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> but theoretically it has a lot of promise as a cheap and open source alternative to PayPal and a lot of banks’ services Even theoretically, how can they do t

by creato 5y ago

> but theoretically it has a lot of promise as a cheap and open source alternative to PayPal and a lot of banks’ services Even theoretically, how can they do this? I don't see it happening, even setting aside the much rehashed mining electricity consumption issue.

rich_sasha 5y ago
There are chains where mining costs a fraction of BTC or ETH, both in terms of money and electricity use. Cardano, Polygon.
Hjfrf 5y ago
You build a second layer. All the hype benefits of pretending to use blockchain, without ever actually using it.
- danlugo92 5y ago
  For any newbies reading THIS IS FUD. The tldr is thst Lightning is as safe as bitcoin because it uses bitcoin under the hood. https://endthefud.org/ https://endthefud.org/
  - littlestymaar 5y ago
    Calling things you don't like FUD doesn't make them less true. The website you linked is just a collection of random (and often contradictory, just read a few of the “energy” topic) opinions posted on medium.
  - ben_w 5y ago
    “FUD” is “Fear, Uncertainty, Doubt”. The person you’re replying to was (sarcastically? I would’ve been) suggesting a solution, which isn’t any of those things.
    - danlugo92 5y ago
      Lightning depends on and USES the blockchain, grandparent said it doesn't which is patently untrue, thus fud.
      - ben_w 5y ago
        What’s important is they’re not engaging in fear, uncertainty, or doubt. I’m not going to accuse bananas of being unsuitable for vegetarians just because they’re shaped like sausages. As there are different ways to use a thing, and everything I’ve seen of Lightning (network not cable) is using the Blockchain in roughly the same sense as a USD denominated bank that happens to not ban accounts from trading Bitcoin uses the Blockchain — i.e. it does, but it’s very much also pretending — this seems reasonable, if not literal.
VRay 5y ago
When eth was dirt cheap, you could send $5,000 overseas in 10 minutes for $2, with just a half percent of slippage on the trades to and from fiat currency and ~1% price movement up or down Yeah, theoretically it just used $2 worth of electricity somewhere in the world, but I’m pretty sure PayPal is going to do something nefarious with the $100+ you’d have to give them for the same service

by creato 5y ago

rich_sasha 5y ago

There are chains where mining costs a fraction of BTC or ETH, both in terms of money and electricity use. Cardano, Polygon.

Hjfrf 5y ago

You build a second layer. All the hype benefits of pretending to use blockchain, without ever actually using it.

danlugo92 5y ago
For any newbies reading THIS IS FUD. The tldr is thst Lightning is as safe as bitcoin because it uses bitcoin under the hood. https://endthefud.org/ https://endthefud.org/
- littlestymaar 5y ago
  Calling things you don't like FUD doesn't make them less true. The website you linked is just a collection of random (and often contradictory, just read a few of the “energy” topic) opinions posted on medium.
- ben_w 5y ago
  “FUD” is “Fear, Uncertainty, Doubt”. The person you’re replying to was (sarcastically? I would’ve been) suggesting a solution, which isn’t any of those things.
  - danlugo92 5y ago
    Lightning depends on and USES the blockchain, grandparent said it doesn't which is patently untrue, thus fud.
    - ben_w 5y ago
      What’s important is they’re not engaging in fear, uncertainty, or doubt. I’m not going to accuse bananas of being unsuitable for vegetarians just because they’re shaped like sausages. As there are different ways to use a thing, and everything I’ve seen of Lightning (network not cable) is using the Blockchain in roughly the same sense as a USD denominated bank that happens to not ban accounts from trading Bitcoin uses the Blockchain — i.e. it does, but it’s very much also pretending — this seems reasonable, if not literal.

VRay 5y ago

When eth was dirt cheap, you could send $5,000 overseas in 10 minutes for $2, with just a half percent of slippage on the trades to and from fiat currency and ~1% price movement up or down Yeah, theoretically it just used $2 worth of electricity somewhere in the world, but I’m pretty sure PayPal is going to do something nefarious with the $100+ you’d have to give them for the same service