Good news then so I am sure you won't mind giving me a few links to when Jaxx or Exodus wallets will be up and
ready to go because I hear that this will take about a year to happen so maybe your talking about Coinbase adopting
the new network and have some links for me please ?

Here is a map of the network today https://lnmainnet.gaben.win/ and I can see that "Alice" has like six hundred
friends already but Bob is no where to be seen but "Alice" is having a little trouble because its such a common name
and a little bird has told me that she's changing her name to "Nat-West Bank" but I am sure this must just be a rumor
passing around.

oh here are some more links that I would like to share with you
1. https://lightning.network/lightning-network-paper.pdf
2. https://www.youtube.com/watch?v=UYHFrf5ci_g

I will hang around for the links I asked for  
 

Good logic until the last bit about buying back in again but do you think they will all have forgotten about the
miners holding a knife to peoples throats two months ago and charging us $55 per transaction ?

Are you sure the Lightning Network is not just a system of mini-banks because apparently that's just what
many are starting to say https://www.youtube.com/watch?v=UYHFrf5ci_g so I read the Lightning white paper
https://lnmainnet.gaben.win/ and the term "Fee" is used 45 times by my count.

Do you think that the party could be over like happened in the Dot-CON bubble and that we could well indeed
see BTC back at $0.15 per coin

  

"What will destroy the bitcoin?"

1. Past high fees reaching $55 and not really being cheap today or forgotten about.
2. Lightning Network of banking hubs. See https://www.youtube.com/watch?v=UYHFrf5ci_g
3. On-Block won't scale as implemented by the development team.
..........
..........
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99 Taiwan bans Bitcoins

Forget "Positive Vibrations (Bob Marly)" and lets deal in facts because what the granny in the street will remember
is that fees got as high as $55 per transaction just to send digits across the internet and they can post a real letter
across the world for $1.00 and still have change.

I see no "resilience" in the lightning network banker nodes and if your channel to bank is down then your down too
unless you can afford to keep opening more and paying for them to be settled later on-block.


Please don't argue with me, argue with the white paper because it's all in there https://lightning.network/lightning-network-paper.pdf
or you can see the Lightning network map https://lnmainnet.gaben.win/ and want to call these bank hubs P2P mamma and pop's banking
like people have been lead to believe.

No and it's called "Gambling" but the game is becoming rigged with high transaction fees and the Lightning Network
that is really nothing more than a network of banks so I advise you to read the terms and conditions in the white paper
and concentrate on the areas where the word "Fee" is used https://lightning.network/lightning-network-paper.pdf

I count 45 times myself, what do you make it ?

I would not waste your time and things don't work like they use too so even if someone wrote something that was ten times
better than Fake-Book then it won't even get a looking these days.

if you want to still carry on then look at IOTA or NEO as a starting point and also take a peek at Bit-Torrent and how
chunks use SHA256 for sharing files on a real P2P network.

Sorry but i am ICOed out these days

I can see you know your stuff here but with all that maths going on you would expect it to be slow but it's not
really and the same is also true with GZip so these functions must be built at assembly level and not from compiled
C++ or C# using *ptr because they run almost as fast as we can iterate a byte array in Dot.NET without performing any "if" statements
or maths.

Whats your thought on this ?

Would send you a merit but i think the merit routine here is broken because I don't have any left to spend it says

Nothing wrong with using VB for the API's and it uses the same p-code as .NET C# but in
general it's easier to find C# example code than VB code.

I tend to use raw sockets instead of HttpWebRequest mainly because in multil-threaded  programs the
web-requests seems to block and using more than a few connections does nothing to speed things
up unless you go raw.

 

I think the gizmo term "Proof of something" gets taken too far in an effort to gain acceptance
in the crypto world but it is a good document that you have produced and forward booking space
on the block-chain will help things to scale.

You still need to distribute the block-chain and not just replicate it across hundreds of nodes
by moving in two directions instead of just left to right using a linked list as is the case with Bitcoin
but maybe it helps to think about it as a two dimensional arrays instead of one.

Ledgers can have check-sums too and can be used in the second dimension with the chain itself being
held in the top dimension so blocks contain a number of new wallet addresses and a block ledger (second dimension) is
used to represent the wallets transactions.

Each transaction could then reference where the credit came from by including the original wallet address along with the row
number of the other side of the transaction along with the signatures and of course the ledgers will need to be replicated across dozens of
nodes which is not happening in the case of lightning and happens too much (20,000 times) in Bitcoin main block-chain.

The money is safe in your wallet if you go AWOL but will get eaten away by interest charges on the BTC that the
banking hubs need to finance the other half of the Lightning ledger.

Crazy I know to have to pay interest on BTC that you own but this is the result of tokens being locked inside the
ledger so balances between you and the bank can change but the balance on the ledger always remains the same
as when the channel/ledger was created and this then gets settled on-block when the channel is closed.

Coins are not liquid in Lightning and are more like snooker balls that bump into each other inside the ledgers and
there is no plan "B" if the banking hub goes down for a few days apart from opening another bank account with
another hub and depositing coins in to the account which you might not want to do because regardless of the hub
banking costs you will still get hit with BTC miners fees and as you know, these can be high.

Yes they are banks, they charge transaction fees and interest on the BTC used by the bank to finance the ledger
and you admit this yourself in the link you provided.


One cent per transaction you say because the running costs of the hubs are so cheap so lets revers engineer maths
here and account for how miners were able to charge $55 per transaction two months ago if no one is out to make
profits that you ignore in the document.

$55 per 250 bytes, well lets call it $200 per K and this put the price of a gigabyte needed for a movie at about a billion squid !

I tend to get my information from the official white paper https://lightning.network/lightning-network-paper.pdf or the
current network map https://lnmainnet.gaben.win/ of lightning and each fork is inflationary, doubles the money supply and Lightning
really turns the bitcoin block-chain into a central banks for the hubs and this is required for anyone to trust the hubs.

off-block single point of failure banking hubs is not the solution and we are being feed problem-reaction-solution here.  

The whole mining thing is covered in the simple statement in my footer but this does not mean that I am against
"proof of useful work" being used, far from it but counting numbers just for the sake of it is not only a waste of time
but is dyeing and is like playing Garry Glitter or Boy George music at a night club these days.

PoS is only slightly better but sending one transaction from a wallet and making 20,000 nodes argue/compete over the message is
plain stupid so I welcome anything that moves away from that path and like to see new suggestions here.

I use code that requests hash-codes for blocks of data from other servers and then get the receiving node to pick a block at random and request the data behind the check-sum hash but the point is the data is needed anyway, this is what I mean by "proof of useful work" but really it comes down to establishing a level of trust when you get down to it.

It's a system of mini banks, we have gone over this time and again but you love on-block, then off-block because
you are a member of the party faithful here and resort to insults when faced with facts.

Currently they are just testing LN inter-bank transfers and then we might get a wallet but it's going to take a year or
so before Jaxx or Exodus wallets are going to implement LN (if they ever do) and the voice from developers like me
will only grow stronger in the mean time.

The blind faith card has been played, fees went to $55 using this "Market Forces" argument so take both TN transaction fees and
interest fees out of Lightning and fudge the "Off-block" divide and conquer for now whilst a scaleable on-block solution is found or face the very
real prospect of Bitcoin being confined to the history books and i am not alone in saying this but others that step forwards here get chased
away.

Very good post, like it lots.


This is the same as my findings when you really start to up-scale to numbers over a hundred million and in the end the network becomes flooded
with chatter and the time characteristics will fall like a stone.

Do not confuse the word "trust" with control and really Pow or PoS and all the other concepts of "Proof" flying around really comes down to establishing
a type of trust between nodes which is fine with me and if a cluster of nodes (big fuck off machines) are needed to enhance the smooth running and they
don't get direct access to the "Money" then this is a price we must pay.

Academia should not veto practicalities, you have to have a trade off and more to the point admit it also because in the end you get found out
when things go wrong.

Bingo

I like Jaxx but the private key used to encrypt the config file escaped into the wild because they hard coded it into the chrome
extension and people found it and the same key also worked on .exe type wallets too.

Exodus also has it faults so always run from pen-sticks and better still run from Linux because microsoft is just a remote terminal
these days and we are not even allowed to stop let alone uninstall new programs that Microsoft now force feeds us.

Forget 51% attack on Bitcoin because it will go down if Microsoft wanted to take it down

Yes I hear this and I admit that I am no crypto mathematics expert 

Key exchange is using Secp256k1 which i like, don't want nothing that is black-boxed, dills or anything from Microsoft because they might not be able to
crack Secp256k1 but then sending the exchanged keys to back-door bills ms-spyware kind of defeats the whole point but that's just what the code is doing
that I nicked the Secp256k1 code from does and it's a big red flag too me.

From the little bit I know I think I could do something much more secure using BigINT's but that's going to be slow on 2mb data blocks
that i intend mainly to be used for file transfer and sending large node lists.

I am keeping the sockets open (Not REST) so I can spice it up using injection in bi-directional bound sockets because clients also become servers in
what I am trying to build but instead of working as IP/Port like the internet works its going to be more like Secp256k1 public-key/service with possible
relays in the middle so that no node knows who is really requesting the data and the code is using keys from that key exchange and is not primary.

Really it's just the backbone network I am building that I intend to have as secure as possible so apps can be built on top of it
with all the encryption and node discovery work already done for the apps.

I didn't think it was that slow and the bottleneck is going to be sending the data across the wire so I use Gzip on the data first, encrypt and then send it out or write to file
however i did play around with pointers and unsafe/unchecked code in C# but it didn't speed it up really so i dumped that plan.

Distributing apps with Dll's is a pain in the bum and I like just a single .exe these days.

Bit of a pain programming this way in visual studio but i just use project folders these days to separate the sections of the project.

Yes it's tulip mania and the price would had gone by my estimation to about $50k but just when
Joe Public turned up the miners got greedy and thought they could turn the fact that Bitcoin
could not scale into a profit by charging $55 in transaction fees.

Now the very same miners want to become mini banks on the lightning network by operating hubs
but the cat is out of the bag on that upcoming scam.

There seem to be a bit of panic around here, someone keeps pumping the old threads back to the top
of the forum so "Am i too late to buy BTC" no you are not, bigger fools are always welcome here but a
sprinkling of truth is not.

 

Another member of the waiting committee pops his head in but he's not technical really or he would understand the
reasons for avoiding breaking backwards comparability when code on servers needs changing that broke existing
wallets and everyone needed to get new segwit addresses.