/LNG/ Lightning Network General

[Anonymous No.14078350]

>https://en.bitcoin.it/wiki/Lightning_Network
>Lightning Network is a proposed implementation of Hashed Timelock Contracts (HTLCs) with bi-directional payment channels which allows payments to be securely routed across multiple peer-to-peer payment channels. This allows the formation of a network where any peer on the network can pay any other peer even if they don't directly have a channel open between each other. As of March 2019, there were more than 37,000 channels carrying more than 764 bitcoins.

Overview:
>https://dev.lightning.community/overview/

Why should I care?
The biggest complaint right now about Bitcoin is it's high fees and slow transactions. Lightning Network is a 2nd layer solution (controversial I know) that aims to provide instant payments, with negligable fees backed entirely by Bitcoin (and other chains).
If this succeeds not just Bitcoin but all supported cryptocurrencies can proceed in the next phase of taking over financial control of the world.

Why is it so hard?
Largely because it's a work in progress, routing is still in it's engineering/expeimenting stage, and the UI experience requires a fair amount of polish.
If you're technically inclined it's not very difficult to get started.

How do I get started?
Choose a wallet from https://lightningnetworkstores.com/wallets
The usual process is to:
Send some BTC to your LN wallet (Try to be patient 1 sat/byte tx's generally confirm within a day)
Open a channel with either another wallet/node, or one you find on 1ml.com/https://explorer.acinq.co/

[Anonymous No.14078365]

so basically it's not peer to peer cash got it thanks

[Anonymous No.14078372]

>>14078350
Craig wins

[Anonymous No.14078378]

>>14078350
> 1000 BTC capacity with no exchange support after 5 year of development
Why not admit it's an expensive failure corecuck

[Anonymous No.14078382]

>>14078365
>not peer to peer
Provably false, you can open a channel with anyone, and nobody can stop you.
>not cash
It's cash to the extent you can consider any cryptocurrency cash.
I would bet the reason /biz/ is so salty about it is that it doesn't create a new token to shill to each other.

[Anonymous No.14078482]

get yourself an XSN masternode to become a LN node and rake in those passive gains.

[Anonymous No.14079823]

>>14078350
set up LN on my bitseed node. still haven't got it to run properly but it's installed

¯\_(ツ)_/¯

[Anonymous No.14079888]

>>14078365
Deflationary currency will never be cash, doesn't matter if you have the best scaling ever. This shit isn't for buying pizza and coffee, its for isolating yourself from a corrupt financial system

[Anonymous No.14080090]

>>14079888
Digits don't lie. That's why we're destined for 100k+.

[Anonymous No.14080176]

>>14079888
If it can't used as peer-to-peer currency, then it contradicts what's written in Satoshi's whitepaper.

[Anonymous No.14080220]

>>14078365
it is cash so much that it doesn't have a public paper trail following it around the P2P network
lighting is bitcoin put into multisig channels that act as liquidity providers to move cash lightning fast across a network
10,000s of transactions settled into one on the mainchain for channel re-balancing or cashing out to the hardened secure ledger

[Anonymous No.14080238]

>>14079888
the gold standard worked pretty well until we had to begin trusting central banks
then they gain so much power they eventually said eh not backed by gold anymore
too bad for them bitcoin is like the gold standard where every lightning channel is backed by bitcoin

[Anonymous No.14080540]

>>14079888
WRONG

[Anonymous No.14080549]

>>14078350
LIGHTNING IS VAPORWARE

[Anonymous No.14080553]

>>14078350
ITS A SCAM THAT DOESN'T WORK AND WILL NEVER WORK

[Anonymous No.14080559]

>>14078350
USE LIGHTNING SHITWARE AND YOU WILL LOSE YOUR COINS. BLOCKSTREAM CEO ADMITS IT

[Anonymous No.14080566]

>>14078350
SATOSHI MURDERS LIGHTNING VAPORWARE

[Anonymous No.14080576]

>>14078350
IT IS DESIGNED TO MIMIC THE CURRENT FINANCIAL SYSTEM

[Anonymous No.14080582]

>>14078350
LIGHTNING IS THE CENTRAL BANKER SCHEME TO HIJACK BITCOIN THROUGH A SIDECHAIN FOR THEIR OWN PROFIT, ONLY MADE POSSIBLE BY BILDERBERG CONNECTED BLOCKSTREAM

[Anonymous No.14080592]

>>14078350
IT IS NOT A PEER TO PEER SYSTEM AND TAKING OUT ONE CENTRAL NODE CAN CRIPPLE THE ENTIRE NETWORK. IT IS EXTREMELY CENTRALIZED AND VULNERABLE

[Anonymous No.14080607]

>>14080540
>>14080549
>>14080553
defecate in the lavatory

[Anonymous No.14080615]

>>14078350
IN ORDER TO RECEIVE PAYMENTS YOUR NODE MUST ALWAYS BE ONLINE, AND EVERY SINGLE PERSON WHO WISHES TO USE THE NETWORK MUST HAVE A 24/7 ONLINE CHANNEL LOADED WITH FUNDS OR GIVE UP CUSTODY OF THEIR COINS TO A (((NODE OPERATOR)))

[Anonymous No.14080627]

>>14080607
GET FUCKED CORE SHILL, YOUR DAYS OF DEFRAUDING PEOPLE ARE OVER

[Anonymous No.14080665]

>>14080592
Ok rajeesh, send a screencap to dr.sanjeev so he can send some paneer to you 5 children.
Do you fucking understand this Is a 2d projection of a 3d network?

[Anonymous No.14080697]

>>14080665
DO YOU UNDERSTAND WHAT A HUB AND SPOKE NETWORK IS MOSHE?

TOTALLY DECENTRALIZED LMFAO NECK URSELF AND DONT EVER SPEAK TO ME AGAIN

[Anonymous No.14080708]

>>14080697
doesn't matter you fucking retard
anyone can create a channel with anyone else "hub and spoke" doesn't mean shit when this is the case

[Anonymous No.14080734]

>>14080708
I ALREADY BURIED YOU AND YOUR ENTIRE SCAMWARE NETWORK IN THIS THREAD - I ALSO TOLD YOU NOT TO EVER FUCKING SPEAK TO ME AGAIN SCHLOMO