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/biz/ - Business & Finance

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17549401 No.17549401 [Reply] [Original]

Daily reminder that Lightning Network was NEVER meant to be Bitcoin's scaling solution. That comes much later. For now, we must focus on its sound money properties and anti fragility as a store of value. Payments wont be here for at least another decade.

Keep calm and HODL on.

>> No.17550059

Bump

>> No.17550107

>>17549401
As someone who is not super knowledgeable on coding/IT systems architecture all that stuff, what would 3rd/4th layer technologies even look like? Are there any examples in the way that the internet is organized from a software POV?

>> No.17550123

>>17550107
like internet has so many layers

>> No.17550197

>>17549401
LN is centralized.
No need for digital payments... we already have paypal.
BTC is a ponzi to sell when fomo
It has not even store of value... lol it drops in recession times..

>> No.17550247

>we have absolutely no use and will continue to be useless for at least a few more years
Great work guys keep it up

>> No.17550265

>Payments wont be here for at least another decade
That super bearish
imagine paying $500 to move your corns and waiting 3 hours if it reaches 100k

>> No.17550292

>>17549401
> 2020
> posting about Lightning network

lol

join the low cap train like VRA for the last mega pump. it's all downhill for volatility after this last run.

>> No.17550381
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17550381

>>17549401
Dev here. OP is right but for the wrong reasons. BTC is in build out mode where open layers are built on lower open layers much like amazon on top of TLS on top of HTTP on top of TCP on top of IP.
A bet against where BTC is going was a 1990s bet against the Internet being big

>> No.17550426

>>17550107
they don't look like anything. they are talking out their arse because they put all their chips into one bucket and it turns out the bucket was filled with shit.

>> No.17550434

>>17550381
What happened to your Bitcoin is digital gold meme? Everyone kept saying it doesn't need to scale.

>> No.17550439

>>17550107
Dev here. Yours is a reasonable question, fairly asked. Here's your answer:

BTC flowers from the open source movement, there's no one in charge - so there's no one document to point at to say "that's the future plan." Rather, all the devs "scratch their own itch" and it progresses organically.

Other devs have their own ideas but my guess is that layer 3 will be specialised hosts for hot wallets kind of like specialised hosts for SMTP. Layer 4 then looks more like apps that interact with them. But we're about 8 years too early for all that yet

>> No.17550450

>>17550434
Everyone eh? Name names and provide sauces.

>> No.17550458

>>17550439
Bitcoin is already trustlessly on Ethereum, just use that, it already works and is wayyy easier to develop with.

>> No.17550499

>>17550458
>BASIC is waayyy easier to develop with than C!
>Just write a 3D shooter with that
Okay chief, I'll get right on that. Any moment now

>> No.17550518

>>17550499
lol doing anything of value on bitcoin is like building a computer out of steam valves. It's theoretically possible but you wouldn't do it because it's technically obselete.

>> No.17550538
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17550538

>>17550518
... said the guy working on IPX/SPX instead of TCP/IP

>> No.17550559

>>17550538
>Any smart contract ever can just be made using multisig, easy
you bitcoiners are so retarded.

>> No.17550852

>>17550439

>8 years

More like 20. This is a marathon, not a sprint.

>> No.17551020

>>17550107
It means they are putting layers of shit on top of layers of shit trying to compensate for a fundamental flaw.

>> No.17551062

>>17549401
RSK and ETH already work fine as sidechains
cope harder

>> No.17551193

>>17551062

Lol. No.

>> No.17551310
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17551310

>>17549401
>scalin solution is shit, project sux in what was intended to do
>lets just keep to meme shilling point that works
>SOUDN MONEY AND STORE OF VALUEEEEEEEEEEEEEE

>> No.17551555

>>17549401
Holy shit the coping that comes from Corecucks is insane

>> No.17551635

>>17551555

Except we're #1 and you're not.

>> No.17551675

>>17550852
Aye. I'll be here for it

>> No.17551678

>>17551635
So was VHS but you dont see me using fucking cassette tapes to watch movies anymore now do you?

>> No.17552038

>>17551020
Its actually this
>http://boards.4channel.org/biz/thread/17544838#top
>>17551678
No!
Bajahahahahah

>> No.17552536

>>17549401

Wasn't the idea behind lightning to group a million transactions into one on-chain BTC transaction or something? So the hash of those 1 million transactions is what's stored, and if any single one is changed so will the on-chain hash?

>> No.17552658

>>17550107

Imagine the following; ALL of the world's global internet traffic travels through only a handful of mega-routers. These are called backbone or "tier 1" routers. However, if we were to direct all of our traffic through these, they would not be able to handle the load.

So how does it work? We have smaller, interconnected routers per nation. There's a few of these depending on the size of the nation. They all connect to a tier 1 router at some point. We call these tier 2, and they are far more numerous than the tier 1 ones. The advantage of this is that they can see whether a message needs to travel over a tier 1 connection, or whether it can go to another tier 2 or perhaps a tier 3 router.

As you can imagine, more layers of these routers exist. Each subsequent layer is more localized, until we arrive at the router in your house. When you send a file on your local network between two machines, you don't send that file via the internet because there's no need to. In fact, it would be less efficient.

And that's the way it'll be with Bitcoin. BTC will become so expensive, it'll be unsuitable to send small transactions over because of the costs involved. Smaller, faster or perhaps more localized networks will take that role. With the coming of on-chain swaps, we will be able to send one currency via a smart contract while the opposite side received the amount of a different currency that was agreed upon.

Networks connected to networks, each on a different scale.

>> No.17552825

>>17549401

There is nothing sound about 3tps

Bitcoin scales on chain like Satoshi said it would

Watch when Teranode comes out next year, the starting point is 10k tps, nothing else can compete

>> No.17553322

>>17552536
No.
>>17552658
Therefore; Completely disregarded
>>17552825
https://www.prnewswire.com/news-releases/coingeek-partners-on-teranode-project-with-nchain-enabling-path-to-1-terabyte-blocks-and-7-million-transactions-per-second-for-bitcoin-bch-sv--886459515.html

>> No.17554748

>>17551193
they do and you never used them, that's why you're stomping your feet on being pro/anti LN
layer 2 is a race, fastest to get shit done wins
ETH and every other solidity platform is ahead

>> No.17554785

>>17549401
I'm beginning to hate Bitcoin. ETH and LINK are the only ones I care about now.

>> No.17554812

>>17550197
based pajeet.