/biz/ - Business & Finance

I'm so glad we all decided to switch to the Lightning Network, am I right fellas?

>>29078291
More real than BSegwitTLNC

If you have 1 BTC in your Lightning wallet and it costs 2 BTC in fees to settle on chain, are you really holding bitcoin?

What went wrong bros? Why is no one using this?

All you have to do is open a channel every month or so and spend with practically no fees or wait times at all.

Turbo channels, splicing, loop in/loop out, projects like Zap Olympus (https://medium.com/@JimmyMow/announcing-olympus-lightning-enabled-fiat-ramps-by-zap-1f5349a96ee9)), continued development (https://github.com/lightningnetwork/lnd/))

If anyone has any questions I know a bit about LN I can answer them

1. Bitcoin has an immaculate conception.

Normies will chalk this up to first mover momentum. It's not. The difference is bitcoin is a living proof of the resolution of the double spend problem. Now, obviously basically every crypto out there replicates this, so this is not enough to make btc special. What's more, btc introduced a new metaphysical substance in the world: an entity only reproducible by virtue of it's irreproducibility. Put differently, it is unique because it is the first thing in a class of unpredictably unique things. As such it has by definition one thing all other cryptos can never have.

2. Bitcoin is the hardest money to ever exist.

Even with all this metaphysical crap I've said above, at best the case for bitcoin would be at best the same case gold bugs make. But gold has its own history, and we're never going back to the gold standard. Hard money appears to be superior money, but this alone is not good enough for the modern world. Central banking even at its most trust worthy still has a single, huge point of failure. Bitcoin is a response to this but is pathetic at 7tx/s. I would still hold bitcoin without ln, because my valuation would put it near gold.

3. Lightning network
With LN, all bets are off. Even without all this layer 3 speculation, just as a payment layer ln is already a success. It's clunky, but these are things that simply take time. It doesn't even matter if ln is spoke and hub or centralized. It can never ultimately undermine the settlement layer. The internet will have btc as its main currency.

Again, I'm not a maximalist in the sense that I think everything else is a shitcoin. There are great coins out there, better ones even. But btcs unique metaphysical status and name recognition and the inevitable greed of those not it the know will keep btc in the top. The tx price and speed was a window to other cryptos, but with ln any further waves will not even look beyond to other currencies except for niche reasons.

I just downloaded Lightning by Lightning Labs and been using bitcoin all afternoon and still haven't paid 1 penny in fees
LND released 0.7 last week, watchtowers are live, neutrino is live, non custodial light wallets are working

Why aren't you using lightning network?

The liquidity and routing issues are mostly fixed. I bought $30 worth of giftcards and gambled on some dice. Paying and receiving were instant and 0-4 satoshi to route. Reminder 1 cent is 94 satoshi

I just downloaded "Lighting" by Lightning Labs and it's a moblie app for lightning network

it uses neutrino, watchtowers, and is fully custodial
So far I bought $10 amazon gift card, lost 50 cents playing slots and won 70 cents at poker
I paid a total of 4 satoshi for 3 transactions and 1 received transaction ($0.0004 for my recent transactions)
I've been sending and receiving money instantly
it's a cool little app, and LN routing hasn't failed me yet
it's all getting very good and user friendly

https://www.coindesk.com/fraud-fighting-watchtowers-are-coming-with-the-next-big-lightning-release

bitcoin is being developed so fast it should see a nice price increase this month
100+ user coinjoins, and lightning network's upgrades
it's all getting better every month, bitcoin will have 90%+ marketcap in no time

What are some cool ideas for a lightning app? A lot of games deal with gambling, but are there any cool ideas you anons have?