Why isn't Bitcoin rallying

lets just organize massive 1BTC each dump at 5k today
>they'll never fuck with us again

>News is all bullish.
What'st he news? They have a way to visualize the network now? Why is this bullish.

>Lighting network already has 200 nodes.
The last version of LN was released in November...

settlement day next is 31st Jan
then 28th feb etc

medium.com/@dougvk/run-your-own-mainnet-lightning-node-2d2eab628a8b

It's not exactly user friendly right now.

they own more bitcoin that what the tether machine can handle. They printed 1 billion this month and they still couldnt fight (((them)))

Wow. Within 1-2 years you'll be able to set this up with a click in your wallet.

Why the fuck would we buy in now if we could let the market simply collapse under its own weight and buy in at 8k and below?

Rep in bizbros, free shit
share.robinhood.com/phillil223

I read something about futures expiring 26th jan, but I can't find that specific page again so I could be wrong, but if I understand this correctly - (they) are controlling the price because they have short/long positions, and after these futures expire we'll see it move fast in either direction? sorry I'm brainlet

LN is so risky. Is there anywhere I can view how much BTC is locked up in payment channels?

share.robinhood.com/josephc840

These others are scammer links use mine instead. I 100% guarantee you will recieve 1 Apple stock worth $175.

Good luck anons and God Bless America

>It's not exactly user friendly right now.
>yfw when user friendliness was a selling point

Because nobody was actually buying it before to justify such a high price. The only reason it hasn't fallen to 5k and below is because Bitfinex/Tether is artificially keeping the price up by counterfeiting USDT. The entire bull run from 1k to 20k is almost entirely Bitfinex/Tether.

lnmainnet.gaben.win/#

Only $34k at the moment.

what is this, a picture for ants?

>inb4 neo

also, what relationship is this trying to show?

Gee, that sure doesn't look like the left figure.
Totally decentralized, go- i mean guys! :^)

Decentralization of infrastructure is different to decentralization of control.

A lightning node has zero power over your funds.

Wew, that direct link that basically says don't put your money in at all:
twitter.com/starkness/status/953434418948927488

Secondly, I didn't expect literally everything to so centralized already. At a glance I see there are basically five hubs that route all payments.

I'd greatly prefer that to centralized mining which is far easier for a government to fuck over.

>not possible
Yeah and it's not possible why exactly? Because you said so? It's a process you fuckwit. At first it will look like the LEFT picture, then it will start to resemble the second picture, and in the end it will look like a whole mesh.

>t.brainlet

go learn network graph theory and come back when you realize how wrong you are

>government shuts down mining operations
>people in other countries pick up the slack
>country that shut them down is left behind

Alternatively
>hub payment processors are actually more in line with most government policies
>all hubs follow KYC
>crypto is pointless now

rly made me tink

it'll move fast or slow in either direction, they make it seem organic. I dont think they want super high price in bitcoin (yet)

>all hubs follow KYC

Have you considered there are parts of the planet outside the USA?

>go learn network graph theory
What makes you think I haven't? If there are enough decentralized hubs it will essentially be a distributed network.

I'm not sure I understand what is the point of running a node?
This guy had to pay to host the node, and then had to pay again for a transaction executed through that node he's paying for

do you think big money are now hiding in alts to better manipulate BTC?

>he thinks hubs and government that follow KYC will allow transactions with hubs outside regulatory control

Just fuck math and evidence and shit.

WEEE WOOO WEEE WOOO

>(they)
Fucking newfags its (((they)))

Why the fuck would it start running up right now? Last month it went to 20k when normies got in and media hyped it. Now negative news outweight good news and we are going on a downtrend. Hype is gone, normies are exiting because they are not making gains and there are regulations coming. Get ready to get rekt or buy at the bottom.

LN uses onion routing, so no hubs are aware of where the transaction has come from or where it is going.

For example if a burger connects to one of these hypothetical regulated government hubs, what's stopping someone from outside the USA opening a channel with the burger and sending payments within the hypothetical 'regulated zone'?

>people in other countries pick up the slack
Yea, sure, they'll just magically start mining just out of the goodness of their heart, all they'll need is a few thousand terabytes of storage, download the blockchain which is a fuckin petabyte and you need 50GB/s internet. They'll get right on it.

Meanwhile ANYONE can setup lightening nodes, and you don't have to use any hub if you don't want to, or if you really don't want to use it, you can just use the mainnet.

>what's stopping someone from outside the USA opening a channel with the burger
Massive settlement fees and leadtimes. Onion routing doesn't prevent censorship on a public blockchain with visible addresses.

>he thinks miners mine out of the goodness of their heart

Just fuck economic incentives and game theory and shit

>I read a blogpost and now act like an expect

Come fucking on, you're worse than people who call BTC a bubble

So you're saying the government is going to use blockchain analysis to stop anyone opening a channel with non-licensed nodes on the lightning network?

Surely this would also just apply to all regular blockchain transactions.

That's the point is it won't be profitable to mine with that kind of requirements, except in very few places.

Says the guy who doesn't understand networking.

It doesn't. Currently its p2p and if government shuts down miners, other miners pick up the slack. I don't have to create a node to transact on bitcoin.

>it won't be profitable to mine
and yet somehow it is

>with that kind of requirements
Did you really not read it or you just purposely disregard that part?

>Meanwhile ANYONE can setup lightening nodes
lol no.
LN nodes will need to comply with KYC and have massive stacks to even open enough channels to be relevant

it has never corrected within 4 weeks of drop. takes 2 months at least

The problem is that anyone with access to a VPS can create a hub, and in any jurisdiction they want.

What would the incentive be to use these 'government licensed hubs' as opposed to one not cucked by the US government?

Because ETH is superior.

What is stopping you and I from opening a channel between ourselves?
Do you know what a single funded channel is?

by the way those are separate questions, before you try to misconstrue what I'm asking.

Give it a few days. We’ve basically bottomed out over the last few days holding above 10k barring some temporary dips. If history holds up, we should be seeing a run sometime soon during/after the weekend to about 25k or so, probably hitting there late February or early March. Generally we see a run up of 2.5 from the latest low, followed by an approximate 40% dip from the all time high close. We’ve been holding there for longer than a week, so we should see a takeoff soon. Or past performance isn’t indicative of future movements and it will do whatever. I don’t know, I’m just a fucking dog.

Stop regurgitating this meme you fucking brainlets

There is no reason.

These what I can only assume to be BCash shills are imagining some dystopian future where every US Citizen who wants to transact on the lightning network is issued a 'lightning licence' and is only legally allowed to open channels with other US-Citizens in possession of a lightning licence.

It's absurd bullshit.

>he thinks mining isn't a business that requires reinvestment and innovation
>he thinks running a business should be free
>he thinks PoW is just a meme and not a free market system that promotes high levels of competition
>he thinks that miners mine because they're good people
>he thinks Moore's Law and the costs of computing hardware and networking capabilities decline overtime
>he thinks that its currently impossible to turn a profit in mining

So instead of just using a p2p network, your suggesting that we move to centralized hubs that require massive work arounds to provide a service at which point the service they provide is illegal because they aren't complying with KYS. Not only does this add unneeded overhead in the costs of doing business but also adds massive risk as the activity is now illegal, not only for the node operator but people within KYC regularity bounds. Couple that with the already added cost of a work around, but also the risk overhead of performing illegal activity and the added costs in providing illegal services.

Remember you can still transact on the blockchain! You don't have to use LN! It only cost $1000 per settlement and the leadtimes are only a week!

>he literally can't read
>he purposely misrepresents what people say
>he doesn't actually know what he's talking about
>he thinks lightning network wasn't invented by satoshi
>he thinks centralized mining is a meme
>he thinks centralized mining is not worse than having to route around kyc nodes on lightening network
>he thinks you have to be magic and register with the government to open a lightning channel.
yep, pretty standard bcash shill.

These. If we break below 8k it is going to plummet as hands get tested, but the support at that level is pretty strong from new money coming in waiting for a dip to buy or those unsure sitting on the sidelines. If it goes below 8k then 5k is possible but I'm not exactly getting in short positions at 11k just yet.
I have some liquidity just in case bitcoin shits the bed but I'm hoping things go sideways because alts in December/early January were fun to play with.
Have patience op, set yourself up for the unexpected. Don't go all in and make sure if things don't go like you planned you aren't completely fucked.

Thanks

I knew it was wrong, just not what was wrong. I am not into memeing that much. I am sorry senpai

kek

KYC regulation has already been a ceded argument, it will happen. There is nothing wrong with LN/payment channels. What is wrong is making it a requirement. Really the biggest issue is Segwit, which removes digital signatures from transactions. Massive security problem on a system that is suppose to be a chain of immutable digital signatures tied to transactions.

Mining would be no more centralized on such a network. Nodes without hashpower literally do nothing to validate transactions or secure the network. They can see fuckery on the network but can't do fuck all about it.

>So instead of just using a p2p network

The whole reason we need these centralized hubs in the first place is because scaling on the p2p network is unfeasible.

Broadcasting your morning coffee or VR-porn purchase to millions of nodes on the network to be immortalized on the blockchain forever is a retarded idea.

The KYS thing is pure bullshit speculation, there will be no more implications to using lightning than using the blockchain itself.

>because scaling on the p2p network is unfeasible
proofs

Well it would have to mean 500MB+ blocks, adding 80GB+ of data to the blockchain everyday.

Broadcasting and storing every single transaction is obviously wildly inefficient.

Increasing blocksize indefinitely is just a low-IQ brute force approach.

It's funny because I can tell exactly what video you're getting your info from, and you need to do a little more research yourself than listening to 1 video that is against what you're researching.

Also, the btc spammer has stopped spamming the network, my guess is because he ran out of money, so btc tx's are back to less than 30 cents to get in the next block. So your whole $1000 to use the mainnet meme is turning out to be bullshit again.

As for segwit, How likely is it really to be a problem? IMO its less likely than a 51% attack. Its the type of thing that may be possible sure, but highly unlikely.

20K eoy this is the sideway run year of btc

Because LN is illegal in the U.S., inheritly centralized, requires you to pay before you even use the network, couldn't be less userfriendly and if you turn off your node for a couple hours there's a 99% chance someone will have stolen all your coins.

>all hubs follow KYC
The whole point of crypto getting out from under the thumb of governments has been pushed aside for profits now. We seriously need to pump up the agenda for secrecy and removing KYC laws and such.

I'm just learning of crypto coming to robinhood; however when you sign up for robinhood, you have to give your SSN for tax purposes, is this an IRS collab?

Retard alert

Thanks babe x

>80GB a day

Yeah and so what? Miners are literally the only ones who actually need to run nodes, as they are the only ones who validate transactions and secure the network.

At current hardware prices and full adoption (requiring 500MB blocks, which we're nowhere close to and we're also assuming hardware doesn't get cheaper overtime) would range from $3000-5000. Even at current prices and full adoption this price tag is a drop in the bucket for mining operations.

Now compare that to full adoption on LN where settlements are ranging in the $1000s and must be made frequently (at the very least weekly) and funds must be locked away. Its a much less efficient system that costs a boatload more.

Link plox I want to see the video.

>spam
>using the network
Top wew. Its shit like this why Vitalik had to create ETH and not just develop ontop of BTC like he wanted to. If you can't see the issue of stripping away digital signatures, I can't help you. Anyone can spend addresses are extremely dangerous and add incentives to 51% attacks that didn't exist before. As the ability to double spend anyone can spend addresses is a much larger pot.

I'm not saying it's not possible to do, it's just insanely inefficient and extremely retarded.

Like saying 'fuck these car things, if we want to go 80 miles an hour we can just attach 40 horses to our cart'

I'm not seeing the efficiency boosts in LN in the scenario I laid out. The only way LN/payment channels are the superior option is if the underlying network itself is efficient for users. Meaning we can settle on the blockchain (without it being cost/lead time prohibitive) or create payment channels to facilitate micro payments, which is something that already exists on BTC and BCH.

As an aside, the disscussion is good. For the past month or so I've gotten nothing but "muh roger" arguments. Glad to see some people still give a fuck about the technicals, even if we disagree.