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2023-11: Warosu is now out of extended maintenance.

/biz/ - Business & Finance

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4893012 No.4893012 [Reply] [Original]

Altcoins are done. Finished let me tell you.

>> No.4893023

This won't be bitcoin anymore

>> No.4893024

>>4893012
"you NEED to go back"

>> No.4893035

hahahahaha DEATH TO ALTS!!! Stinky dirty greasy altcoins hahahahaha

>> No.4893043

it's true. everyone likes to act like BTC is old dino tech, but I think they've all forgotten about the myriad of upgrades that are available. and now that BCH is its own thing, there's nothing stopping BTC from getting these upgrades done.

>> No.4893069

still not private though

>> No.4893075

vaporware

>> No.4893111 [DELETED] 

Well come and make some money pumping before that hits

https://discord.gg/mu3kJRB

>> No.4893163

>>4893111
reported pajeet

>> No.4893269

lightning is still literally fucking years away lmao

You have no idea the level that it would need to be scaled to handle bitcoins transactions and remain decentralised

>> No.4893409

>>4893069
who cares, ln is for small volume stuff. I am sure the big money will still be moved on legacy transactions

>> No.4893436
File: 70 KB, 498x600, excuse me, sir.jpg [View same] [iqdb] [saucenao] [google]
4893436

>0 fee transactions

Is this what people really believe

>> No.4893469

The lightning network is NOT Bitcoin.

>> No.4893489

>>4893012
How fast is Bcash?

>> No.4893515

There is only one possible scenario where LN is cost effective. The sooner LN comes out, the better for alts.
Only if there is a centralized hub that charges people per transaction (think $1 off chain instead of $4 on chain) that has liquid channels with major spending spots.

It is absolutely IMPOSSIBLE for LN to work in a decentralized way. And if people are not paid within the LN channel, it is too expensive to go in and out of the channels.

The costs of setting up the LN network and the risks of trusting a centralized hub for a "decentralized peer to peer currency".... well that's not going to work out.

>> No.4893528

>>4893469
it's bitcoins federal reserve

>> No.4893540

>>4893012
I'm sorry but did Redditors actually accept that reply to the fees? Can someone give me a better answer? Why would miners even considered carrying out transfers when fees are close to 0? Don't give me the same answer that reddit pleb gave either.

>> No.4893568

>>4893515
Why wouldn't miners mine Bitcoin cash when LN comes out?

>> No.4893569
File: 1001 KB, 640x480, 👌😂.gif [View same] [iqdb] [saucenao] [google]
4893569

nice just built a system to escape fractional reserve banking that in order to scale needs to revert back to fractional reserve banking

>> No.4893586

>>4893012
LN can be integrated into any coin so why would altcoins die?

>> No.4893636

All this cryptocurrency shit ruined /biz/ worse than mandrama ruined /asp/
There's no point to even come to this board now

>> No.4893652

>>4893012
>lightning
So pretty much banking and commerce as we now know it are fucked, right?
The world economy is going to be fractionated satoshis. People with full bitcoins are likely going to be holding on to today's equivalent of trillions of dollars.
Wars end. Governments become necessary.
Aliens come out from everywhere and tell us we are no longer a quarantined planet.
Space travel becomes normal.
And the altcoin crowd becomes the resistance in this new star wars universe.

>> No.4893675

>>4893012
you know this is a scam, altcoins too. its all about promoting pyramid scheme on the unsuspecting people

>> No.4893708

>>4893012
/biz/ is wrong again. Alts are about to take off since the bitcoin price rise is a simple pump and dump on a bigger scale than what we're used to seeing.

Lighting network + futures are putting serious boomer money in bitcoin, and the whales are ready to dump on them. I believe the bitcoin price will move less significantly in the next few weeks, but can still rise, and then the price will bleed for 1-3 months starting with the LN activation.

Buy the rumor, sell the news

>> No.4893709

>>4893636
>All this cryptocurrency shit ruined /biz/
Are you new here?

>> No.4893823

New Blockchain is the future, like Universa

>> No.4893846
File: 54 KB, 825x510, DNUdxmAXkAADPcU.jpg [View same] [iqdb] [saucenao] [google]
4893846

>>4893023
Wrong.

>> No.4893858 [DELETED] 

>>4893823
Agree
join the ICO before It ends and of course use my referal link to get 50 free coins :^)
https://check.universa.io/-7aC7LK

>> No.4893927

>>4893652
There is only 250 trillion dollars worth of stuff on you absolute fucking retard.

>this new star wars universe

>>>/reddit/

>> No.4893954

>>4893927
*on this planet

>> No.4893961

>>4893823
Yesss, just invested in It! Use my referal link to get 50 free coins and a little bit for me :^)
https://check.universa.io/-7aC7LK
John Mcafee was shilling for this coin so I'm in

>> No.4893972

>>4893961
Remember that he shilled verge too and every other shitcoin

>> No.4894035

>>4893927
>250 trillion dollars
In the future everyone will be able to spend their satoshis to become white. It will be a crime free world.

>> No.4894207

>>4893961
Woah.. Is referral links allowed here?

>> No.4894212

>>4893024
This guy...
Don't be this guy

>> No.4894269

>>4893012
How long have we been hearing this for? kys.
>>4894207
No pajeet.

>> No.4894321

>>4894212
(You)

>> No.4894353

>>4893972
He is building his next adventure with Universa, he invested in It, not just a Twitter comment

>> No.4894438

hm when is this speculated to be implemented?

>> No.4894508

This will allow bitcoin to actually go mainstream and be accepted at places such as ebay,amazon as well as compete with visa/mastercard level capabilities.

>> No.4894594

How does this work in practice? I have a btc wallet and want to send to my friends wallet. We both have to open a lightening network channel by paying the normal main chain fee and then i send the funds over the lightening network then we pay again to close the channel? How the fuck does that help?

>> No.4894616
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4894616

Skycoin already has instant and completely free transactions

>> No.4894928

>>4894438
22nd of jelember

>> No.4894997

>>4894616
cool

>> No.4895048

>>4893069
it actually adds a lot of privacy. either way, thats already in the works too. look up MAST.

man, the amount you people dont know about btc is the reason you think alts still have a future. your window to take over the main crypto spot from btc is way gone now. you spend so much time researching yet another shitcoin that might pump, that you dont know what btc has been doing. research btc for even 50% of the time youd spend on some new shitcoin, and youll see not only why its going to go up going forward, but also why altcoins are going to die pretty soon.

>> No.4895118

>>4895048

lol keep telling us how colored coins, treechains, side chains and other vaporware shit is going to squash alts too, BTC maximalists are literally years behind.

>> No.4895199

>>4893927

If you add up all the derivatives there is over a quintillion dollars worth of stuff :^)

>> No.4895610

>>4894616
Thanks pajeet

>> No.4895727

>>4893012
These people are so deluded it's insane.

No one properly addressed that guys point face on. They should admit that if the LN is working properly (and that's a HUGE if as it depends on widespread adoption and infrastructure that doesn't exist yet) miners will absolutely make much less money from fees.

It's not going to work properly anyway, if BTC continues to grow then there will be several times more on chain transactions than we are seeing today, even with the availability of the lightning network.

>> No.4895787

>>4895727
bcash xDDdDDd dood HODL to the MOON dude

>> No.4895844

>bitcoin gets invented to get away from the banksters jews
>blockstream jews hijack bitcoin and build in a bottleneck they "solve" with lightning system
congratulations you have sold out bitcoin to the kikes again
>inb4 pol fag
call me whatever u want you know im right

>> No.4895896

>>4895727
>if BTC continues to grow then there will be several times more on chain transactions than we are seeing today, even with the availability of the lightning network.

Nope, if SegWit is adopted more, it will boost the tx numbers up a bit, but otherwise with 1MB blocks, the chain will always have ~400k tx/day. 99% of transactions will be pushed to LN if 1MB blocks remain and BTC becomes mainstream used.

>> No.4895912

>>4895844
The transactions are done off chain so I would think you to be correct I have no clue thou

>> No.4895930

>>4895787
Nah BCH is a shitcoin too. I know you really want me to be a cashie because you have absolutely no way to rationally defend your precious bloatcoin,

>> No.4896068

>>4895896
>99% of transactions will be pushed to LN if 1MB blocks remain and BTC becomes mainstream used.

Nice number you pulled out of your ass.

An on chain transaction is required every time a channel is opened or closed. That alone would amount to hundreds of thousands of transactions a day if BTC truly became adopted as a currency.

>> No.4896246

>>4896068
I predict it will go something like this

>WOOOH LN YEAH...
>puts money in channel
>waits hours for channel to open
>tries to transfer money
>UGH IT says the transfer failed!
>opens more channels
>still doesn't work.
>..... a month later a central "hub" channel opens
>the hub charges 1/4th of what miners are charging.
>still more expensive than ETH & alternatives
>people close all their channels and LN becomes a ghost town

>> No.4896301

>>4893012
To the newfags this just simply isn't true. Onchain transactions are terrible right now. Imagine what they would be like when you need to send them on and off the lightning network. Alts are miles ahead of this.

>> No.4896602

The reality is that most people won't use the lightning network. The majority of the congestion on the network is just from people buying bitcoin and transferring it to their own wallet. They have no incentive to use payment channels.

Opening a payment channel takes a BTC transaction, so $10-$20, then closing takes another transaction so $10-20. You also have to lock up your BTC WITHIN the channel you put your money in. People don't realise this. So if you want to buy coffees every day for a month you have to do two bitcoin transactions $20-40, and also lock up 30 coffees worth of BTC, so about $100. Lightning will work pretty well for exchange to exchange transactions as they will probably have channels open with each other, but that's mostly it.

Coinbase isn't even implementing segwit in the near future, so there's no way they are going to use lightning network anytime soon. This is really a lot of hype for a very small number of use cases. The only way it works is with ALL of BTC locked into payment channels with VERY LARGE CENTRALISED PAYMENT HUBS. That's not what BTC is about. Lightning is a meme. Raiden is working on ETH, and no one is using it.

>> No.4896692

>>4893043
implying they get anything ever done

>> No.4897743

>>4896246
Eth has higher transaction fees

>> No.4898218

>>4893043
>years of quarreling over the most basic of problems ended in a hard fork
>they'll implement all the new tech guys I promise.

while (true){
System.out.print("LN only 18 months away!");
}

>> No.4898511

>>4895118

Actually, the best devs work on Bitcoin.

Altcoins appear when a dev suggests something for Bitcoin and is told it's stupid but doesn't understand why.

>> No.4898540

>>4895844
>>blockstream jews hijack bitcoin and build in a bottleneck they "solve" with lightning system

Blockstream people DO NOT make up the majority of Bitcoin devs.

>> No.4898687

>>4898511
That argument is so naive that it is actually cute.

>> No.4898697

>>4893043
I can't wait for the day that these so-called "upgrades" will mark the death of BTC. You all fucked up, admit it. LN will never be used for daily transactions, and zero-fees is just a false claim. Since you need two transactions on chain, to open and close the channels, it will never be zero-fees no matter how many transactions you stick in the LN channel.

>> No.4898746
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4898746

>>4898697

>> No.4898760

>>4898511
Actually the best devs work for Monero, which even has 2 math PhD's on its payroll, working full time. Out of all BTC's devs, only Gregory Maxwell is actually noteworty.

>> No.4898772

>>4898760
*noteworthy

>> No.4898803

>>4894928
What is this... fucking rimworld?