/biz/ - Business & Finance

>>53030106
LN doesn't work, it isn't a blockchain, and it re-introduces every single problem that Bitcoin was created to solve in the first place.

It also does not scale and using LN actually undermines the entire security model of layer 1, by robbing miners of fee income as transactions go off chain. It is a self-sabotaging non-solution and only retards believe in it.

>>25572015
No source then huh? Network nodes exist because of economic incentive.
Hence why Satoshi predicted nodes end up in big server rooms.

>>25572122
There is no space for all users in small blocks retard.
Consumers do not benefit economically from running network nodes.

UASF was confirmed by miners, they do control the network.
At that time there was no choice, and that is why network forked.
Only hard fork can reverse soft forks. By the rules nodes will always follow the longest chain.

Sure, the entire point of blockchain is to be able to audit it. That is why all users need to access the blockchain without intermediaries, else you need to trust and rely on someone else.

>>25572163
You sacrificed the foundation by forcing users off-chain, and hence rely on intermediaries.
People will always prefer substitute goods when you charge them too much for any practical usage.

>>25572367
Pigs will not replace the farmer. Other animals began to see incompetence of your untrustworthy leaders.

>>25572628
Network nodes are not intermediaries you dumb fuck, thats why blockchain is built upon Merkle tree.
In lightning you need to rely on large payment hubs aka banks because of *fundamental vulnerabilities*.

All users will never access small blocks due to lack of space, so you will have to rely on banks again.

Your capacity is barely enough for *1.37% of the population in New York*. What about other cities? This project is doomed to fail.

>>19292515
>Then it IS a bit like fractional reserve banking
yes it's in the Lightning whitepaper as shown in the picture here >>19290846

>How the hell would you call transactions off the chain?

The important thing to understand about Lightning is that when all transactions happen off-chain, miners don't generate fee revenue. This undermines the security and sustainability of the network, which is all based in mining profits. With each halving event, miners become more and more dependent on transaction fees, until the subsidy is removed entirely and transaction fees is the ONLY income miners will generate. It's a ticking timebomb under Bitcoin - scale or die.

Miners don't just secure the network out of the goodness of their hearts, it costs a lot of money in electricity. This is the paradox of a system like lightning - it is supposed to enhance Bitcoin by making traffic happen off chain, but instead it undermines all the economic incentives that make Bitcoin work to begin with.

Lightning proponents also say that the reason on-chain scaling doesn't work, is because it will centralize Bitcoin. Yet their solution to prevent Bitcoin from becoming centralized is to to take all transactions into a centralized banking network. Que???

And I haven't even touched on the legal issues.

Everything about it is retarded.

>>16415199
If you put any money into this shit you are certified R E T A R D E D

Why are people in BTC so stupid?
They want small blocks so they can validate everyone's transactions, but at the same time they support Lightning Network to push transactions off chain. How can they not see the logic breakdown of this?

>>15243960
kek

>>14795728
Look in the mirror.

>>13912691
Are you advocating to downsize blocks into 300kb? :D

>BTC Core dev Luke Dashjr wants to reduce the blocksize to 300k
https://www.whatbitcoindid.com/podcast/luke-dashjr-on-300k-blocks-and-full-nodes

Why is BSV only picking on BCH and not say on BTG or BTC? What makes BCH so special in their eyes?

BTC will soon be deader than dead:
http://fortune.com/2019/01/17/unit-e-cryptocurrency-news-bitcoin/

RIP dear ponzi scam, you'll never be missed.

BTC was purely an academia project. The coins that were mined weren't even claimed. This time they're going to do it right. Was Windows 3.1 better than Windows 10 because it was first?

>>12266506
BTC is one huge scam. It took me a while to understand how such a huge con can go on for years, but it's really simple when you think about it: everyone who buys BTC only buys it to hold for a few years, then sell for more fiat to the next sucker, no one buys BTC hoping it'll be world currency. That way it doesn't matter at all if it actually has any prospects on a technical level, it's suffice for investors to have a constant stream of promises of a future miraculous "Lightning Network" which will keep the hype and lure in new money.

I can't explain any other way how BTC has such high valuation when there are at least 20 better coins.

When viewed 10 years from now, BTC will be seen as the mother of all scams. There are so many lose ends in the tech and nobody gives a shit because people only want to dump it on the next sucker for fiat. Does that look to you like a tech with bright future?

I've been employed as an nChain shill for 6 months until the fork. My job was to give the impression Craigh Wright has massive community support behind him. AMA.

https://coinspice.io/bitcoin-core/blockstream-launches-liquid-network-the-birth-of-bitcoinxrp/

Blockstream gets PWNED. They had been working on a project called "Liquid", which links up trading between crypto exchanges. Now, Japanese exchange Quione released their own service also called "Liquid", which also links up trading between crypto exchanges, and they own the Liquid.com domain name.
For a while, Blockstream had been working on a project called "Liquid", which links up trading between crypto exchanges.
Now, Japanese exchange Quoine has released their own service, also called "Liquid", which also links up trading between crypto exchanges.
And Quoine's version owns the "Liquid.com" domain name.
It also appears that Quoine announced first:
Quoine Liquid was announced on June 24, 2015.
Blockstream Liquid was announced on October 12, 2015
Blockstream will probably have to change the name of their project (still in beta).

Already two coins have done a stress test to prove their shit actually works even under load. Why didn't Coreans stress test their LN to show it can work and not false vaporware?

>>10753424

>>10731300
The goal isn't decentralization, the goal is censorship resistance.

No one wants to centralize Bitcoin, they just don't want to sacrifice utility under the excuse of "maximum decentralization" that in reality provides no benefit to the network.

Would you rather have a network that anyone can use that is decentralized across the globe with thousands of relevant economic and mining nodes, or a network that only the rich can use with hundreds of thousands of nodes doing nothing but relaying transactions from the significant nodes?

What's the point of running a full node to verify your own tx's if almost all the tx's are supposed to go over to the 2nd layer which is OFF CHAIN?!

>>9843016
fucking LMAO there still are deluded corecucks on here

>>8062559

>>7798822
>do these idiots not realize that the point is so any merchant can run their own full node and validate any incoming transaction to limit the effectiveness of double spending and network partition attacks?