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14897697 No.14897697 [Reply] [Original]

>instant transactions
>minimal fees
>unmatched privacy

Give me one reason the Lightning Network won't make every shitcoin obsolete. Hint: You can't.

>> No.14897727

>>14897697
>require initial deposit
>transactions are not final until they're settled on the blockchain
>not secure enough for large amounts

>> No.14897746
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14897746

>>14897697
>LIGHTNING

>> No.14897771

>>14897697
Its been out for a year and still no one supports it

>> No.14897778

>>14897727
>not secure enough for large amounts
Use on-chain Bitcoin for large payments, and Lightning for small ones. Not a big problem.

>> No.14897784

>>14897697
oh yeah, apparently someone can steal all your money if they feel you've been a bad goy? what the fuck is this shit? How can they just confiscate other peoples cash like this?

https://decrypt.co/7882/lightning-network-security-took-23000-from-thieves-says-new-report

>> No.14897794

>>14897784
>"Justice transactions"

omfg what even is this, I had forgotten all about this until you reminded me of lightning network

>> No.14898010

>>14897784
>>14897794
It's a mechanism that prevents you from scamming offline nodes.

https://blog.bitmex.com/lightning-network-justice/

I think you're reading the word "justice" and assuming it's an SJW thing. It isn't.

>> No.14898061
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14898061

>>14898010
>https://blog.bitmex.com/lightning-network-justice/
but literally anyone can broadcast an earlier channel state. This makes me not want to touch LN with a 10 foot pole.

>> No.14898109

>>14898061
>>14898010
now that I think about it, I would have to save the lastest channel state myself wouldnt I? Otherwise I would be unable to close it. I cant fit channel states on my Ledger Nano's tiny EEPROM, so I would have to store them on my hard drive, where anyone could get access and potentially steal all my money.

The more I think about lightning network the shitter it seems.

>> No.14898163

>>14898061
They've recently added a solution called "watchtowers", that can monitor your channels for you. Might solve the problem with offline nodes, but it's too early to tell.

>>14898109
>now that I think about it, I would have to save the lastest channel state myself wouldnt I?
You need a backup for each channel. Assuming the other nodes are online, they will update you to the latest state automatically.

>> No.14898190

>>14898163
So I have to give these watchtower niggers a copy of the latest state? What keeps them from uploading it? How are they getting paid from this?

>> No.14898195
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14898195

>>14897697
FAQ:
>Lightning network?
This is equivalent of adopting a separate protocol/blockchain, which many other blockchains already perform similarly to LN, but at layer 1. It is as much of a solution as it would be to say, "Hey let's all switch to use <Insert Blockchain Here>, it has close to zero fees and nearly instant transactions". Additionally, LN on/offboarding is still at the mercy of Bitcoin network congestion, which in the current version, it is very prone to...

>> No.14898230

>>14898195
why cant we just change bsv to btc. just throw btc dinosaur code in the garbage and adopt massive, fast blocks.