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/biz/ - Business & Finance

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14736659 No.14736659 [Reply] [Original]

So it looks like bitcoin can be fast after all

>> No.14736772
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14736772

>>14736659
1. lightning isn't bitcoin. it works with several other cryptos.
2. lightning still doesn't have a working routing algorithm, it breaks more and more the more people uses it.
3. allowing other people to spend your channel is stupid since you need to refill them or somehow make the retailer send back money through your channel. if you are supposed to make your channels private it means lightning is designed to end up with centralized channels (bank nodes).
4. it's extremely complicated to send your first payment compared to just using bitcoin.

>> No.14736937

>>14736772
can lightning allow to send bitcoin faster yes or no?

>> No.14737054
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14737054

>>14736937
no.

1. the initial transaction where you fund your channels are just as slow as always. plus you then also need to do the lightning thing.
2. the lightning thing involves creating an invoice. you can't just make an address that anyone can send to.
3. you aren't sending bitcoins. you are swapping around signatures that are supposed to represent bitcoins.
4. you better hope something doesn't go wrong because that is time consuming or may result in loss of funds (or them being locked for a long time). meanwhile sending on-chain simply cannot fail. bitcoin's beauty is in it's simplicity. nothing is actually sent, the ledger is just updated (the status of satoshis changes).

>> No.14738172

>>14737054
Don't worry, big institutions will keep large channels open for us all to use!

>> No.14738198

>>14737054
>you aren't sending bitcoins. you are swapping around signatures that are supposed to represent bitcoins.
Is there any time limit in which these signatures have to be settled with real BTC?

>> No.14738223

>>14738172
> muh institution
total capacity is below 1000 BTC
https://bitcoinvisuals.com/lightning

>> No.14739121

Sorry Usa will ban LN. Too much freedom

>> No.14739146

>>14736937
Lightning can't sent bitcoin faster if no one's using it.

>> No.14739165

>>14739146
I use it and it works pretty well
of course it can become more user friendly but it's working fantastic for me I've done like 50 transactions and spent maybe a penny in fees for all those transactions combined

>> No.14739523

>>14736659
>2018
ruh roh