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this post was submitted on 28 Jul 2024
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politics
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Oh yes, massive volatility and no official backing make it a great store...
So you can cheaply do Bitcoin transactioms... By not doing Bitcoin transactions and taking your exchange off of the blockchain, thereby negating most of the advantages. And by doing that you're relying on trusted third parties with special powers for fraud prevention, which goes against everything most crypto people applaud?
Ah yes, personal insults really make your argument more persuasive and informative, and always do wonders to motivate people.
Lightning network doesn't involve trusted 3rd parties, and it is directly connected to the blockchain in a trustless 2nd layer network.
Whatever, sometimes it's volatile, that has decreased massively over the years, and during all that volatility, it was consistently rapidly increasing in value. Not only is it not inflating like even the best fiat currencies, it has outperformed every other asset or investment in the last 10 years.
Pointing out that you are talking with confidence about things that you can't even be bothered to research is an important thing to say because there are people who will mistake your confidence for actual knowledge. The appropriate behavior is to research and say things you learned. When they are refuted, you should check to see if maybe you were mistaken, not double down because you dislike the feeling of being wrong.
What are nodes and watchtowers? The way the whole layer works basically negates all the upsides of Bitcoin transactions, stripping much of the privacy aspect: https://arxiv.org/abs/2003.12470
There are much, much better cryptocoins out there, and it's a much more nuanced case there. Bitcoin with lightning transactions are basically a less safe, more power hungry and more complex way to be less safe than with a normal bank.
Hell, even the original developers are leaving the Lightning project because they don't support whats going on.
I'm not very interested in cryptocurrency generally but I'm interested in how the tech works--in addition to the aforementioned issues with security if one party controls a significant amount of the lightning network, wouldn't lightning also be inefficient if a large percentage of transactions are one-offs? It would generate a transaction on the blockchain to open the payment channel between two accounts and a second transaction to close the account, correct? So if the actual number of transactions is two or less it doesn't offer any actual advantage?
Someone memorized the script really well.