171–180 of 448 posts
Earlier quoted context omitted.
It keeps many of the properties of bitcoin: - decentralised - trustless - censure resistance Edit: - pseudonymous
I'm confused by your comment, L2 transactions are by definition run by centralized entities.
Why use LN when other simple L1 solutions already work great as money. Litecoin (LTC) has cheap fees and lots of room. Bitcoin Cash (BCH) is constantly improving and has a ton of transaction room to grow, with increases if/when demand grows. Dogecoin (DOGE) not my favorite, but does work fine for the money use-case, but development, from what I can see is a bit stale. With these existing simple solutions, I don't see…
Why use LN when other simple L1 solutions already work great as money. Litecoin (LTC) has cheap fees and lots of room. Bitcoin Cash (BCH) is constantly improving and has a ton of transaction room to grow, with increases if/when demand grows. Dogecoin (DOGE) not my favorite, but does work fine for the money use-case, but development, from what I can see is a bit stale. With these existing simple solutions, I don't see…
The holy grail is a cryptocurrency that can scale to billions of users while maintaining sufficient decentralization and security to be immune to state-level attack and corruption. BTC in combination with the higher level protocols such as Lightning (and others not yet conceived) is the only system that I believe can achieve this.
Earlier quoted context omitted.
The internet does not scale in layers. This sounds more like Bitcoin is not scalable, so we're introducing abstractions to work around its limitations.
Are you familiar with OSI and TCP/IP architecture? Because it definitely works in layers.
Earlier quoted context omitted.
The physical fruits and nuts still have to be smuggled out of Iran and into a country supporting the sanctions for this to make sense. And the physical smuggling seems way more difficult than figuring out the payments.
They don't have to be smuggled out of Iran - Iran explicitly wants to enable that trade. Who inside of Iran are they smuggling the fruits away from?
Earlier quoted context omitted.
BTC and a lot of other chains are Level 1 (L1). Final settlement layers for transactions. To compare that to normal banking, your credit card is like an L5. Tons of things go on in-between your CC transactions before its actually settled even if it appears to be instant and final to the end user. Truth is crypto enthusiasts have been overly ambition in this space, insisting a single L1 chain will come along and be th…
That just sounds like banking with extra steps.
Now do all the above using Bitcoin/lightning network. You'll be done in 15 mins.
Earlier quoted context omitted.
How is this better than Visa and MC?
The 1.5-3.5% credit card processing fee for starters. Also, you can't use a CC to send money peer-to-peer globally at near-zero cost.
Compared to... 1 dollar, no, 15 dollars, no, 5 dollars, no, 65 dollars, no, ... transaction fees for Bitcoin.
Earlier quoted context omitted.
but what's the benefit of these? - decentralised: why is this good? - trustless: I trust the companies I use, it works - censure resistance: OK, fringe case for most - pseudonymous: why do I want anyone to be able to see my transaction history?
- decentralised: why is this good? Imagine a world where the web is controlled by a single entity, say Facebook. They get to decide who is allowed to create a website. They get to decide how much it cost. If they're not happy with the site's content, they can take it offline. Do you believe that would be a better world to live in? - trustless: I trust the companies I use, it works That's because there's usually no al…
Private messages are not money. Example: you ordered some goods and those arrived in bad shape. What's your recourse in the trustless world?
Earlier quoted context omitted.
but what's the benefit of these? - decentralised: why is this good? - trustless: I trust the companies I use, it works - censure resistance: OK, fringe case for most - pseudonymous: why do I want anyone to be able to see my transaction history?
> The root problem with conventional currency is all the trust that's required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve. We have to trust them with our privacy…
Yes. Because society is built in trust. Something crypto world is busy rediscovering.
from the introduction: >The development of the Lightning Network may have consequences for welfare. First, as Bitcoin becomes a more efficient payments system, users are better off. Their transactions settle more quickly and more cheaply (Zimmerman (2020)). Second, since fewer transactions need to be recorded on the blockchain, less memory and energy are needed to run a Bitcoin node. This saving lowers the cost of ma…
The vast majority of energy consumed by the bitcoin network is in mining, and that's not impacted by any of this.