4 ms·

LN has been vaporware for a long time, and it's always 18 months before it's ready. Recently the developers openly admitted they don't know how to scale it beyo

LN has been vaporware for a long time, and it's always 18 months before it's ready. Recently the developers openly admitted they don't know how to scale it beyond 10000+ channels, because they don't know how to solve distributed routing. https://www.reddit.com/r/btc/comments/719vis/lightning_dev_there_are_protocol_scaling_issues/ https://www.reddit.com/r/btc/comments/719vis/lightning_dev_t... https://medium.com/@jonaldfyookball/mathematical-proof-that-the-lightning-network-cannot-be-a-decentralized-bitcoin-scaling-solution-1b8147650800 https://medium.com/@jonaldfyookball/mathematical-proof-that-...

Flowdalic 9y ago
That is a very pessimistic view on the current state of LN. There are three independent open-source LN implementations [1, 2, 3] out there that are being worked on and already implement basic functionality. All three contribute to an document, called Basics Of The Lightning Network (BOLT) [4], which forms an open standard for LN. I wouldn't call it vaporware. Yes, there are unsurprisingly open questions. But nothing which can't be solved. 1: https://github.com/lightningnetwork/lnd https://github.com/lightningnetwork/lnd 2: https://github.com/ACINQ/eclair https://github.com/ACINQ/eclair 3: https://github.com/ElementsProject/lightning https://github.com/ElementsProject/lightning 4: https://github.com/lightningnetwork/lightning-rfc https://github.com/lightningnetwork/lightning-rfc
- olegkikin 9y ago
  In the broad terms, how do you even imagine LN to work? Let's say I want to buy a $3 coffee at some random Starbucks I'm walking by. Do we have to first open and fund the channel? How much will it all cost just for that one off purchase? Give particular figures please, no vague nonsense I hear all the time. As for these implementations, I will believe it when I see it. You didn't even try to address the particular issue I mentioned.
  - apapli 9y ago
    You could be transacting your coffee with any crypto that Starbucks supports, and which is compatible with the lightning network. Litecoin will work for this example. So Starbucks ask you to pay via Litecoin, which is fine by you even though you don't have a Litecoin balance. Atomic swaps over lightning network funded by some bitcoin you own, converted to Litecoin, is how you'll pay for your coffee.
    - olegkikin 9y ago
      What if they only accept bitcoin? That's the case for most businesses accepting cryptocurrencies. Both of you are suspiciously avoiding a direct and simple question. How does LN work on Bitcoin in this case?
AgentME 9y ago
LN needed the transaction malleability fix in Segwit, so LN development stalled when Segwit was blocked for years.
- olegkikin 9y ago
  Please tell us when LN will launch. Not some half-baked beta that chokes on 10000 channels, but the real thing.

Flowdalic 9y ago

That is a very pessimistic view on the current state of LN. There are three independent open-source LN implementations [1, 2, 3] out there that are being worked on and already implement basic functionality. All three contribute to an document, called Basics Of The Lightning Network (BOLT) [4], which forms an open standard for LN. I wouldn't call it vaporware. Yes, there are unsurprisingly open questions. But nothing which can't be solved. 1: https://github.com/lightningnetwork/lnd https://github.com/lightningnetwork/lnd 2: https://github.com/ACINQ/eclair https://github.com/ACINQ/eclair 3: https://github.com/ElementsProject/lightning https://github.com/ElementsProject/lightning 4: https://github.com/lightningnetwork/lightning-rfc https://github.com/lightningnetwork/lightning-rfc

olegkikin 9y ago
In the broad terms, how do you even imagine LN to work? Let's say I want to buy a $3 coffee at some random Starbucks I'm walking by. Do we have to first open and fund the channel? How much will it all cost just for that one off purchase? Give particular figures please, no vague nonsense I hear all the time. As for these implementations, I will believe it when I see it. You didn't even try to address the particular issue I mentioned.
- apapli 9y ago
  You could be transacting your coffee with any crypto that Starbucks supports, and which is compatible with the lightning network. Litecoin will work for this example. So Starbucks ask you to pay via Litecoin, which is fine by you even though you don't have a Litecoin balance. Atomic swaps over lightning network funded by some bitcoin you own, converted to Litecoin, is how you'll pay for your coffee.
  - olegkikin 9y ago
    What if they only accept bitcoin? That's the case for most businesses accepting cryptocurrencies. Both of you are suspiciously avoiding a direct and simple question. How does LN work on Bitcoin in this case?

AgentME 9y ago

LN needed the transaction malleability fix in Segwit, so LN development stalled when Segwit was blocked for years.

olegkikin 9y ago
Please tell us when LN will launch. Not some half-baked beta that chokes on 10000 channels, but the real thing.