DISCUSS: BTC Lightning Network

[Anonymous No.12667099]

I personally believe any form of layer 2 "lightning network" is using fake bitcoin and therefore will never see widespread adoption. They are also fucking impracticle. BTC does not need to be digital cash, but it should be the commodity that digital cash is pegged to.

First, lightning nodes must be preloaded with the balance of real BTC that it expects to use. Imagine preloading your coffee shop's lightning channel with enough BTC to buy a month's worth of coffee.. it's fucking annoying. And no you can't just send BTC to your lightning channel whenver you want to use it, because that defeats the whole point of lightning channels.

Not only this, but the only parts of a lightning channel that are settled on-chain is the opening and closing of the channel, essentially making this an IOU system even more faggy and pajeety than our current fiat lending system.. It requires large amounts of trust which is antithetical to bitcoin.. Fuck blockstream.

[Anonymous No.12667114]

>>12667099
Lightning network is just a dumb idea from inception. If normalfags can't click Send and have everything work they won't even bother with bitcoin. Venmo already allows Roastie #1 send bar money to roastie #2. If it's not at least as good as that, forget it

[Anonymous No.12667127]

Please inform yourself from proper documentation. Avoid /biz/ for technical details, avoid roger very and faketoshi Twitter. And stay away from /r/btc.

[Anonymous No.12667140]

Using LN is just like using a bank, the only difference is that LN is worse.

[Anonymous No.12667144]

>>12667114
Exactly. Also it might just be because I'm a goldfag, but I believe higher tx fees add to the bitcoin network's value. I truly think that the BTC chain will only be used for large government settlements and transparency. Miners will live off these scarce transactions while meanwhile we buy our groceries with other chains, maybe Stellar or a similar network with nearly instant settlements.

[Anonymous No.12667165]

>>12667144
The fees would have to be utterly gargantuan, and at that point it would not benefit financial institutions.

[Anonymous No.12667283]

>>12667099
Lightning Network is not meant for normalfags like us. It's more suited for big businesses like your Walmart and your Starbucks. Either ways, in a few years Bitcoin will become so expensive that nobody would want to do normal transactions with it, and it's good that way. It'll become more of a store of value. I see this post being screencapped in the future showing the ignorance of people on how lightning network will work

[Anonymous No.12667295]

>>12667144
this situation isn't possible because there only needs to be one other sha256 chain with on chain adoption and miners will dump btc
or btc will adopt inflation to incentivise miners past the end of the block reward in which case it is no different to feds usd

[Anonymous No.12667323]

>>12667295
This! At some point they will have to add inflation because it won't be profitable for miners anymore, but you need the miners to secure your network. It's something Satoshi didn't really think about desu

[Anonymous No.12667346]

>>12667099
>using fake bitcoin
we really are the lowest IQ board on 4chan

[Anonymous No.12667383]

>>12667323
they've already started seeding the narrative

https://twitter.com/peterktodd/status/1092478101609578496

satoshi wanted inflation!

[Anonymous No.12667411]

>>12667383
Who gives a shit what satoshi wanted. Satoshi worshipers are the fucking worst brainlets

[Anonymous No.12667958]

>>12667323
well the end of block rewards is like 120 years away so we can put that aside for now.

[Anonymous No.12667966]

>>12667958
meant to reply to
>>12667295

[Anonymous No.12668622]

>>12667099
>BTC Lightning Network

Bitcoin's version of Instagram and Western Union, but less secure.

[Anonymous No.12668761]

>>12667411
Nobody cares what Satoshi wanted. But what we should care is how Bitcoin was designed, because that design was done all at once and if you change some if the bits, pieces start falling off and it breaks apart. Until we understand why things are in the whitepaper, we should be careful when fucking with them. Removing or changing something in a complex system should happen *after* you can articulate clearly and precisely why that thing was put there in the first place, and also explain how you're making it better. Though just because something was put in place for some reason doesn't mean that it does what it's supposed to do. So yeah, don't worship Satoshi or the whitepaper, but try to understand why things are in the paper and change accordingly.

[Anonymous No.12668808]

>>12668622
>>12667323
>>12667295
>>12667165
>>12667144
>>12667140
>>12667114
>>12667099

HAVE FUN BEING POOR!

[Anonymous No.12668837]

>>12668808
>BUY A DEPRECIATING ASSET OR BECOME POOR!
>I'M TOTALLY NOT HOLDING ANY BAGS! ;_;

[Anonymous No.12668874]

Nano is the real lightning network

[Anonymous No.12668902]

>>12668808
admit it. you have no idea how BTC will survive once mining becomes untenable. BTC literally has an expiration date on it.

[Anonymous No.12668919]

>>12668902

people need to transact, an equilibrium will take place because bitcoin is governed by multiple constituencies dummy. and if you aren't completely retarded you will have XMR as your backup

[Anonymous No.12668938]

$0 in March
>>12668888