Lightning Network will make Bitcoin way faster

the lightning network will fix all of BTC's problems, at which point we will see mad money run into BTC again, draining all the alts to 1/10 of their current satoshi value.

>lightning network will fix all of btcs faults
>will make btc centralized

that is not what it will do. you are an ignoramus.

A basic Explanation of the Lightning Network.

Problem: It takes an impractical amount of time to wait for a transaction to be recorded by miners on a block. The fees used to incentivize miners, to record your transaction before others, are not always reasonable. And when compared to current competition in traditional methods of transaction processing (not even mentioning the other altcoins), you begin to see how much of an idiotic meme Bitcoin actually is, in its current state.

The Lightning Network is a concept which involves using Smart Contracts and Multisignature Wallets to create a "Second Layer" above the Blockchain, allowing for faster/cheaper transacation processing.

It allows for agreements to be made between people so that they can carry out transactions of amounts, without having to wait for transactions to be recorded by miners on the blockchain, and without having to wait for further confirmations (waiting for more blocks to mined in order to make sure the transaction is valid).

Since much of the transaction processing is down through Smart Contracts and Multisignature Wallets, rather than direct use of the Blockchain, it also avoids much of the Miner incentivization Transaction Fees.

that’s the joke.jpg

This is a horrible explanation of LN.

How so?

do you have a better one?

Do bear in mind, it's a basic overview, it did not get into things like like the types of contracts used, and the actual step-by-step process by which transactions are carried out.

((they)) are gonna print me some more moneys all the explanation I need

Lightning network was invented by (((them))) to solve a problem (transaction fees) which THEY created.

1. They create the Problem
2. They create the Solution
3. You eat it up like a good goy

DON'T FALL FOR THE SCAM, READ THE ORIGINAL SATOSHI WHITE PAPER.

LN is primarily for same-coin transactions. Cross-chain transactions (atomic swaps) are just a neat extra trick you can do with it.

Satoshi never talked about payment channels within the whitepaper, but he worked on them. Bitcoin's original release had incomplete code for payment channels. He left before figuring out how to make payment channels work. It was only years later with segwit's transaction malleability fix did people figure out a safe way for payment channels (and LN) to work.

Must watch
youtu.be/UYHFrf5ci_g

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Isn't the LN nodes more similar to credit unions rather than banks?

Ligthning network for Bitcoin is what Wraith Protocol is for Verge.

Vapor wave that will never be released.

Explain how LN will not make BTC centralized

That's called atomic swaps. You can even stream Bitcoin into a lightning node and stream out Litecoin by doing the atomic swaps by yourself. This way, you can offer a trading service on the Lightning Network.

because it's all we have and it really doesn't matter because this ponzis blowing up long before that vaporware trash ever sees the light of day.

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The barrier to entry to starting a LN payment channel is way lower than starting a mining operation.

Don't worry what we say here doesn't change anything. Don't delude yourself.

>the absolute literal brainlet state of Veeky Forums

Your questions could be answered by 10 seconds of googling. I seriously hope you don't own any crypto.

nodes have no authority, even if for some reason there is 1 node everything goes through it has no authority so there is no centralization of authority either. if that node goes down, has high fees or wants kyc others will step in and replace it because there is money to be made.

You are full of shit for trying to make this sound like its just some smart contracts. Smart contracts still require block chain transactions to take place lol.

You dont even slightly understand what the LN does.

> A basic Explanation of the Lightning Network.

You force everyone off of using unchain transactions by forcing the block size to 1 mb. This way everyone is fucked if they dont use your 2nd layer soltuion.

2nd layer solution forces people to open channels that require huge amounts of BTC to be tied up in the channel. LN will be insanely fucking expensive to run and manage a hub and it will involve government regulation to prevent most people from being able to run their own nodes.

Centralized hubs will be allowed to incorporate any functionality they want like black lists, white lists, fast lanes, slow lanes, additional fees. And since you cannot use off chain transactions anymore YOU FUCKED and you wont be able to escape the shitty fucked up awful functionality.

BCH will have Visa Debit cards which INFINITELY FUCKING DESTROY THE LIGHTNING NETWORK HARD IN THE ASS. Both a centralized but one is

1. way fucking simpler.
2. Supported everywhere right out of the box.
3. enhances on chain transactions rather than punishes people for trying to get away from the lightning network. Since Debit card transactions are centralized and off chain its basically it relieves congestion for people who want to stick to on chain transactions.
4. You can have many different companies open different competing Debit card solutions on the same coin. With the lightning network you are FUCKED and then FUCKED HARDER once you realize you cant escape.

If you support the lightning network over just setting up a debit card you are mentally retarded or an extremely desperate shill.

I already have a bitcoin debit card that converts to fiat when I pay in the store from xapo.com. Accepted everywhere in the world. You are in fact full of shit, your memes are just memes, there is no substance to them.

Hows them 25 dollar transaction fees treating ya?

No, anyone who makes their node hard to use will be out-competed by people that make their node easy to use.

I'd like to add that there will be debit cards that use the lightning network, which basically means 0 cost.

Anyone with an extra 20 grand and the ability to get government red tape will be able to run a "small node"

Face it, if you can just do a debit card its easier faster and better. Just because you can get one for BTC doesn't counter the argument.

If you are going to fuck with everything then do it right. "Oh I already have a debit card"

Then what the fuck good is the lightning network for exactly? Its a worse shittier version of just getting a damn debit card.

Then why even fucking bother with LN in the first place? LN is complete fucking garbage. Low block size is complete fucking garbage.

If you are going that route then Debit card and you are done. What the fuck.

> muh LN

you guys know it's never happening right? youtube.com/watch?v=BFXrTS_MJlQ&t

yes, yes, guchi guchi guuuu

Your just happy your shitcoin is getting a random pump and dump hehe

A lot of people have an extra 20 grand. I personally have 1.5 million and wouldn't mind providing liquidity to the LN. It's nothing like a debit card because it's still a trustless system. If your counterparty tries to fuck you over you can take the whole funding transaction.

There's only a visa fee when I use the card but I have to pay to move funds into the wallet which is a few dollars since I'm not in a rush. I'm only explaining these obvious details because clearly you don't understand anything about anything.

why bother with crypto? just use fiat and visa. I sincerely recommend you do so.

$25 for moving 200 BTC that's unbeatable and unseen on any financial market. Same fee for transactions of 2,000 BTC and 20,000 BTC. It's not even chumpchange with increasing amount being moved.

Nice, dude, I will have a lightning node, too. I ordered a raspberry pi today and am going to bring it online during the holidays (first testnet, later real net).

> why bother with crypto? just use fiat and visa. I sincerely recommend you do so.

Lightning network highly centralized. The only ones who will run the nodes will be banks and corporations.

> Oh but im a trillinair and I will do it

Then you are an idiot, there are no incentives for you to run a node. It will only cost you money.

LN will not work, its centralized and its garbage. Literally everything else is better. Even a Visa Debit card is better. Claiming you have a debit card doesn't SOLVE THE ARGUMENT. It means you are aware of how much better it is already and you still think LN would improve things.

You are not countering my points.

Fucking LN is so sick dude, this is the true path to global domination, fuck the jews who want to take my node away.

lol, this guy

I already explained how it's not centralized but you are too dumb to even grasp the concept of decentralization or why anyone wants that which is why I suggest you just stick to the consumer visa products you love so much and kindly stop spreading bullshit about things you don't have the slightest understanding of.

>Smart contracts still require block chain transactions

That's true, but the point of using a smart contract is that it ensures that a transaction EVENTUALLY takes place. This means that you don't have to immediately try transacting an amount to someone, like a vendor you've just bought something from, and have to wait for your payment to go through (which would require miners to record it, and the vendor may require several block confirmations in addition to this).

Just carrying out a transaction, without the use of smart contracts, will require a lot more time.

Also, I'm not someone who favors any sort method that is used. And I doubt the Lightning Network will be the only thing that eventually becomes used.

I guess you could say I "favor" bitcoin cash and bigger blocks, but I'm mostly neutral on this issue.