/biz/ - Business & Finance

Is the solution to inequality in third world countries really the availability of education and opportunities for more people? You can lead a horse to water, but you can't make it drink.

my only regret is not daytrading to try to increase my stack (115k). but then again i could've fucked up. feel like i won't make it tho, not enoughhhh.

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)
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!)
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.)
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.) >>
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.
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.
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.
2 replies 0 retweets 15 likes
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.

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)
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!)
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.)
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.) >>
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.
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.
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.
2 replies 0 retweets 15 likes
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.