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Bitcoin's Highly Anticipated 'Lightning Network' Goes Live (thehill.com)
Lightning Labs on Thursday announced the beta release of its highly-anticipated Lightning Network Daemon (LND), a developer-friendly software client used to access Bitcoin's Lightning Network, anonymous readers wrote, citing media reports. From a report: Bitcoin supporters believe that the network has the potential to help the cryptocurrency achieve mass adoption. Bitcoin has struggled in recent months with slow and high-fee transactions, which make it harder for bitcoin to achieve mainstream popularity. Lightning Labs, the company behind the network, also announced on Thursday that it has received investments from major financial technology players, including Square chief executive and Twitter co-founder Jack Dorsey and PayPal chief operating officer David Sacks.
Until the transaction time and cost rival credit cards, cryptocurrency isn't going to become the standard. Seems to work for ransoms. Great for contraband. If you're an investor, it's as good as roulette (with the exception that fraud on the roulette table is illegal.) I've heard that overstock.com accepts Bitcoin, but it seems more useful in the dark markets.
He's getting rather old, but he's a good mouse.
Now more users can be indoctrinated, driving up demand!
"slow and high-fee transactions" are a thing of the pass now that the heavy hitters like Coinbase have begun consolidating transactions *greatly* reducing fees and mempool size.
Also, read up on a well formed critique of lightning network:
https://medium.com/@jonaldfyoo...
I feel that by the time Bitcoin becomes "mainstream", all possible Bitcoin will already have been minted, and will basically only be in the hands of the 1% - with that 1% being the geeks this time around.
AC comments get piped to
Bitcoin is a guaranteed investment.
This is more or less the end:
-Create lightning connections favoring selling off coins.
-Once you've peaked at the limit of the pair transaction switch to favoring the buying of coins.
-DDoS the other party.
-Post old lightning state, showing the other party owes you.
-They can't refute it with the correct state.
-Get the free coins.
-Rinse and Repeat, or just do it in parallel.
The lightning protocol is so fundamentally flawed that anyone with enough BTC and access to a botnet (even for rent) can claim the coins of everyone else who participates in it.
why cause htis shits out of control and making gf card prices skyrocket
you cant have a currency based on the internet if no one can afford ot buy a PC, and gamers like consolers are screwed for a next gen now...
this is gonna lead to regulation hard core in time as more and more exploits of this crap old hardware gets out
no one can afford new pcs anymore cause the price of grafic cards has gone so far up that ....well try and fnd a good cheap one. YOU CAN'T
have a nice day you fucking greedy fucking wankers
as a consumer. Today I pay with my CC and get cashback (basically a 1-3% discount on goods and services subsidized by folks who carry a balance and pay interest). Plus I can dispute charges up to 90 days from date of purchase.
I suppose there's privacy, but I get pretty good privacy from my CC company (albeit lousy privacy from the Credit Agencies, but those are different companies).
Now to businesses the prospect of lower transaction fees it tantalizing, but they mostly get that with Debit Cards already and haven't been able to get American consumers to switch. It doesn't help that Americans are kind of short on cash after decades of week or negative wage growth...
Aside from anonymously buying embarrassing or illegal goods what would make me jump ship?
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Let's move the bell curve up the axis by culling the lower portion.
Bitcoin supporters believe that the network has the potential to help the cryptocurrency achieve mass adoption.
No one with a brain believes this "Lightning Network" shit has potential, will help, or that Bitcoin even needs help.
Bitcoin has struggled in recent months with slow and high-fee transactions, which make it harder for bitcoin to achieve mainstream popularity.
Bitcoin isn't struggling. Blocks are mined just as quickly/slowly as they were before. Transactions are only slow if you don't want to pay fees. Fees are only high if you want to speed up the transaction. This is by design. This isn't preventing mainstream popularity, rather mainstream popularity is causing cheap/free transactions to slow down. If you want to use the network, support the network. Pay a fee or wait, it's your choice. Or mine yourself.
Lightning Labs, the company behind the network,
Keep in mind this company is not behind Bitcoin in anyway. They're behind their own bullshit and nothing else.
also announced on Thursday that it has received investments from major financial technology players, including Square chief executive and Twitter co-founder Jack Dorsey and PayPal chief operating officer David Sacks.
They think this is a good thing? If there's one thing the Bitcoin community hates, its fucking clowns and hucksters from the obsolete establishment trying to wedge themselves in.
I don't know what Lightning Labs actually is (and neither does Lightning Labs), but I know it's bullshit!
barring a seismic shift I'm going to want my BTC to be in my native currency at some point. Most of the exchange fees come from that conversion.
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0) Goes with out saying. Near instant, low-fee transactions. Comparable to debit card user experience.
1) Dead-easy for end user. No need whatsoever to understand how any of it works.
2) Currency price stability (at least comparable to any given major national currency such as USD, Euro).
If something built on top of the horrendously complicated lightning network can be made usable by average non-techie, without going completely central, then that could maybe address points 0 and 1.
Hard to see how Bitcoin achieves 2).
Where are we going and why are we in a handbasket?
For some value of two.
Where are we going and why are we in a handbasket?
if you want to get it down to what CC companies do today (sub-1 second for a large merchant, 10-15 for a mom and pop with an ancient terminal)? The question is are the competitive with what guys like Square can get you?
Also, the currency needs to stabilize if it's going to go mainstream. Several folks stopped taking it because you could sell something for $50 worth of BTC today and have $30 worth of BTC tomorrow. Now, if I can instantly (and cheaply) turn my BTC into cash that's not a problem, but I'm guessing more fees.
Hi! I make Firefox Plug-ins. Check 'em out @ https://addons.mozilla.org/en-US/firefox/addon/youtube-mp3-podcaster/
Hard to see how Bitcoin achieves 2).
Once there is enough exchange volume (converting to and from bitcoin) that it's hard for any single investor to manipulate the market. If that ever happens.
"First they came for the slanderers and i said nothing."
It's inherently deflationary.
Bitcoin has flourished as an investment (albeit a very risky one). It has utterly failed as a medium of exchange.
Just keep sending us all your moniez!
WARREN BUFFET says he would bet agaunst any and ALL cryptocurrencies. But what does he know right mods?
Nano is a better solution than lightning.
Well no, you are completely wrong on that point. It is used every day as a medium of exchange. It wasn't created to replace the dollar, it was created to replace egold.
"First they came for the slanderers and i said nothing."