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File: 115 KB, 1000x594, Lightning.png [View same] [iqdb] [saucenao] [google]
13481026 No.13481026 [Reply] [Original]

When Satoshi wrote the Lightning Network whitepaper, did he not realize that a topography that reflects modern banking is no innovation at all?

Why do people buy Bitcoin or crypto at all? This is just changing one master for another. Explain it for a brainlet.

>> No.13481047

The difference is that you do not need to trust any third party, only the protocol.

>> No.13481063
File: 117 KB, 1200x800, btc2019.jpg [View same] [iqdb] [saucenao] [google]
13481063

>>13481026
>Satoshi wrote the Lightning Network whitepaper
Anon, I...

>> No.13481137

>>13481047
If that's true, how come LN requires third-party watchtowers?
https://blockonomi.com/watchtowers-bitcoin-lightning-network/

>>13481063
Stop lying on the internet.

>> No.13481192

>>13481137
They're not required. They're an optional convenience for people who aren't online most of the time.

>> No.13481247

>>13481192
If I want to run my own watchtower, how do I myself monitor for fraud? I'm not specifically skilled at these things. It sounds easier to just hire a third party to do this for me, especially since I can't monitor my channel 24/7.

This sounds like a trick to get people into the same system. I really don't see what the hype is around crypto.

>> No.13481332

>>13481247
Yeah it's not for brianlets. You really just need to monitor your own channels for someone fraudulently terminating their endpoint by committing on chain. If you don't react to that, the remaining funds in the channel are theirs. If you do react, all funds (including their share) are now yours, minus fees.

So it will be a rare event unless someone is pretty sure that you're not monitoring somehow.

>> No.13481359

>>13481332
How exactly do I detect and claim my funds as well as theirs?

This guy co-wrote the LN whitepaper with Satoshi and he doesn't sound super confident in it, why is that?

https://www.youtube.com/watch?v=LnG5H62I7Ko

>> No.13481601

>>13481332
Pls help anon, I'm poor and can't hire a third party to monitor for fraud.

>> No.13482025
File: 1.21 MB, 1765x957, All Peers lead to Hubs.png [View same] [iqdb] [saucenao] [google]
13482025

Can someone please explain to me how I can monitor for fraud myself and enforce the contract and the best way to avoid fraud when I'm away from the computer without trusting or paying a third party. tnx

>> No.13482054

>>13482025
You use a shitty fork of Bitcoin instead. Not really but it's painfully obvious that's all you want to hear.

>> No.13482070
File: 138 KB, 1232x925, 1556116250236.jpg [View same] [iqdb] [saucenao] [google]
13482070

>>13482054
>use a shitty fork of Bitcoin instead
You mean like core coin BTC?

>> No.13482116

>>13482054
That's the obvious solution, anon. But I love a challenge, so please show me how to protect myself from fraud on LN without a third party.

>> No.13482720

>>13481359

This video is seriously a red flag. Wow. The co-author of the LN whitepaper doesn't even think it will work.