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>that just means their confirmations are 1/10th as reliable as Bitcoin's confirmations. This argument is tired. There is no rule that dictates that the same a
by liquidify 7y ago
>that just means their confirmations are 1/10th as reliable as Bitcoin's confirmations.
This argument is tired. There is no rule that dictates that the same amount of work or stake is equal to the same amount of security across different coins. I trust ETH transactions just as much as I trust BTC, and there are others that I trust equally also.
And now that BTC costs more in fees, their solution is to move to less secure off-chain layers. I'll take on chain ETH, monero, BCH, and a few others any day over a low security off-chain solution like what BTC offers. I may hold BTC, but I'm not buying it, and I'm not using it.
- um_ya 7y agoI would like to point out that the lighting network isn't "less secure", it's cryptographicly sound. It is less secure in the sense that you need to keep your lighting node online all the time, but this can be solved with other relegated solutions.
- liquidify 7y agoThis is plain wrong. Lightening is not on chain except at entry and exit points. By nature this means that anything that happens between is less secure because it has not be settled publicly. Until something has been printed into the blockchain with enough proof of work behind it to be considered immutable, it is simply not in the same domain of security. Comparing these two states is a joke because one of these states is ignoring the very reason why bitcoin was invented (rapid public immutable settlement). Until that settlement has occurred, you must do the very thing that bitcoin was created to remove... trust third parties.