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It’s super cheap. I sent $30 to a friend last night via Lightning, it was <1c. They used it to buy drinks. There is no record of the tx on a blockchain - it is
by randomhodler84 4y ago
It’s super cheap. I sent $30 to a friend last night via Lightning, it was <1c. They used it to buy drinks.
There is no record of the tx on a blockchain - it is reasonably private. It is not as private as monero, zcash — sure, but there is no ongoing record of tx.
- automatic6131 4y agoAnd broke decentralisation doing it
- randomhodler84 4y agoHow so? Why is Lightning centralized? Cos it isn’t. That’s just bcasher lies.
- Elinvynia 4y agoSo you used a centralized solution to reduce your transaction costs, giving up on one of the main features of Bitcoin.
- randomhodler84 4y agoYou are wrong to say it is a centralized solution. My channels, my peers, c-Lightning and a friends open source wallet. Where is the centralization? Where is the trusted third party? What feature was given up? Sats are sats and they are accepted where sats are taken.
- lawn 4y agoTo get a comparable user experience you need to depend on a third-party to manage the channels and liquidity. Otherwise you can't use it on your mobile phone, have problem with finding an available route, having failed payments, having to open new channels and you still have to make regular and expensive Bitcoin transactions when topping up or opening channels.
- jazzyjackson 4y agothird-party is not necessarily a harbinger of centralization, as long as there are many third parties to choose from (and you can always setup your own channel if it suits you)
- lawn 4y agoWith that logic then Bitcoin is unnecessary since you have several banks or fiat currencies to choose from already.
- randomhodler84 4y agoI have not experienced these issues myself, but I don’t doubt that experimental software is tricky. It’s true that while an onchain tx is simpler to manage, there are many cases where an onchain tx is undesirable. Lightning facilities that.
- sebzim4500 4y agoIf Lightning is centralized, can you give an example of something that isn't? Certainly not TOR or the internet.
- lawn 4y agoBitcoin. And no, Lightning is not Bitcoin. That's just marketing for suckers.
- randomhodler84 4y agoLightning is Bitcoin. It’s trading state changes of sats between channels. Is a Casascius coin Bitcoin? A paper wallet? If I give you a casacius coin, have I given your Bitcoin? Lightning is analogous to being able to fractionally trade a Casacius coin.
- lawn 4y agoLightning is using Bitcoin, but it is not Bitcoin. Giving someone a casacius coin is not the same as sending someone a digital Bitcoin, as the properties are different. And in the same way sending someone Lightning Bitcoin is different as it hasn't been recorded on the blockchain yet.
- thinkmassive 4y agoA pre-signed Bitcoin transaction is a bearer instrument, just like a Casascius coin or dollar bill. Your understanding of the Lightning Network is flawed. https://github.com/lnbook/lnbook/blob/ece69d5c2ac8116ef83c1826bd43bd4b33c74dca/07_payment_channels.asciidoc#a-different-way-of-using-the-bitcoin-system https://github.com/lnbook/lnbook/blob/ece69d5c2ac8116ef83c18...
- randomhodler84 4y agoAhhh, it is in fact “on the blockchain” yet. The sats are in the channel, and there is a channel establishment tx on chain, all before a single millisat is sent. It’s just trading balances. Don’t fear it!