Lightning Network

Please explain how lightning network isn't just PayPal 2.0 or Visa 2.0 and how it doesn't create major centralized bank as the main hubs for the network.

Also please explain how cutting the miners out of fees is going to keep your network secure.

None of this makes sense to me.

Other urls found in this thread:

bitcoinist.com/nick-szabo-bitcoin-censorship-resistance/
lightning.network/
twitter.com/AnonBabble

anyone?

You're right, it doesn't solve the problem.

that and "slow" transactions with high fees is the reason I don't own any BTC

It's going to be centralized and co opted by kikes. The elites jerk off over a one world currency that is impossible to escape taxes from and a way to control dissenters. Especially one that the people think they adopting of their own free will.

You get fees for hosting lightning hub

So you're saying we should go all in on bitcoin?

Yup.

right but you have to lock away some of your BTC to do it and obviously major exchanges, banks and businesses will become the main nodes for this type of thing

also in the future it will likely be very expensive to do even 1 on-chain transaction to get your lightning node setup

It is basically adding a proof of stake system ontop of a proof of work system. It is very weird and seems likely to come with a lot of problems.

Because it literally isn't. DYOR. No one here is going to provide an unbiased assessment of what lightning does. half of your replies will just be salty shitcoiners who just want to spread FUD or cashies who are trapped in their echo-chamber over at /r/btc.

Also, as for "turning Bitcoin into PayPal 2.0", check out pic related which is actual quote by Roger Ver, king of the cashies.

Really makes you fucking think.

As far as I understood it LN was pretty much the visa et al 2.0, but this almost seems inevitable for any fucking coin, we have something very valuable and everybody wants to build the shovels or in this case the carts for it. We should expect to see every massive money related business springing up as we move forward

Read satoshi nakamoto on LN:

bitcoinist.com/nick-szabo-bitcoin-censorship-resistance/

dont listen to bagholding cashies. LN will make us rich. We'll be bitcoin barons providing liquidity. Just with 1 BTC you will be set for life.

Saving that fucking video m8, thanks.

So are we assuming that the market doesnt care about anonymous p2p transactions and that we all just want to get rich so fuck it if the banks censor our transactions who cares?

Pretty much. I want to get rich first and foremost.

Bc literally anyone can be an LN node

How exactly are the banks going to censor our transactions? The market is speculative mostly. That means people are valuing Bitcoin for what they think it will be worth in the future, a future that will include Lightning Networks. LN has nothing to do with banks.

Additionally Core (and Blockstream) is working on CT (confidential transactions) which will be a new transaction type. This will likely come with the blocksize increase to make CT's affordable because afaik, they require more blockweight. A blocksize increase for something actually reasonable.

So Core has increased anonymity and a blocksize increase in the works.

big banks start collecting up large amounts of BTC to be major nodes on the lightning network

eventually these big nodes control a lot of the network, then they ask you to verify your identity to transact on their service. Eventually it just becomes what the banks already do now

From what I read about LN it doesn't resemble banks or paypal in anyway what-so-ever. It uses Check Sequence Verify and Check Time Lock Verify to penalize uncooperative participants in a lightning channel.

lightning.network/

I cannot fathom how you are coming to that conclusion. Please do some basic research into LN.

I have and I have a CS degree so I actually understand this. Maybe you should do some research?

i dont care if its a good idea or bad idea or how it works as long as i make money

There has to be a connection on a large graph for your payment to go from USA to pajeet in bum fuck no where. This is likely going to be done by having some very large nodes on the network that hold a lot of BTC. If you only have a node on the graph to Stacy next door how likely do you think it is that she is somehow connected to everyone else in the world?

Figured you are a typical street shitter that doesn't understand how a fucking graph works

I understand, but any change must be judged by other possible changes, for example, raising the blockweight/size.

As the blockweight is increased, Stacy is going to be less and less capable of having the option to run a full node. So her transactions will be verified by fewer and fewer nodes AND she will be prohibited economically from even having the choice to run her own node. Whereas with LN, the barrier of entry will be lower.

Either way, scaling requires the need for intermediaries. The difference is that Core's solution will allow cheaper nodes to still be viable for those that wish to run them. And Lightning channels are still grounded by the main chain.

Go suck Ver's dick.

It's already been proven by the amount of people who use BTC without running a full node that no one gives a shit about full nodes, even at the current size, which will still continue to scale at 1MB every 10 minutes anyways.

Also you fail to talk about how putting a proof of stake system ontop of BTC that cuts out the miners won't result in fewer miners and eventually having an insecure network. Who wants to put their life savings inside an insecure network?