I personally believe any form of layer 2 "lightning network" is using fake bitcoin and therefore will never see widespread adoption. They are also fucking impracticle. BTC does not need to be digital cash, but it should be the commodity that digital cash is pegged to.
First, lightning nodes must be preloaded with the balance of real BTC that it expects to use. Imagine preloading your coffee shop's lightning channel with enough BTC to buy a month's worth of coffee.. it's fucking annoying. And no you can't just send BTC to your lightning channel whenver you want to use it, because that defeats the whole point of lightning channels.
Not only this, but the only parts of a lightning channel that are settled on-chain is the opening and closing of the channel, essentially making this an IOU system even more faggy and pajeety than our current fiat lending system.. It requires large amounts of trust which is antithetical to bitcoin.. Fuck blockstream.
Lightning network is just a dumb idea from inception. If normalfags can't click Send and have everything work they won't even bother with bitcoin. Venmo already allows Roastie #1 send bar money to roastie #2. If it's not at least as good as that, forget it
Caleb Bailey
Please inform yourself from proper documentation. Avoid Jow Forums for technical details, avoid roger very and faketoshi Twitter. And stay away from Jow Forumsbtc.
Using LN is just like using a bank, the only difference is that LN is worse.
Elijah Martin
Exactly. Also it might just be because I'm a goldfag, but I believe higher tx fees add to the bitcoin network's value. I truly think that the BTC chain will only be used for large government settlements and transparency. Miners will live off these scarce transactions while meanwhile we buy our groceries with other chains, maybe Stellar or a similar network with nearly instant settlements.
Easton Cox
The fees would have to be utterly gargantuan, and at that point it would not benefit financial institutions.
Logan Kelly
Lightning Network is not meant for normalfags like us. It's more suited for big businesses like your Walmart and your Starbucks. Either ways, in a few years Bitcoin will become so expensive that nobody would want to do normal transactions with it, and it's good that way. It'll become more of a store of value. I see this post being screencapped in the future showing the ignorance of people on how lightning network will work
Leo Davis
this situation isn't possible because there only needs to be one other sha256 chain with on chain adoption and miners will dump btc or btc will adopt inflation to incentivise miners past the end of the block reward in which case it is no different to feds usd
Christian Flores
This! At some point they will have to add inflation because it won't be profitable for miners anymore, but you need the miners to secure your network. It's something Satoshi didn't really think about desu
Bentley Myers
>using fake bitcoin we really are the lowest IQ board on Jow Forums
Who gives a shit what satoshi wanted. Satoshi worshipers are the fucking worst brainlets
Colton Hernandez
well the end of block rewards is like 120 years away so we can put that aside for now.
Anthony Barnes
meant to reply to
Carter Rodriguez
>BTC Lightning Network
Bitcoin's version of Instagram and Western Union, but less secure.
Matthew Thomas
Nobody cares what Satoshi wanted. But what we should care is how Bitcoin was designed, because that design was done all at once and if you change some if the bits, pieces start falling off and it breaks apart. Until we understand why things are in the whitepaper, we should be careful when fucking with them. Removing or changing something in a complex system should happen *after* you can articulate clearly and precisely why that thing was put there in the first place, and also explain how you're making it better. Though just because something was put in place for some reason doesn't mean that it does what it's supposed to do. So yeah, don't worship Satoshi or the whitepaper, but try to understand why things are in the paper and change accordingly.
Ian Russell
HAVE FUN BEING POOR!
Elijah Long
>BUY A DEPRECIATING ASSET OR BECOME POOR! >I'M TOTALLY NOT HOLDING ANY BAGS! ;_;
admit it. you have no idea how BTC will survive once mining becomes untenable. BTC literally has an expiration date on it.
Joshua Bailey
people need to transact, an equilibrium will take place because bitcoin is governed by multiple constituencies dummy. and if you aren't completely retarded you will have XMR as your backup
