your saying buzzwords without understanding functionality.. those IOU's(weak contracts) are not as smart as buzzworded.. and thats the sham.. they pretend LN is better then it actually is
You're and than. And you are wrong. I understand the functionality quite well.
you have not "given" him btc. he has not "gained" btc
the funds are still locked in YOUR funding utxo of keys YOU own. where the channel then has a UNCONFIRMED, UNSETTLED tx template showing a output where JJG MIGHT get btc in the future when you both mutually close.. but until then he does not have BTC
inside LN YOU still own the coin. its not his coin on the blockchain. its still YOURS
you are 'crediting' him with a IOU of future settlement. but you have not given him BTC yet
You are 100% WRONG. You are exposing a deep misunderstand of how lightning works.
When I open a channel to JJG's node both MY node, and HIS enter into a transaction. In my original example I send ALL the sats but we BOTH hold keys to the HTLC (Hashed timelock contract). Under normal circumstances we both keep records of the transactions inside that channel. These are the IOUs you refer to. But to disprove your point that I would own the keys and the bitcoin on the blockchain let's consider a hypothetical. Let's say I open that channel, and I die, and my node burns up in a fire. All the value is mine in that channel,
the very original concept of LN was that before opening a channel both parties would agree on a key set and create a multisig and both fund that same multisig address to both have mutual control of funds... that concept didnt last long
now when you open a channel you lock your value to keys YOU own and assign some of your value to a key (future) destined to JJG..
if he also opens up some value on his side to then give you inbound balance he has his own value with some assigned to your key(yet to be settled).. this would be a bi-directional channel with 2 funding locks one for each of you..
but if only you open and channel to JJG its just YOUR utxo value lock.. IOUing JJG
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funny thing is, you are arguing.. yet proving my point. the value is still locked on your side.. whilst you are alive and JJG has not closed o you
yes he keeps a signed copy of a UNCONFIRMED transaction(thus an iou).. but he does not have the value yet. he just has a copy of a yet to be confirmed transaction.. (emphasising again thus IOU)
after you die. much like withdrawing from a CEX ... by having a transaction broadcast onto the bitcoin network. THEN he has the chance to get btc.. but until then. he doesnt have btc
learn inbound.. it means something is coming yet not arrived to its destination.. it is not JJG yet
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Strike is a perfect example of a use case that the designers of it saw WAAAAY before the rest of us. And before you start flailing and talking about custodial blah blah I would encourage you to stop thinking in black and white and only one level ahead. Strike uses the LN to facilitate the movement of money all over the globe for as close to free as you can possibly get.
and then you want to talk about strike
strike(jack mallers) scammed the el salvador leader into using LN as the backbone of chivo wallet in summer 2021..got it set up by autumn.. but by christmas 2021 el salvador leader got pissed off with strikes antics and ditched it.. many el salvadorian citizens got very annoyed by the broken promises, all broken due to the LN experiment thrust on el salvador under the pretence of saying "sending bitcoin".. they learned very quick that this was a lie.
heck even strike had to change its business model due the el salvador failure
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if you think LN is going to become the super highway where all subnetwork bridges converge. you are only fooling yourself
if you realise why so many dev teams have tried LN, seen it fail and decided to make other subnetwork bridges. you will soon see why they will avoid using LN as the intersection of their subnetwork bridge
pretending LN is trust minimised is a lie
the promise 6 years ago of trust minimised never flourished. infact all tests for first 4 years didnt battle harden LN, it instead realised it couldnt work well under trust minimised concept.. and they changed LN's business model to need hubs, factories, watchtowers, custodians even more.. meaning more trust is needed. not less
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nice try to positive spin LN flaws like using sham buzzwords such as "battle hardened" but by spinning it you have actually proven that it has weakened not hardened
. you sound like a great comedian but not a great sales pitcher.. you made me laugh
if you think that LN is instant and irreversible settlement of satoshis. you are not talking about LN
LN doesnt settle irreversibly.. thats what the bitcoin network does after/when exiting LN
i did laugh the most when you used strike as an example..
its funny how much you are making the failure points for me, while pretending to be a LN adoring saleman trying to promote LN
you should try comedy
your sales pitch was the equivelent to saying CEX are trust minimised services that use irreversible settlements.. when reality is the settlement are withdrawals to escape and move away from CEX service. to then confirm value on the bitcoin network
withdrawing from a CEX is not a feature of proving CEX is non-custody.. its actually the case people need to withdraw/settle to get out of a services custody, because whilst in CEX/LN the funds are not the promised recipients(yet)
by you even thinking whilst in LN recipients get instant irreversible settled value. shows you have alot more to learn