Topic: The Lightning Network Coming To The Square App Soon (Read 232 times)

This is going to change the game! Big steps for crypto this week

It really is a parallel network, or "off chain" (side chain?). But this also has the side effect for lowering the load on the main network, so its win/win. You use it if you want, or else you do a regular tx.

Imagine you exchanged your bitcoins with litecoins then do the tx on that chain and convert back at the receiving point; only because Litecoin was faster and cheaper... Well its very similar with LN. Actually, because both Bitcoin and Litecoin have Segwit, it is theoretically possible to do just that without any middle men... (True decentralized exchange).

Business are going to love it, especially cheap little things like coffee from frequent customers that could be consolidated every month or so.
Japan has vending machines, LOTS of vending machines, and is a Bitcoin friendly country, I think the manufacturers would love to use LN, consolidate the sales everyday or such.

Some people seem incapable of understanding the difference between altering the code to allow more throughput and non-mining full nodes being willing to accept more throughput.  It's not an issue of developers "stifling", "stagnating" or "stalling" development.  That's just a weak non-argument thrown around by people who don't understand or respect consensus.  When users are willing to bear the cost of more throughput, we'll get more throughput.  It's something users have to decide for themselves.  There's nothing "innovative" about trying to force additional costs onto people who don't want to pay them.

OP just shared source were his/her article came from which is paramount whenever news are been shared in the forum. Though OP is found sharing his/her personal blog links as source which i consider as not offense against the forum, accept proven otherwise by forum pioneers. Just my own side view.

Very interesting post [as usual] Franky1, TBH I wasn't aware of the
intricacies of LN, I thought it was in fact a true Bitcoin development.
Im sure there are others who assume the same.

Its a bit worrying that if the LN devs are issuing caution there may be
implications in the future, complicated ones that we didn't forsee.

"meanwhile true bitcoin remains stifled and un innovated for the last few years"
That's not good reading, Has the development been centered around
segwit and LN?

with true bitcoin. YOU own the value. if you dont write the private key into a Will or have a way to let relatives have access should you pass away then yea. you take the value with you to the grave as no one will be able to touch it.
and thats the point. no other party accesses it unless you authorise them to. making true bitcoin a good true asset. (only you can own and handle it)

LN however, due to counterparty(multisig) locks lessens your ownership rights as your locking the value into a multisig with someone else. downside is that you start needing trust that they wont mess/blackmail/unfairly influence the ownership.

LN is not bitcoin. LN is a separate network for multiple coins and is infact more messy then people think.
but hey. if you shout bitcoin loud enough when promoting other networks and commercial services you surely will get lots of people talking about it and overhyping it as the nextbig thing even if its not strictly a thing that adds unique functionality to bitcoin

even LN devs see and shout out warnings for people not to lock large amounts up, to then play around in LN. mainly stick to a grocery shop amount you wont mind losing, accept its not a sole control, expect delays due to routing issues(users offline/under funded).
here is one main LN dev say it himself at a meeting with other LN devs.
https://youtu.be/8lMLo-7yF5k?t=570

but hey commercial services will continue the overhype, over promote game of throwing buzzwords around to generate interest in their commercial ventures.
meanwhile true bitcoin remains stifled and un innovated for the last few years. and still sits below the 600k transaction count per day(7tx/s) number. so many that see behind the over optimism game of commercial crap are still wondering when true bitcoin innovation, scaling and growth will occur. as 2015-2020 seems to just be drama and debate and stall tactics just to promote other networks/commercial services

This is quite good news regarding Bitcoin, it might even cause Ripple to slide because Ripple was all about making instant payments (but their competitive advantage is compliance with regulators etc.)

I think it's all factored into the Bitcoin price likewise, the issue with Bitcoin or the main issue is trust ... if an account holder god forbid dies tomorrow then how do you get his funds? And would you hand over your passwords to a lawyer to "safeguard" them?

Bitcoin never answered issues like this, so replacing fiat currency is a bit of a trouble... a bank account is committed to keep your money in some way (although we've seen how banks can easily go bankrupt themselves in the recent history e.g. Iceland, Cyprus) - so definitely these are interesting times ahead.

The Lightning Network is going to make Bitcoin transactions more instantaneous.

It was just an enjoyable little game for Bitcoin fans, but most importantly, Dorsey believes that it highlighted the vast potential of the Lightning Network to provide a scalable and instant payment transaction.

Read more here: https://www.unblock.news/news/the-lightning-network-coming-to-the-square-app-soon