Lone Bitcoin Whale Likely Fueled 2017 Price Surge, Study Says

Post by askmike » Wed, Nov 06, 2019, 2:45 PM UTC

ppf wrote: post #342

askmike wrote: post #333

Earlier quoted context omitted.

What does OP mean with "liquidity issues"? Lightning is a routing network, and you can connect directly to your counterparty, circumventing all potential liquidity issues. > But companies and organizations routinely transfer millions and billions between normal banks Just like companies have direct lightning channels between each other, they can send billions of they please.

You're being disingenuous. A channel needs to be already funded before a transaction can happen, with an amount at least the size of the transaction. So, to transfer billions, you need billions more to first fund the channel. A quick search shows that most channels currently have less than $100 in them, limiting how much you can send without prior arrangement.

Post by arcticbull » Wed, Nov 06, 2019, 3:01 PM UTC

alwillis wrote: post #369

arcticbull wrote: post #257

Earlier quoted context omitted.

Lightning is worthless because it requires an on-chain transaction to open and close, so it inherits all the same scaling issues as Bitcoin.

Let me further clarify: Lightning is not worthless and has already become the basis of a new industry of apps and services. Like any low-value transaction using bitcoin, like the proverbial cup of coffee, it’s not necessary to wait for even one confirmation before doing anything. Plain vanilla lightning uses a UTXO (that’s what a bitcoin on the blockchain is, an unspent transaction) to open a channel. But you don’t h…

Post by alwillis » Wed, Nov 06, 2019, 3:54 PM UTC

arcticbull wrote: post #373

alwillis wrote: post #369

Earlier quoted context omitted.

Let me further clarify: Lightning is not worthless and has already become the basis of a new industry of apps and services. Like any low-value transaction using bitcoin, like the proverbial cup of coffee, it’s not necessary to wait for even one confirmation before doing anything. Plain vanilla lightning uses a UTXO (that’s what a bitcoin on the blockchain is, an unspent transaction) to open a channel. But you don’t h…

> But the killer feature is being able to transact without requiring the underlying bitcoin blockchain. That describes every single existing payment platform in the world today except Bitcoin. > There are no scalability issues. Except a 4tx/sec cap on opening and closing channels.

Post by bart_spoon » Tue, Nov 12, 2019, 8:43 PM UTC

scottlocklin wrote: post #376

bart_spoon wrote: post #365

Earlier quoted context omitted.

It wasn't ad hominem, it was largely in jest as most of the people I've encountered who don't like Michael Lewis are HFTs who didn't like Flash Boys. If you are worried about substantial discussion here, perhaps you could start by detailing why you disagree with Michael Lewis, rather than dismiss him outright with generic, detail-devoid dismissals that he doesn't know anything, as opposed to yourself who does "know w…

Google my name and Michael Lewis. You have no status here.