>Lightning Network is not over engineering

[Anonymous No.11010473]

https://www.reddit.com/r/Bitcoin/comments/9ea26u/finally_setup_my_own_raspiblitz_bitcoin_fullnode/

[Anonymous No.11010525]

>>11010473
Dead tech.

[Anonymous No.11010548]

>>11010525
We went from banking the unbanked global money for everyone to this

Absolute joke.

[Anonymous No.11010552]

>>11010525
https://medium.com/@craig_10243/why-scaling-on-chain-works-5b78d6abb3c7
Pedo banker segwitters BTFO

[Anonymous No.11010578]

>>11010473

The absolute state of the comments in that thread.

Why does bitcoin core stink of S O Y

[Anonymous No.11010602]

>overengineering
it's a completely separate layer to bitcoin, they can overengineer, experiment, all they want, without breaking the main chain like the chinese did when they tried to change bcash's difficulty *adjustment) algorithm.

since layers (along with better algorithms for culling the uxto for better pruning) are the future of blockchains, it makes sense to do as much experimentaton as possible, that's how modern software development works.

[Anonymous No.11010640]

>>11010548
>implying it's possible to install something using nodejs without issues

[Anonymous No.11010664]

>>11010473
holy fuck lmao. what a fucking joke

[Anonymous No.11010691]

>>11010664
I no rite see dis guy
>>11010602
Haha let's laugh at him
>Muh BCASH
>Bitcoin can't scale on chain
Brainlet

[Anonymous No.11010718]

>>11010602
completely deluded

it's not a separate layer, it's just transactions stored in memory (not saved anywhere fyi) before writing them on-chain. and LN is being touted as the solution to the scaling problem, it isn't just an "experiment." do you really think starving children in africa are going to be able to afford and set up lightning nodes with constant connections so we can "bank" them? do you really think turbo normies will be able to follow these spoon feeding tutorials that invlove linux/cli when they don't even know how to reboot their smartphones? absolute retardation.

[Anonymous No.11010826]

G guys ? Altcoins will be ok arent they?

[Anonymous No.11010877]

>>11010718
Nobody cares about children in Africa using Bitcoin lol, is this satire

[Anonymous No.11010884]

>>11010718
t. brainnlet(You)

LN doesn't impact those african's ability to download a wallet and perform transactions on the bitcoin network. LN is like an OC 3 fiber backbone, your traffic passes over it without you knowing about it and it doesn't change your end user experience.

[Anonymous No.11010889]

Is this supposed to look complicated?
I see a hard drive and some weird mini pc with a display???

[Anonymous No.11010900]

>>11010718

Why would children of africa set up their own nodes. They can just use another node. The ln node is just for payment processing you dumb bcash monkey

[Anonymous No.11010910]

>>11010889

People think this is required to access ln network whilst its only for those setting up a node, which actually looks quite simple.

[Anonymous No.11010917]

The entire idea is fucking stupid. I'm not going to prefund an account to buy coffee.

[Anonymous No.11010929]

>>11010473
yeah im tired of autists thinking everyone is an autists like themselves.
Im proficients in linux and even i know their are certain things which are normie-repellant and alot of crypto is.

I always laugh when i see crypto projects provide the source code and say just compile it. As if thats whats really going to drive adoption.

[Anonymous No.11010938]

>>11010910
as your mom or a guy off the street to do it. Just give them the instructions and no help. They wont. Youre deluding yourself

[Anonymous No.11010948]

>>11010877
>>11010884
>>11010900
it's honestly amazing how retarded you maximalists are, and I'm offended you think I'm a bcash faggot. bitcoin and all it's stupid forks are killing cryptos.

>be african
>want to send BTC
>can't afford the $50 USD fee on settlement layer
>try to use LN to make a payment to buy rice to feed my starving family
>my connection drops while I'm in the channel
>warlord steals my BTC that was in the channel
>no record of internal transactions since they weren't on chain
>warlord gets away with it

yeah, great solution

[Anonymous No.11010968]

What's the point of LN anyway? If you want super-fast, high-volume transactions banks could already do them for you the same way as centralized crypto exchanges now facilitate fast transactions between traders.

[Anonymous No.11010972]

>>11010473
AHHH OK translation: why bother

[Anonymous No.11011045]

>>11010917
>I'm not going to prefund an account to buy coffee.

You put money into your checking account with a bank to use with a debit card

[Anonymous No.11011120]

>>11010929
do you remember when bitcoin was command line only?
no. you don't. it was though.
>>11010948
>btc hits $50 fees one day ever
>all retards ever say is muh $50 fees
i sent a segwit tx yesterday for $0.014 you nigger.
>try to use LN to make a payment to buy rice to feed my starving family
>my connection drops while I'm in the channel
if you open a simple payment channel (on your cell phone using eclair or something) it is pointless and stupid for the warlord to do anything because he can't take shit from you.
your channel will either be unaffected until you come back, or he can force close it which sends your balance to your wallet...
thats it.

[Anonymous No.11011128]

>>11010640
I don't think you got my point

[Anonymous No.11011144]

>when you can't afford the on-chain TX fee to close your open lightning channels but you really want to go to starbucks for that s o y latte

[Anonymous No.11011148]

>>11011045
>You put money into your checking account with a bank to use with a debit card

[Anonymous No.11011274]

>>11011120
except the warlord can steal from you since he can afford and knows how to use watchtower nodes and the poor african only knows if he goes another day without rice he'll starve to death. the penalty system is just as centralized as EOS.

[Anonymous No.11011327]

>>11011274
how can he steal from you if you don't have a bidirectional channel open with him?
impossibru

[Anonymous No.11011347]

There's no way this shit is real. Please tell me he's some uber troll who wanted to evade the mods. I just don't believe Bitcoiners are really this stupid - like wtf does his gizmo do without locking funds? It's like setting up a cpu miner with 15K h/s, it does JACK SHIT to the network except of looking cool to newbies.

[Anonymous No.11011390]

>>11011120
You were not around in December

>Muh fees are 1 cent today
>Therefore they have always been 1 cent

[Anonymous No.11011414]

I estimate around 90% of people on this board don't understand how the LN works.

[Anonymous No.11011446]

>>11010718
Do you honestly think they won't release a smartphone app once the network is up and running? Are you really that retarded or just shilling for btc? Oh shit they pay you in btrash, don't they? Sorry bud

[Anonymous No.11011476]

>>11010548
Lol at normie npcs who can't use anything that isn't an iphone app.
See you at the top of the next parabolic advance I guess.

[Anonymous No.11011485]

>>11011327
if it's not bidirectional it's a normal on chain transaction you mong

[Anonymous No.11011631]

How does Bitcoin Cash solve the scaling problem then? It seems to me like it's some sports type of fight on what team is better while they both are shit. Can Bitcoin Core have near instant transactions without sacrificing trustlessness? Can Bitcoin Cash do it?

[Anonymous No.11011644]

>>11011390
i spent $86 (.0047 btc) on a fee to move coins off of bitmex to sell during december faggot.
most fees weren't that high tho since mex uses multisig and a huge minimum fee
if the same tx volume happened today it wouldn't be anywhere near that bad either thanks to segwit adoption
>>11011485
>he doesn't even know about single-funded channels but thinks he knows how ln works
go download eclair on your phone and play with it retard.

[Anonymous No.11011756]

>>11011644
the cost of opening and closing a single funded channel is pointless vs. on chain, it uses more data, and it's still bidirectional. you're literally grasping at straws

[Anonymous No.11011769]

>>11011631
Bitcoin Cash isn't Blockstream, it has several independent teams, one of which wants to use sharding like Ethereum is planning, another team just wants to go right away to 128MB max blocks using several optimizations.
The reason LN will never work isn't because of technical reasons, it'll just be way too late in the race.

[Anonymous No.11011792]

>>11011756
you're actually retarded, thanks for confirming that.

[Anonymous No.11011824]

>>11011414
That's a lowball. Probably 99%. I've never seen someone accurately describe it here. Why bother. Let them lose money on shitcoins and Chinese knockoffs they'll all be sucking btc dick again eventually.

[Anonymous No.11011884]

>>11011792
I love when bcucks switch to personal attacks when they know they've lost, it's like clockwork. and don't group we with the slant eyed btrash chinks.

[Anonymous No.11011924]

>>11011792

[Anonymous No.11011962]

It's a raspberry pi with a external harddisk wtf is so complicated about that?

[Anonymous No.11011992]

Hahahhhahhahhahhahhahhahaahhahahhahahahhahhahahhhahahhahhahahhahahahahahhahah *breathes in* hahhahahhhahahahahhahhahhahaahhahhahahahhhahhahahahhahahhahahahhahahahhahahahhahahhahahahahhahaahhahaahhahah

[Anonymous No.11012067]

>>11011148
> money in bank which can be spent everywhere
> having to set up a payment channel with every person separately

[Anonymous No.11012322]

>>11011884
listen faggot.
go try it yourself.
you can do it all on the testnet for free with no risk
start with the cellphone LN wallets, pick whichever one you like
then fire up a bitcoin core node in testnet mode, and your own ln node on a computer, i recommend eclair for you because its easier
open a channel to your node from your phone, it will be a single funded channel
buy some rice from yourself a few times
put the phone down for a while and the channel will go offline
try to steal btc from your phone.
i'll save you the time though, you will not be able to steal from the phone node, and if you try you will lose money on your warlord node
as for this retard shit-
>the cost of opening and closing a single funded channel is pointless vs. on chain, it uses more data, and it's still bidirectional. you're literally grasping at straws
you will pay 225+ sats for every on chain tx.
over ln you will pay a little more than that to open or close the channel, then next to nothing to use it, and only cost 2 on chain tx's no matter how many times you use it.
so if you send more than one or two payments you already saved on fees, and you saved block space for other tx's
you can even send sub satoshi payments for free or close to free, which you cant do on chain.

[Anonymous No.11012479]

>>11012322
How are you going to protect your vaporware of an LN against DOS?

[Anonymous No.11012500]

Fucking brainlets

Its literally a raspberri pi and a Hard Drive

The rest is an access point and a Wifi Router, elements that everyone have in their houses.

The fucking absolute state of /biz/

[Anonymous No.11012518]

>>11010877
They will use bitcoin cash

[Anonymous No.11012648]

>>11011327
>you dont need to run a node, just connect to someone elses and trust them with your money!
>connect to warlords node
>steals your money

[Anonymous No.11012652]

>>11010525
Dad tech

[Anonymous No.11012670]

>>11011347
im done.

[Anonymous No.11012702]

Shitcoiners are butthurt, as usual.
> muh dino coin
> muh world computer will overtake it
> muh better tech that we got from core developers
See you at 70% dominance.

[Anonymous No.11012788]

>>11012500
That's not what we're making fun of, idiot.

[Anonymous No.11012796]

i'd rather keep my money in a centralised exchange that works like a bank rather than use someone elses insecure LN node.

Oh but wait, that was blockstreams plan all along which is why they're making "LIQUID" so they can take transaction fees for doing fuck all.

SCAM.

WAKE UP, RAISE THE BLOCKSIZE

[Anonymous No.11012813]

>>11012648
you are running an actual lightning node on phone wallets, they just use spv for the bitcoin wallet part of it like any phone wallet.
you aren't trusting anyone with your money either brainlet.
what really happens -
>open single directional channel with the warlord on your phone
>send him money for rice
>you go offline
>warlord closes channel with old state
>he refunds your money
thanks warlord.

[Anonymous No.11012825]

>>11010718
You don't need a node.

All what you need is phone with Android and any internet connection.

Even little negros in slums do have smartphone these days.

[Anonymous No.11012858]

>>11012813
there's no such thing as single directional, just single funded, and by closing on an old state you're implying there's more recent transactions so the warlord did fuck you over.

basically this thread is proof LN is over-engineered garbage. they should have waited years until it was relevant.

[Anonymous No.11013083]

>>11012858
>t.never tried an android lightning wallet
also there is no way for the warlord to fuck you over unless he paid you more than you paid him.
using your own scenario, fucking the nigger over who made the payment is not possible.

[Anonymous No.11013098]

>>11010473

Lol, bitcoin shills ACTUALLY believe LN is a good solution. D E L U S I O N A L

[Anonymous No.11013102]

>>11012858
not possible if he didn't pay you anything is what i should have said, which is what happened in your scenario from earlier.

[Anonymous No.11013118]

LN is fucking trash lmao

[Anonymous No.11013168]

>>11013098
1. Buy BTC with fiat - pay a fee
2. Open a LN channel - pay a fee
3. Get a watchtower to provide weak security for you - pay a constant fee
4. Use on LN - pay a tiny fee

Or

1. Buy BCH with fiat - pay a fee
2. Use on-chain - pay a tiny fee

[Anonymous No.11013207]

>>11010473
This is SICK!

[Anonymous No.11013215]

>>11013168
Or
1. Use nano - what are fees?

Or
1. Use EOS - pay an account creation fee
2. Use many tokens with no transaction fee

BCH does not go far enough (yet). BTC LN whitepaper is drivel and the concept is duct tape ghetto ass shit.

[Anonymous No.11013556]

>>11010938

Tnere is no need for someone in the street to do it. Not everybody is a btc miner either. Fcking bcash scum hows those sats looking today?

[Anonymous No.11013628]

>>11012479

Mein got.
>muh dos

Well then the payment through that node might be delayed so you can just use another. But the dos attack is unlikely to break pros

[Anonymous No.11013773]

why are so many of you so butthurt?

[Anonymous No.11013795]

>>11013773
Look at the eth and bch charts. Or any other alt.
Butthurt shitcoiners trying to cope.

[Anonymous No.11013812]

>>11011120
>do you remember when bitcoin was command line only?
bitcoin was never command line only.
The first client was a mfc gui windows app coded in visual c++ 6 by satoshi.

[Anonymous No.11014071]

>>11011045

I thought the primary idea of bitcorn memes and every other crypto was to not be the bank.

[Anonymous No.11014090]

>>11014071
that was the idea before blockstream took over.

[Anonymous No.11014116]

>>11014071
Mfw when lightning network is literally a banking system

[Anonymous No.11014220]

>>11013215

Use eos
>pay account creation fee.
>find someone with a trusted account who can vouch for you to get your account setup.
>wait 48 hours for the account to be cleared.
>buy eos coins through the guy, because you have none.
>want to get some dapps.
>look for block producer.
>he wants 2000 dollars for 1 meg of RAM.
>must pay pedophile king Brock Pierce a commission fee, or the deal is invalidated.
>pay almighty block producer his pound of flesh to get enough RAM to run a dapp that's just a farting anime girl.
>get into a shitposting fight with almighty block producer.
>block producer is part of the supreme court.
>he reverses your RAM purchase, killing your farting anime girl project.
>complain to Brock Pierce.
>he cites eos constitution.
>account closed, all funds given to block producer.
>bitch on ribbit and biz about the tyranny of evil centralized mega shit corporations that answer to no one, and has absolute power to fuck you over with any kind of due process, or even an explanation.
>mocked endlessly for giving money to a gay pedo cowboy.

[Anonymous No.11014264]

>>11010718
>it isn't just an "experiment."

It is until the service is fully tested and used successfully in real world conditions.

[Anonymous No.11014284]

>>11011120
>i sent a segwit tx yesterday for $0.014 you nigger.

Even that amount is very high in poor countries.

[Anonymous No.11014330]

>>11014116
Explain.

[Anonymous No.11014344]

>>11010718

Better deluded than completely tech illiterate. You don't need fucking nodes, it's just to support the network, no one seems to understand that. The absolute state of biz.

[Anonymous No.11014364]

>>11014344
sounds 100% trustless and decentralized anon, which is the pillar of bitcoin

[Anonymous No.11014365]

>>11014330
Literally in the whitepaper

https://www.weusecoins.com/assets/pdf/library/Lightning%20Network%20Whitepaper.pdf

>Eventually, with optimizations, the network will look a
lot like the correspondent banking network, or Tier-1 ISPs.

[Anonymous No.11014417]

>>11010968
Yikes.

[Anonymous No.11014450]

>>11014344
>you don't need nodes
Huh. I guess CSW and Jihan are back sucking each other off again, because the average IQ of the board just plummeted

[Anonymous No.11014863]

>>11014365
Cant wait to set up my lightning network node - said no one ever