmitter? Do those have licenses? Gov needs to keep up with the times or know when to just give up.

Can you?  The same rules would apply to your favourite crapcoin and every other cryptocurrency if we're warping the definition of "money transmitter" to mean what you're claiming it means.  Or you could just be sensible and stop trying (and failing} to scaremonger because you have no coherent arguments to raise.

Why don't you fight against exchanges and other custodial wallets as much as you fight against LN (which isn't custodial)?  What's the agenda here?  Are you butthurt over scaling like franky1?  Or do you have some other motivation for being a compulsive liar?

To get the right context, I was supposed to type "it", not I. Plus "not to nit-pick", but there will be Bitcoin start ups, current Bitcoin payment services, besides the banks, if they choose, that would provide the service. 

I'm nit-picking, but some merchants won't, some merchants will. It will always depend on their business model. BUT, there are merchants today that already use BitPay. It will be the same scenario, but faster/instant in Lightning.


I can be any payment service business. If banks use it, it's a success for the app.

Not exactly. It solves the tax problem for a very specific use case -- where people link their debit card or bank account to Strike and pay merchant invoices in full. For people who never want to hold bitcoins or directly interact with Bitcoin, that works.

If you ever want to maintain funds on LN or hold bitcoins for any period of time longer than seconds, you will trigger taxable events under the US tax code once you liquidate. For instance:



Buying and selling bitcoins like this is undoubtedly taxable under the US tax code.

It boils down to the choices you make. You can use these third party services or not. On the other hand, they will try to entice you to use their services by offering discounts or promotions, and of course, they have to remain profitable otherwise no business will survive long term if it does not have any source of revenue or profits.

You'll want to use them when a lot of people are using them. But you still have the choice not to use them and use your own off-chain solution or someone else's. Or just stick to on chain.

Lightening networks are really giving a boost to the bitcoin transactions. Even sending bitcoins is getting a few clicks away kind of thing which might surely make a lot of people start adopting bitcoins. This "strike" might even be more profitable for a lot of people who would like to spend their FIAT in buying bitcoins. They could actually buy bitcoins in just few seconds after their card performs the transaction.

This would also be a good start in order to start regulating bitcoins into centralized local jobs which are mostly related to fiat but now, bitcoins could be turned in into such kind of job roles. Payment via bitcoin can also be started to the employers which might even directly load their bank accounts for receiving bitcoins.