Is Lightning Network layer 2? https://lightning.network/
Bitcoin has or is evolving through several stages of value transfer: 1. small value transfers at layer 1 when Bitcoin was a tiny niche (10,000 BTC for a pizza) 2. larger value txs as wealth flow increases and small txs get priced out of layer 1 3. small value txs at layer 2https://twitter.com/NickSzabo4/status/936361211280502784 …
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It is a strong contender.
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Are there any services you see besides Lightning that could fill the same need today?
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There are a wide variety of variations on its design, some of which may use collateral more efficiently or have better privacy.
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Nick, how about your opinion on RSK. Is the network effect too strong with ETH for RSK to still emerge in a dominant way? ETH seems like a security disaster.
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Why does the layer 2 need KYC/AML, and large centralized hubs? Doesn't sound that good to me.
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It doesn't you've been lied to
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Took this from a pro-lightning network article. It says it in black and white.pic.twitter.com/S0A21ARlKN
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You'll be able to run your own hub plus choose hubs too, imagine you're in a pub and that pub is a hub and everyone in the pub is using just that hub, they by 20 drinks a week, then at end of month they settle, 80 orders, one on chain. If you're fear innovation, simply don't use
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I am very open to change my mind about the lightning network. However it doesn't seem everyone would be able to open a payment channel. What do you say about this?pic.twitter.com/H6wJsnwq27
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If you want to compete with Fiat payment processors, layer two will be dominated by large hubs, similar to today's amex, discover, visa, mc, etc. The big difference however is that you and I can't start our own Fiat channels but we can start our own lightning nodes.
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How much will it cost to settle something on the blockchain though? I assume fees by then will be in the thousands of $. Won't that price out all smaller lightning node operators?
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If you push most transactions to L2 there will be less fees for onchain tx. Keep in mind their is a lot of fud related tx fee amounts, most of which have to do with inaccurate fee estimation algos. I personally only use custom fee, last text was 35 cents (paid for a haircut).
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So you support bcash?
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he just spoke in favor layer 2
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I think you misunderstood the sarcasm lol
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back in my day we did "/s" for fear of starting a WW3
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