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The Lightning Network: Turning Bitcoin into Money

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Re: The Lightning Network: Turning Bitcoin into Money

#201

Post by simonmales »

shmatt wrote: post #195
teekert wrote: post #5

A cool use of the Lightning network is the podcast 2.0 initative. Currently, as I listen to podcasts, I stream back satoshis (sats), value for value (I use Castamatic on iOS, fountain.fm is also an option on Android). You can also send messages with sats attached, called “boosts”. Creators can transparantly split the sats they receive over various goals (i.e. FOSS projects [opensats], or guests on shows). There are n…

Like 99% of crypto projects, this would work just as well under a centralized db / FIAT

Not exactly. Lightning means they receiver gets 100% what I send. This is particularly interesting for micropayments. I can tip someone 1 cent, or less with no middle man.

Re: The Lightning Network: Turning Bitcoin into Money

#202

Post by adrr »

Way i understand lightning is that you need a hot wallet that is connected most of the time to the internet. So you have to move money from your hardware wallet to your software based wallet and you're still constrained by the blockchain limitations between these transfers.

Re: The Lightning Network: Turning Bitcoin into Money

#203

Post by TrapLord_Rhodo »

DennisP wrote: post #44

One drawback of Lightning is that if you want to receive funds, and you don't have a direct channel to the payer, then you have to be online. It's an interactive protocol, you can't just publish an address and check it later. Since most people don't run their own servers, LN is pretty much going to be a custodial system.

>LN is pretty much going to be a custodial system.

like Chivo? take out the middleman(Banks) and put governments back in control of the funds.

bingo :)

Think about it...

Imagine if you could have complete custodial access, control and oversight of the details of your citizens financial info? No bank accounts, no stash of gold. It all through the US-backed custodial wallet "Trump's Coin purse". Everyone download it now and get $30 free! Also, it's a requirement for all employeers now so, deal with it banks.

Re: The Lightning Network: Turning Bitcoin into Money

#204

Post by rmac »

DennisP wrote: post #44

One drawback of Lightning is that if you want to receive funds, and you don't have a direct channel to the payer, then you have to be online. It's an interactive protocol, you can't just publish an address and check it later. Since most people don't run their own servers, LN is pretty much going to be a custodial system.

the server you have in your pocket (your phone) is always online and supports multiple communications protocols (NFC, Bluetooth, Wifi, LTE, Audio...)

Re: The Lightning Network: Turning Bitcoin into Money

#205

Post by bethecloud »

teekert wrote: post #5

A cool use of the Lightning network is the podcast 2.0 initative. Currently, as I listen to podcasts, I stream back satoshis (sats), value for value (I use Castamatic on iOS, fountain.fm is also an option on Android). You can also send messages with sats attached, called “boosts”. Creators can transparantly split the sats they receive over various goals (i.e. FOSS projects [opensats], or guests on shows). There are n…

This would be even more awesome if the underlying object storage was distributed on web3 via storj (would generate better bandwidth margins too)

Re: The Lightning Network: Turning Bitcoin into Money

#206

Post by preseinger »

olalonde wrote: post #143
TradingPlaces wrote: post #138

Earlier quoted context omitted.

“Blockchain is better because non-blockchain payment systems don’t even have a blockchain."

That's almost the opposite of what I said. My whole point was that it's possible to use non-blockchain payment systems (e.g. Lightning) to transact in Bitcoin while still reaping many of its benefits. I guess if you wanted to sarcastically quote me, you should have gone with "Bitcoin is better because fiat currencies don’t even have a blockchain." (a statement I agree with).

How is Lightning not a blockchain system?

It depends on a blockchain?

Re: The Lightning Network: Turning Bitcoin into Money

#207

Post by bytelines »

olalonde wrote: post #176
bearjaws wrote: post #116

Earlier quoted context omitted.

That just sounds like banking with extra steps.

Spoken like someone who doesn't know the steps involved in opening a bank account (hint: many people can't), accepting online payments using a bank account (hint: hope you have deep pockets), using a bank for sending interbank/international payments (hint: might need to collect a page worth of information from your recipient. second hint: their bank might refuse to receive the payment), etc. Bonus steps: do all the a…

Would lightning network approach comply with KYC laws?

Re: The Lightning Network: Turning Bitcoin into Money

#208

Post by bytelines »

dmitriid wrote: post #177
Centmo wrote: post #144

Earlier quoted context omitted.

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.

> The 1.5-3.5% credit card processing fee for starters. Compared to... 1 dollar, no, 15 dollars, no, 5 dollars, no, 65 dollars, no, ... transaction fees for Bitcoin.

That creates opprotunities for other Level 1 chains. Solana for example charges $0.00025 per transaction (however this is still denominated in the SOL currency so it will fluctuate). Hedera network is $0.0001 per transaction and is fixed in USD.

Re: The Lightning Network: Turning Bitcoin into Money

#209

Post by shmatt »

simonmales wrote: post #201
shmatt wrote: post #195

Earlier quoted context omitted.

Like 99% of crypto projects, this would work just as well under a centralized db / FIAT

Not exactly. Lightning means they receiver gets 100% what I send. This is particularly interesting for micropayments. I can tip someone 1 cent, or less with no middle man.

the fact you are using the lightning network means there is some thing writing down a transaction from wallet a to wallet b

smart contracts are a middle man, and not a great one from all the recent exploits executed on them

Re: The Lightning Network: Turning Bitcoin into Money

#210

Post by TrapLord_Rhodo »

Aaronstotle wrote: post #197
flowctrl wrote: post #172

Earlier quoted context omitted.

Because bitcoin is money, and shitcoins are not.

Bitcoin is not fungible and because of its hard cap does not incentive actual use as a means of exchange. I'll never understand why BTC Maximalists refuse to acknowledge faults in BTC and see how other currencies can solve them.

> its hard cap does not incentive actual use as a means of exchange.

Why?

Is that because it's has 'Scarcity'? People will pay more for it in the future?

If that case is so soundly put why would you not buy as much btc as possible?

Playing a bit of devils advocate here but wouldn't you say that it's volitility leads to more trading?

Means of exchange need to be further defined in this crazy overfinancialized world we live in. total trading volume of BTC is absolutely insane.

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