[ 3 / biz / cgl / ck / diy / fa / ic / jp / lit / sci / vr / vt ] [ index / top / reports ] [ become a patron ] [ status ]
2023-11: Warosu is now out of extended maintenance.

/biz/ - Business & Finance

View post   
File: 35 KB, 500x394, A500A86F-2CAE-41A2-B36D-44A8C36DA4B9.jpg [View same] [iqdb] [saucenao] [google]
12761396 No.12761396 [Reply] [Original]

Redpill me on lightning network. Is it shit? Jack Dorsey said he wants to implement it into square space, could be long term bullish? Idk. Even with lightning, blocks need to grow to 100 plus mb, and miner support needs to remain strong...

>> No.12761399

>>12761396
Yes anon. Bitcoin to the mooooooooon

>> No.12761404
File: 1.81 MB, 400x300, giphy.gif [View same] [iqdb] [saucenao] [google]
12761404

u can order dominos with it

>> No.12761415

>>12761396
security tokens are the next bubble.. buy chx retard

>> No.12761418

Works great as a custodial wallet... I guess normies don't care about the difference.

>> No.12761515
File: 244 KB, 636x515, 1549008510006.gif [View same] [iqdb] [saucenao] [google]
12761515

<3 birb

>> No.12761556

>>12761396
why don't you download bluewallet and see for yourself? sure it's custodial, but you hold all your shitcoin token scams on binance, so what is the differnance? also, nobody forces you to hold all your bitcoins in a custodial wallet. you can keep small spending amounts and the rest in cold storage until there are better solutions.

also IT'S FUCKING AMAZING.

>> No.12762304

>>12761396
What happens if everyone starts using lightning instead of the main chain? This will disincentivize miners, resulting in hashloss making the chain increasingly insecure and vulnerable to attack

>> No.12762825

>>12761556
$0.50 has been deposited into your account for this post.

>> No.12762866

>>12762304
Lightning node operators still have to consolidate balance and maintain channels which require on chain transactions
Rootstock is a smart contract sidechain that uses miners as security through merge mine which rewards bitcoin miners in top of block reward + fees >>12761396
Blocks are the proper size now and efficiencies are always being developed I doubt 100mb blocks will ever be necessary that's a bad argument

>> No.12763128

>>12762866
Yeah, but whereas before lightning you had 100% of transactions on chain, you will now have less than 100% because users will opt to use lightning for cheaper and faster transactions.

This is a problem because the main chain needs miners to verify transactions on this chain in order to secure the network/final settlement layer. If everyone or the vast majority of users are using lightning, how do you ensure there will be enough transactions on the main chain to justify miner support?

>> No.12763278
File: 575 KB, 1125x2436, 86925203-9411-4FB5-9075-01C66262A711.png [View same] [iqdb] [saucenao] [google]
12763278

>>12762866
This is from the horses mouth, long term 100+ mb blocks will be necessary, even for core.

>> No.12763477
File: 69 KB, 933x847, 1547273796680.jpg [View same] [iqdb] [saucenao] [google]
12763477

Reeeeeeeeeee
Someone give me the red pill on LN
A lot of people I thought of as smart since the early Bitcoin era like Antonopoulos seem not to be worried, so I'm feeling rather dumb that LN seems to me to be a bit of a bad idea

>> No.12763929

>>12761396
1. it's complicated to make user friendly, but it can be done. Will take time.
2. the long term block size issue is not solved. if it takes $10 to open a lightning channel, nobody is going to use it.

If a bank suddenly decides that it's worth paying $10 to timestamp an important document on the bitcoin blockchain, then suddenly everyone is priced out and Bitcoin is now bank-document-chain. Even with lightning

as far as I can see corecucks still have no plan or idea how to solve (2)
I would like to be proven wrong since I still hodl BTC