You're posting in a thread calld "SegWit and LN are altcoins", and you've tried already (and abandoned) to establish Segwit is an altcoin, when it isn't any kind of separate coin at all.
i didnt try to establish segwit as an altcoin agreed LN in its blockstream concept is an alt.
segwit however is within bitcoin..
segwit debate over, but nice try on diverting away from your lack of LN valid points. care to take a break and research for an hour, to make a point...or waste an hour not making a point your choice. you really should learn though. id love to see a valid point backed up by research. within the hour your only wasting ur own time if you just keep posting pointlessly within the hour
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because I just can't be bothered to check this right now, it would involve taking Franky seriously
carlton you have since 21 hours ago. be saying nonsense and avoided checking, learning, researching.. 21 hours and you are still no further forward then you were yesterday next time dont wast your 21 hours with baseless non factual dreams. and instead sleep for 9 hours. wake up do 2 hours of research and then using logic, documentation and facts to make a valid point. which means IF you actually done some research you would have had a valid point HOURS ago, thus not wasting time. by not researching and not making valid points you are only wasting your own time. the funnier part is carlton has been tryng to make a point about LN since the 11th of the month on several topics.(4 days) failing each time, getting no further forward then he did before.. learning not one extra thing to make a valid point. i even suggested he take a break and try to learn something, to really think about it and try making a valid point. kind of a shame he wastes his own time trolling and not learning think about it... real hard. sit down have a cup of coffee and think about it
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I said: Every Lightning transaction is validated by the mempool of the nodes on the Bitcoin network.
I've said already today: nothing used for Lightning is merged into mainline yet, apart from Segwit (merged a day or two ago).
proved yourself wrong go research. atleast lauda seems awake to atleast try finding the truth. follow his mindset and atleast try lastly (and you know you didn't check anything)
ive read the code. ive checked the code. ive understand the code. have a nice day
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by the second party not signing. you cant have them back. because it requires dual signing. by this i agree the second party cannot simply "take it from you" without your signature, but you cant take it without theirs
IIRC there is a timeout period after one party initiates the closing of a payment channel. Please take this with a grain of salt, as I'm unsure and this would be a *stupid flaw* to enable the possibility of indefinite state of irresoluteness. I'll do some research on this once I find more time. thank you for doing research to help you the timeout. is just a timeout. signatures still need to be signed. hopefully a ETHICAL pre-channel transaction (the reset) was signed initially so the deposits can go back out the same way they came in. but that can be then abused the other way. EG previous post was party A deposits 1btc, B deposits nothing.. B can extort funds with UNETHICAL pre-channel transaction (the reset) and flipping it to this new scenario previous post was party A deposits 1btc, B deposits nothing..ethical reset created where A gets funds back. then A-B trade goods and services. now A has the power. A refuses to sign unless he gets the majority back. and eventually A gets the whole thing back and keeps the goods because of the reset is released. now the problem and flaw carlton is missing. signing a transaction of 100,000,000,000units results in a different signature AND TXID compared to signing a transaction of 100,000,000units bitcoin will reject it as an invalid tx. also B cannot just broadcast an in-channel tx based on blockstreams current demonstration as the settlement tx onchain due to in-discrepancies. LN only works if LN is measuring in sats. LN will only work using milisats if (in carltons dream) bitcoin is measured in millisats
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the coins locked within the multisig require dual signatures. thus its not all your property. you require the second party to sign too..
Correct. This, however, does not change the fact that no one can take these coins away from you regardless of whether the secondary party chooses to properly interact with you or not. by the second party not signing. first party cant have them back, they remain locked. because it requires dual signing to release by this i agree the second party cannot simply "take it from you" without your signature, because they remain locked, but you cant take it without theirs either here is the point.. they can blackmail you to sign X over to them just to get an agreement. thus taking it from you via extortion (they win) or locking you out of ever getting them back (no one wins, but second party feels good about screwing first party)
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you cant because you dont even know what an TN transaction is but you you suggest you do know what a LN transaction is PROVE IT
prove any of that. You're the one with a long, long history of inventing nonsense claims about Bitcoin, the onus is on you https://github.com/bitcoin/bitcoinnot a single line of code deals with LN transactions job done not a single line of code deals communicating with LN nodes job done not a single line of code deals with storing inchannel payments on bitcoins mempool job done not a single line of code deals with LN's millisats job done
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lets word it a different way, exchanges accept bitcoin but while an exchange holds the bitcoin, they separately allow users to play with their 'balances'(mysql database) to make orders. exchanges are not bitcoin, they are a SERVICE/BUSINESS layer at the edges of bitcoin, but it is not bitcoin. the trades do no appear on the blockchain. the trades are incompatible with bitcoin consensus only the deposits and withdrawals are part of bitcoin. not the service offering itself. LN is just a service layer.
even blockstream admit LN is a second layer. even blockstream admit LN is OFFCHAIN.
This is a false analogy. While you do not own the Bitcoins on a exchange, which is a service, you very much own the coins locked within a payment channel (with or without LN). *Nobody* can take these away from you, which is not the case with exchanges. the coins locked within the multisig require dual signatures. thus its not all your property. you require the second party to sign too..
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That's not what I said. When you offer a reply to a question that the other party didn't ask, that's called a strawman argument. I said: Every Lightning transaction is validated by the mempool of the nodes on the Bitcoin network.
ok ill edit prove with code, documentation and knowledge that Every Lightning transaction is validated by the mempool of the nodes on the Bitcoin network.
prove it.. you cant because you dont even know what an TN transaction is but you you suggest you do know what a LN transaction is PROVE IT
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Exactly, you're trying to affect people's perception of what a change like that would mean,
and you pretend nothing will happen because your dreams tell you to think of fairy utopia's that corporate dictatorship is the solution to bitcoin, without understanding bitcoin the funny thing is that carlton wants to screw with bitcoin to make LN compatible rather than making LN compatible with bitcoin.. (facepalm) now thats settled your off topic question back on topic, prove with code, documentation and knowledge that LN signed payment can be broadcast to bitcoin and be accepted remember A)the deposit (prechannel) is not LN B)the LN payment (in channel) on the LN node is LN C)the withdrawal (post channel) is not LN demonstrate (B) stay on topic and talk about (B) comparison A)the deposit (pre-exchange trading) is not exchange trading B)the LN payment (exchange trading) on the exchange is the exchange trading C)the withdrawal (post exchange trading) is exchange trading
demonstrate a exchange trade-order can be broadcast to bitcoin stay on topic and talk about exchanges and trade-orders
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you fail to show knowledge of the concept of blockstream LN. you cannot even be bothered to look into it, and instead you bait an offtopic question involving the front end market of speculation. how many Millisats will the Lightning "node" money supply be inflated by?
(not that this question doesn't even make any sense, I'm just using Franky's non-logic against him, lol)
You cannot provide a straight answer to this (or any) question, huh?
which no one can predict speculation accurately. all that can be learned is that changing the units of measure WILL change how people perceive it. and it WILL affect things. just like trying to rebrand a btc as 1000units does the same change to peoples perception of rebranding a btc to 100,000,000,000units afterall you cant go back and rehash all the 7 years blocks to give users 100,000,000,000units instead of 100,000,000 to keep them on par with still having 1btc. (so your dream is flawed) due to older users losing out. extending the reward creation cap from the year 2141 to 2181+ does has ramifications too the best answer there is to your question its inflation hidden by a rebranding of the metric to pretend there is no inflation.. but smart people will see through the rusebut we all know you want to screw with bitcoin. because you dont care about bitcoin. you only care about is the dream of corporate dictatorship and control for financial profit.(you have no libertarian ideals nor ideals for protecting peoples assets against corporations) how about instead of meandering off topic. how about instead of crying that answering people is a waste of time how about instead of crying that researching facts to answer people is a waste of time you instead just do the research for your own understanding and your own benefit. then you wont be wasting your time failing each time
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How many millisats will the Bitcoin 21 million limit be inflated by? It's zero, isn't it?
because LNs millisats are not part of bitcoins sat they are different nodes. again lets do the theortic dream of yours of bitcoin changing its units of measure to include millisats bitcoin miners right now produce 1250000000 units of measure per block. FACT (check the code) USERS call this measure at the GUI, conversation end 12.5btc. but not at protocol/code/consensus level in your dream scenario bitcoin miners would produce 12500000000000 units of measure per block. DREAM making miners stop producing units of measure as a blockreward in atleast 2181 instead of 2141 (screwing the production/rarity mechanism) USERS call this measure at the GUI, conversation end 12.5btc. but not at protocol/code/consensus level anyone can rebrand how many units a BTC is measured as. last year people were proposing without even adding more units of measure. to call a btc just 1000 sats. the community decided to leave a btc at 100,000,000 units and instead just use a different term 'bits' which is 100 units of measure what people call a btc has no relevance to mining, no relevance to code. WAKE UP!!!
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LN payments in bitcoins mempool??
prove it. show me bitcoin-core code. show me code in bitcoin core where millisat payments are logged in bitcoin-cores mempool
show it. if you wont or cant. you have nothing more then empty arguments to get laughed at
i guess you forgot the LN node was not a bitcoin node i guess you forgot the LN node had to connect to IRC to locate other peers, rather then using the bitcoin network IP discovery process i guess you forgot LN uses millisats that are not sats i guess you are stuck in a lucid dream.
wake up, deal with reality, not the dream you were sold
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lets word it a different way,
Yes, that's your only weapon in this argument, playing with semantics, lol All Lightning transactions are validated by all Bitcoin nodes, before they can be accepted at all as an open channel by the Bitcoin netowrk. Opening a Lightning channel involves making a Bitcoin transaction, and all the units are BTC. your semantics are about the deposit and withdrawal. not LN itself. it seems you fail to understand. so it requires wording it differently to hope you understand. but you instead just put your fingers in your ears and plead ignorance to everything so how about go watch the demo video. read the details. that way you learn directly from your leader and probably wont have your fingers in your ears. the guy made a payment ON BITCOIN(deposit). and the separately used the LN node for payments. the payments within the LN node are NOT accepted by bitcoin. go watch the video only the settlement (withdrawal) is accepted because a process is done to create a bitcoin transaction when the channel closes. seriously carlton. watch the video, read the documentation and understand LN. i know you admitted you have no understanding and blame your lack of desire to research LN on other people rather than yourself. but you are only failing yourself Lol, I'm not going to check the details, just so i can speak to you, it's a waste of time after all
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Lightning uses Bitcoins. On the Bitcoin blockchain.
lightning is OFFchain tech.. 'payments'/'trades' are not done onchain.. and thats the point of LN That's where all the money going through Lightining channels is coming from, and going to. The Bitcoin blockchain.
LOL lets word it a different way, exchanges accept bitcoin but while an exchange holds the bitcoin, they separately allow users to play with their 'balances'(mysql database) to make orders. exchanges are not bitcoin, they are a SERVICE/BUSINESS layer at the edges of bitcoin, but it is not bitcoin. the trades do no appear on the blockchain. the trades are incompatible with bitcoin consensus only the deposits and withdrawals are part of bitcoin. not the service offering itself. LN is just a service layer. even blockstream admit LN is a second layer. even blockstream admit LN is OFFCHAIN. seems carlton needs to go back and get retrained by his leaders lets word it a different way. exchanges are part of the community. but not the protocol of bitcoin LN is part of the community. but not the protocol of bitcoin atleast be honest and call a spade a spade. then be realistic about what a spade can do and cannot do
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as the other commenter said. dont bother with the "loanshark/scamhaven" microloan systems like btcjam
instead write up some documentation about your project include: the concept. give a demonstration/scenario of how it operates (how alice pays bob) give an example of why it should operate (why alice pays bob - the niche market/service it is creating) give details of what your expectations of it are in 6 months, then 1-5years (realistic, not utopian)
and then go search out funding with your documentation
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carton fails to provide a reason why blockstreams LN is not an altcoin, even where: it uses a different node contains no bitcoin blockchain, uses a different unit of measure, uses a signed instant 'payment' method incompatible to bitcoin consensus(thus gets rejected if they tried broadcasting the 'payment') requires deleting the 'payment' and setting up a hopefully ethical agreement when signing a bitcoin tx when settling(much like withdrawing exchange balance)
so he then meanders to attack the people that even dare to highlight the reality of stuff blockstream create.
i defend bitcoin(open financial system), carlton defends blockstream(dictatorship desiring corporation)
now my point. its best to call a spade a spade and actually accept what a spade can do and cannot do. then while remaining with reality realise that a spade is a useful tool for some people and able to clearly show what a spade does.
unlike some people who pretended NXT was bitcoin 2.0 and other things. which helped no one but purely done to defend and promote the business behind the concept rather then highlight the advantages and disadvantages of the technology/altcoin
lauda is correct segwit is part of bitcoin. sidechains and blockstreams LN however is an altcoin, that is crediting users via a peg that suppose to represent bitcoin at certain ratios.
the funny thing is, if revealing the honest truth hurts. then there is something those hurt by the truth want to hide.
if you feel the technology is sound then be honest and show what it can and cannot do. rather then circle jerk the utupian dream of perfection purely to give some rep' points to the business conceiving it.
i personally do see the positives of where LN can be useful. but i also see the flaws. there is no point "selling" the usefulness before its even usable, but highlighting the flaws can help fix the issues to make it useful. and there is definitely no point "selling" the utopian dream of perfection to honour a business. its open source after all. the business should not matter
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Interesting arguments from both sides, Carlton versus Franky and the OP, about LN's "currency" being an altcoin or not. For me technically it could be but it is not. But then again it could really be. What some see as bad, I see opportunity here. I view the Lightning Network as something like a pseudo bank[1] account in which it can be made and used as a bridge[2] between blockchains. Like a decentralized exchange.
Thank you OP for pointing out that LN could be really an "altcoin" because it just opened the possibilities of what it really is. I am very excited on how this all works in practice.
thats the right way to think about it have an open mind and think about all possibilities good and bad good: to benefit users bad: to suggest solutions to benefit progress which benefits users bad: to know it could divert security (hashpower / node counts) away from bitcoin. keep that open mind and think of all possibilities... dont become close minded like carlton [1]though its not a LN feature but a bitcoin a smart contract feature, you are also correct that when locking bitcoins into a multisig can lead to many possibilities. such as [2]you are then credited with units pegged at 1:XXXX in a different network or node to then use in a different system, the smart contract feature is the mechanism planned to be used for things like side chains, LN and other protocols in conception and production right now. and like you say, these altcoins and sidechains and offchain payment systems can have different possibilities, but also some flaws and limitations. which is what the devs need to work on before making a public release.
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How can the different units be "incompatible altcoins" AND constitute monetary inflation. You're going to need to pick one or the other, because they cannot both be true at once.
(hint: they're both false, lol)
1. REALITY: bitcoin wont accept more units because it screws the maximum possible units that are minable within bitcoin REALITY: bitcoins stay in one place onchain and on a different codebase people play around with something they have been credited with (an altcoin) REALITY: a LN payment dual-signed to show: A owns XXmillisats and B owns XX millisats will get rejected by bitcoin. 2. THEORETICAL SCENARIO: in your dream where you had millisats included in bitcoin (not going to happen, but talking about your dream) it would be inflation
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You imply a separate blockchain for Lightning transactions, so try not to mention such things if you don't want them to be led to their illogical conclusion, lol
i said altcoin. you said miner i said altcoin. you said blockchain. there are MANY altcoins without needing mining there are MANY altcoins without a blockchain and as for the inflation/deflation.. you have again lost the plot.. adding more units into circulation is called inflation... renaming a certain allotment of units to hide the more units in circulation doesnt change anything.
wake up!!
and its only been you that has shown desire to add more units of measure.. sorry but go play with infinity coin if you want more units of measure.
smart people dont want to screw with bitcoins unit of measure cap (coded as 2,100,000,000,000,000 satoshis)
How Many Units Will Be Added Answer The Question Franky LN is an altcoin because the units of measure do not match thus making signatures not match and txids not match. if you compared a bitcoin tx measured in sats to a LN tx measured in millisats. they do not match they are not compatible just like monero and bitcoin are not compatible. no one of any intelligence and coding knowledge is proposing to add any units. so LN payments are not compatible, thus LN is an alt. with btc hodled on bitcoins blockchain people are credited with and play around with millisats using a different codebase/node. it was only you that suggested it would be compatible if bitcoin added some units you know they are not compatible with bitcoin
Millisats can't exist on the blockchain until the Bitcoin code allows that amount of granularity,
by the way i laugh when your own words ruin your own argument
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