Lightning Network pipe dream

Discussion in 'Digital Currencies' started by leo25, Dec 19, 2017.

  1. leo25

    leo25 Well-Known Member Silver Stacker

    Joined:
    Jun 8, 2010
    Messages:
    3,257
    Likes Received:
    1,481
    Trophy Points:
    113
    Location:
    Sydney
    This video does a good job explaining Lighting network and why it's not going to be what some think it will. Those that have been here for a while will know I've had an issue with LN idea for a while now.

    Core team are turning Bitcoin into a bank with centralization, regulation and fees.

    Start at 6:20 in. After that there is a good talk with Amaury S├ęchet. (Bitcoin Cash Lead Developer)

     
    Last edited: Dec 19, 2017
    BuggedOut likes this.
  2. dozerz

    dozerz Well-Known Member Silver Stacker

    Joined:
    May 21, 2013
    Messages:
    1,504
    Likes Received:
    520
    Trophy Points:
    113
    Location:
    straya
    the dollar vigilante? let me dumbslain things to you next to my pool overlooking this wonderful view i have. for someone proclaiming their quest for knowledge you really have some dubious sources. jeff berwick is about as credible in the crypto industry as any other metal bull that switched onto the next big thing. https://www.businessinsider.com.au/bogus-cyprus-atm-story-2013-3?r=US&IR=T

    heres an explanation of the lightning network that wont require a millionaire showing off their wealth and talking down to you, or maybe you disregard it as it doesnt fit your narrative?
    https://letstalkbitcoin.com/blog/post/the-lightning-network-elidhdicacs
     
  3. dozerz

    dozerz Well-Known Member Silver Stacker

    Joined:
    May 21, 2013
    Messages:
    1,504
    Likes Received:
    520
    Trophy Points:
    113
    Location:
    straya
    another simple explanation
     
  4. leo25

    leo25 Well-Known Member Silver Stacker

    Joined:
    Jun 8, 2010
    Messages:
    3,257
    Likes Received:
    1,481
    Trophy Points:
    113
    Location:
    Sydney
    HAHA i was waiting for you to write something dozerz ;) You didn't disappoint.

    Anywho you won't change my mind and i won't change yours. Btw when's LN coming? :p

    Also just for fun. Bitcoin Cash = Satoshi's Vision :D
     
  5. BuggedOut

    BuggedOut Well-Known Member Silver Stacker

    Joined:
    Jul 21, 2015
    Messages:
    2,396
    Likes Received:
    469
    Trophy Points:
    83
    Location:
    New South Wales
    Pretty good video. The segue video explaining the LN was particularly good.

    I had been thinking BTC investors were being led to the slaughter with the increased mania and declining utility, but maybe it suits the bankers to get in there and prop it up and keep the focus OFF the other emerging cryptos.
     
    leo25 likes this.
  6. leo25

    leo25 Well-Known Member Silver Stacker

    Joined:
    Jun 8, 2010
    Messages:
    3,257
    Likes Received:
    1,481
    Trophy Points:
    113
    Location:
    Sydney
    Btw im not a big fan of him and it does shit me off that he keeps saying 1 Megabit instead of 1 Megabyte.

    The good part of the video is not what Jeff said, but what he showed and who he talked too.
     
    Last edited: Dec 19, 2017
  7. bking3975

    bking3975 Member

    Joined:
    Aug 17, 2016
    Messages:
    46
    Likes Received:
    16
    Trophy Points:
    8
    Location:
    Melbourne
    The alt coins are pumping today. Many up 10 - 20 % against btc
     
  8. goldpelican

    goldpelican Administrator Staff Member

    Joined:
    Jun 29, 2009
    Messages:
    17,918
    Likes Received:
    379
    Trophy Points:
    83
    I think we're seeing a shift from Bitcoin as the "future of money" to Bitcoin as the "future of assets". I just went to transfer 0.012 BTC (about $225 USD) to a different wallet - the suggested fee for a 1 hour+ transfer was a full 10% of the value, over $22! The promises of Bitcoin as a "free to use" alternate currency has been dashed by the high cost of mining and the subsequent high fees needed to prop up mining viability. I believe we're seeing the transition from Bitcoin as something I could use in a German pub to pay for pizza (yeah, did that in 2014 for 0.1117 BTC - just worked out the bar tab was around $2750 in today's AUD) to a major asset class that has significant entry and exit fees. It's utility as a genuine alternative medium of exchange for retail transactions is over - gone are the days of transferring thousands of dollars for a few cents in a few minutes. Now whether it transitions to a stable asset is another story.

    I was personally surprised to see that Bitcoin didn't pop at $10k USD - I figured that would be the "I'm out!" number for a lot of people - the herd psychology has changed from what I was expecting, and it was a little exciting watching it run up to $19k in a matter of days from there. Some serious money is now playing that brings a different mentality - look at CME launching futures - I think Bitcoin is shifting to being an asset that will be held like a bond, and the smaller coins with currently negligible fees will be the utility coins for transacting, whether it's LTC, ETH or another up and comer. Even then as they appreciate in price they may start to face the fate of Bitcoin for peer to peer payments, victims of their own success.
     
  9. goldpelican

    goldpelican Administrator Staff Member

    Joined:
    Jun 29, 2009
    Messages:
    17,918
    Likes Received:
    379
    Trophy Points:
    83
    Just requoted the same transfer... over $26 USD now.
     
  10. dozerz

    dozerz Well-Known Member Silver Stacker

    Joined:
    May 21, 2013
    Messages:
    1,504
    Likes Received:
    520
    Trophy Points:
    113
    Location:
    straya
    looks like cornbase will be the first to offer it https://www.lightningramp.com/
     
  11. jerrygold

    jerrygold Active Member Silver Stacker

    Joined:
    Dec 9, 2017
    Messages:
    260
    Likes Received:
    119
    Trophy Points:
    43
    Location:
    Australia
    I don't really get the appeal of the lightning network, mostly because we already have it with exchanges and services that switch currencies for you. Sure its a little more generic in nature but its the same type of centralized system. On an exchange now I can trade bitcoins instantly and not on the bitcoin network provided the other person is on the exchange. As long as they don't close down peer to peer transactions I don't think it will matter much.
     
  12. leo25

    leo25 Well-Known Member Silver Stacker

    Joined:
    Jun 8, 2010
    Messages:
    3,257
    Likes Received:
    1,481
    Trophy Points:
    113
    Location:
    Sydney
    I'll rather just use a normal bank then use coinbase.
     
  13. Brendio

    Brendio Active Member

    Joined:
    Oct 4, 2017
    Messages:
    107
    Likes Received:
    63
    Trophy Points:
    28
    Location:
    Wide Bay
    The lightning network sounds a bit like Ripple, but backed by bitcoin rather than debt, so requires less trust.

    Edit to add: I just read the date on that article. Two years since the article, so LN has been a long time coming.
     
    Last edited: Dec 19, 2017

Share This Page