2. To use a payment channel, you have to commit *all the money you ever expect to use in the channel* to the payment channel. (Your year's groceries, in advance!)
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Thread: SO, PLEASE CORRECT ME IF I'M WRONG on these problems with the Lightning Network! NOTE: all corrections MUST contain a cite to an official source document to be taken seriously. 1. It doesn't exist. (beyond a testnet with the alpha software)
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3. If the other side drops off, your commited money is stuck in the channel for up to a year. (This detail is fuzzy, depending on what answer the person you ask will consider Good News for Bitcoin at that moment.)
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4a. The big one: The actual network cannot be routed over (from arbitrary point A to arbitrary point B) without a complete map of the entire network as of that moment. This completely blows away the claims of privacy. (The current alpha software uses such a map.) >>
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4b. >> To route over a mesh network without a complete map of the entire network to hand is AIUI literally an unsolved problem in computer science; past approximations to this problem (e.g. UUCP mail) all used "complete map", "route by hand" or both.
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5. LN proponents keep asserting that the network totally won't naturally devolve from an "egalitarian" mesh to a "centralised" hub-and-spoke model, because reasons.
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6. You need not just a path through the network, but to then negotiate or have negotiated passage for your pseudobitcoins with every node along the way.
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7. but LN *totally solves* Bitcoin scaling and is the new paradigm, even if it's an idea of such perfection it could only be spoiled by being, y'know, implemented. as I said, I welcome corrections! ones with cites to official documentation! /end
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Dash (Digital cash) has already solved most if not all of those issues and more.
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mostly by virtue of nobody using it, which avoids scaling problems handily
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Sick burn dude, when was the last time you bought an actual physical good with bitcoins and how much did you pay in fees?
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never. I use a fantastic new coin called ActualMoney. Its merchant adoption story is *amazing*!
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To what extent would you agree with the following statement:- The technology behind block chains and proof of work, if properly decentralised, offers potential efficiencies in E-payments compared to today’s money transmitters by reducing dependence on trusted 3rd parties
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none of it. 1. "the technology" turns out to have no use cases other than cryptocurrencies. blockchain advocacy is functionally indistinguishable from the most aspirational bitcoin advocacy, often with literally just the buzzword changed.
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2. "if properly decentralised" there are 0 examples in practice, even bitcoin has recentralised. this constitutes assuming your conclusion. dash is PoS, massive centralisation force there.
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3. "potential" is a weasel word, it's so far shown 0 actual and no reason to think there will be except wishful thinking. the crypto space is long on hypotheticals and historical experience shows they should not be taken seriously until production, and often not even then.
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1. We have hundreds of awesome volunteer testers that have been testing out our LND implementation. We demoed 2 real bitcoin transactions between 3 implementations just last week.https://twitter.com/lightning/status/938453165967515648 …
Announcing the first-ever interoperable Lightning transactions using real bitcoin with@acinq_co@blockstream! We bought a Starblocks coffee
and a http://yalls.org article 
. https://medium.com/@lightning_network/lightning-protocol-1-0-compatibility-achieved-f9d22b7b19c4 … https://youtu.be/a73Gz3Tvx3k -
excellent! so when's the network?
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At
@davidgerard You should "look into"@RSKsmart too and then sell all your#eth The End#bitcoin
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lol if you think i'm gonna touch a crypto other than with a 10ft pole and a hazmat suit
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I was reading the thread with some curiosity until I got to this one. If you have no interest in cryptocurrency (other than with a 10ft pole and a hazmat suit), then why all the interest, challenges, questions (or skepticism)?
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in short, 'cos it's such a compelling car crash i ended up writing a book about ithttp://amzn.to/2xSxs1e
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and somehow i have become an expert and people throw money at me to tell them about blockchains. i'm here going "what", but while it lasts i'll do my best for 'em y'know. i really need to start the next book, which is not about cryptos. unless i do another crypto book first.
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