iFixBTCmemoryIssues
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Re: Lightning Network. Pros and Cons

Mon Oct 03, 2016 6:43 pm

Just stay away from this technology!
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LiteCoinGuy
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Re: Lightning Network. Pros and Cons

Wed Oct 05, 2016 5:54 pm

Lightning will bring what bitcoin desperately needs, cant wait to see it in action! 8-)
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Maldesto
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Re: Lightning Network. Pros and Cons

Wed Oct 05, 2016 6:13 pm

I'm both excited and concerned :?

iFixBTCmemoryIssues
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Re: Lightning Network. Pros and Cons

Wed Oct 05, 2016 6:42 pm

Lightning will bring what bitcoin desperately needs, cant wait to see it in action! 8-)
This is not true, Bitcoin requires on-chain scaling.
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Fix Your Unconfirmed Transaction.

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LiteCoinGuy
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Re: Lightning Network. Pros and Cons

Wed Oct 05, 2016 7:38 pm

Bitcoin Lightning Payments Pass 'Milestone' With Blockstream Test

The engineers also noted that the transaction speed was about a few tenths of a millisecond, a time they compared to those executed on the bitcoin blockchain and its 10-minute block confirmation times. The results, they inferred, thereby show the increased user experience Lightning could bring to the network at scale.

http://www.coindesk.com/blockstream-amp ... ansaction/



@iFixBTCmemoryIssues

both my friend ;)
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djc
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Re: Lightning Network. Pros and Cons

Thu Oct 06, 2016 9:43 am

Well, as Rusty Russell said himself, he doesn't forsee Lightning being used practically for any payments of more than 0.042BTC presently. So it is still very very much in just the bootstrapping stage (even if it delivers on the routing problem and technical issues).

This indicates to me that we should be careful about heralding LN as THE scaling solution for Bitcoin at the expense of others.

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Re: Lightning Network. Pros and Cons

Thu Oct 06, 2016 6:03 pm

Well, as Rusty Russell said himself, he doesn't forsee Lightning being used practically for any payments of more than 0.042BTC presently. So it is still very very much in just the bootstrapping stage (even if it delivers on the routing problem and technical issues).

This indicates to me that we should be careful about heralding LN as THE scaling solution for Bitcoin at the expense of others.
It's risky, requires additional resources (2 daemons), untested, unproven, complicated for the average user and business, requires channels to be online. Most importantly to me, it is being pushed out on a billion dollar network and it's coming from a shady group of individuals.

In the past week alone there has been embezzlement allegations of Blockstream, CEO resigns, new CEO blatantly lying about his role of Hashcash in Bitcoin. Users are furious.

I read peoples conversations every day, serious issues that cannot be pushed aside by PR. We will find this as a major waste of effort that has cost everyone time and money.
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If you are running a version of Bitcoin Core, stop using it. Upgrade to Bitcoin Unlimited or Classic immediately.

Fix Your Unconfirmed Transaction.

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Re: Lightning Network. Pros and Cons

Fri Oct 07, 2016 11:24 am

Lightning will bring what bitcoin desperately needs, cant wait to see it in action! 8-)
Bitcoin Unlimited would be a perfect fix for the problems we currently observe. The only blocker is that one subset of people are scared shitless that this would remove their total stranglehold on the technology today.

Whether or not LN is a Good Thing in the long run is a moot point right now, because bitcoin's problems are immediate and having a visible impact on adoption today.

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LiteCoinGuy
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Re: Lightning Network. Pros and Cons

Fri Oct 07, 2016 6:23 pm

Blockstream Completes Its First Lightning Transaction on Bitcoin Testnet

https://bitcoinmagazine.com/articles/bl ... 1475850017
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