|
very_452001 (OP)
|
 |
December 22, 2017, 01:03:20 AM |
|
I want fast cheap transactions  |
|
|
|
|
|
|
|
|
|
"With e-currency based on cryptographic proof, without the need to
trust a third party middleman, money can be secure and transactions
effortless." -- Satoshi
|
|
|
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
|
|
|
|
very_452001 (OP)
|
 |
December 22, 2017, 07:14:09 PM |
|
Help anyone can advise.
|
|
|
|
|
Rath_
aka BitCryptex
Legendary
 Offline
Activity: 1876
Merit: 3131
|
|
December 22, 2017, 09:22:17 PM |
|
It will take a lot of time before Lightning Network will be introduced on the mainnet. Currently, Lightning Network is being tested on the testnet. I did some tests by myself and it works great. However, LN is not secure if you don't understand how it works so if I were you, I would use this time for trying to understand it. Neither hard forks nor soft fork is needed for LN implementation. The biggest flaw is that wallet providers will have to update their wallets in order to make them compatible. I guess it will take half a year starting from today.
|
|
|
|
|
Anti-Cen
Member
Offline
Activity: 210
Merit: 26
High fees = low BTC price
|
|
December 22, 2017, 09:35:38 PM |
|
it's a sticking plaster and many people are saying that it will involve brokers that need to lend out the cash so the extra speed
will end up being a service that you end up paying for.
Time for a major re-write of the whole system and dumping the block-chain before it becomes any bigger if you ask
me because it's already at 200gb and to work out what wallet contains what balance you have to scan the whole darn
thing and everything I have seen with the software so far stinks of being bloated, over complicated and designed to
eat up CPU power.
Transactions per second
BTC=7
ETH=15
IOTA =100 (Tangle)
VISA =25,000 (Semi-Centralized
Come on when did we start pricing bandwidth and processing in bytes and end up having to pay $50 for about 250 bytes to be recorded
just so the public could see the data, not that they can really understand whats going on.
They say these coins are worth something because of the processing power that is used so who's going to get me some money
if i write a program to count all the black pixels in all the images I can get from google images if I search for the term "Dead Ducks"
NO ONE RIGHT!
|
Mining is CPU-wars and Intel, AMD like it nearly as much as big oil likes miners wasting electricity. Is this what mankind has come too.
|
|
|
|
likeBTC
|
|
December 22, 2017, 09:55:29 PM |
|
It will take a few months, maybe on July or August of this year.
The lightning network team is working very hard, the real problem is when are they going to add this feature to all the wallets, and this could take a while, specially because the miners and the exchanges are not going to let it happen easily.
|
|
|
|
Anti-Cen
Member
Offline
Activity: 210
Merit: 26
High fees = low BTC price
|
|
December 22, 2017, 11:09:52 PM |
|
It will take a few months, maybe on July or August of this year.
The lightning network team is working very hard, the real problem is when are they going to add this feature to all the wallets, and this could take a while, specially because the miners and the exchanges are not going to let it happen easily.
The damage from the fees will already had been done in a few months and lots of people will had jumped ship by then and Bitcoin was about being decentralized and not having ten big names doing 90% of mining and transactions like we have today. We seem to have a cancer in the system that needs to be cut out but i guess this is all part of the learning process and then lets see what these brokers and miners do with all that hardware they have going spare. Internal war we can do without |
Mining is CPU-wars and Intel, AMD like it nearly as much as big oil likes miners wasting electricity. Is this what mankind has come too.
|
|
|
|
bitart
|
|
December 22, 2017, 11:18:52 PM |
|
I have also run some tests paying on the Lightning Network yesterday and it seems nice and easy. I know that it was only a test environment but if it will be available for the normal system the processes will change radically. I don't mind if it takes half of a year to start it on the normal system because we also need to prepare for the new system. Today, only a few people know the details about LN, most of the people just talking about it and waiting for it. They think that it will solve all the current problems, but it's not so easy. There will be problems with the uneducated users who will ask that why do they pay the normal fee of opening and closing a channel when LN was advertised like it's running on small or no fees compared to the current chain transactions. It's always good to prepare for the change
|
|
|
|
|
figmentofmyass
Legendary
Offline
Activity: 1652
Merit: 1483
|
|
December 22, 2017, 11:24:11 PM |
|
I want fast cheap transactions there's no ETA. we've only just seen the first mainnet LN transactions on the network in the last few weeks because the network specs were just agreed on recently. there are significant bugs being worked out on the testnet. LN developers were recently quoted as saying they are "not going to rush anything" since there will be so much money on the line once LN launches. they are very concerned about funds being lost due to corner cases they haven't discovered yet. i think we'll see public use of LN sometime in 2018....but that could be 12 months from now.  |
|
|
|
|
very_452001 (OP)
|
|
December 22, 2017, 11:24:28 PM |
|
It will take a lot of time before Lightning Network will be introduced on the mainnet. Currently, Lightning Network is being tested on the testnet. I did some tests by myself and it works great. However, LN is not secure if you don't understand how it works so if I were you, I would use this time for trying to understand it. Neither hard forks nor soft fork is needed for LN implementation. The biggest flaw is that wallet providers will have to update their wallets in order to make them compatible. I guess it will take half a year starting from today.
Cant the wallet providers simply release an update for LN? What you mean not secure? |
|
|
|
|
|
very_452001 (OP)
|
|
December 22, 2017, 11:26:50 PM |
|
It will take a few months, maybe on July or August of this year.
The lightning network team is working very hard, the real problem is when are they going to add this feature to all the wallets, and this could take a while, specially because the miners and the exchanges are not going to let it happen easily.
Why are the exchanges against it? |
|
|
|
|
GreatOrchid
Legendary
Offline
Activity: 1092
Merit: 1001
|
|
December 22, 2017, 11:27:00 PM |
|
It will take a lot of time before Lightning Network will be introduced on the mainnet. Currently, Lightning Network is being tested on the testnet. I did some tests by myself and it works great.
How did you do it? I saw that anyone can test the ligthning network at the moment, but i dont know how the hell to do it. I really want to test it out, can you please provide me a link or something else in where i can do it?
Regarding to the OP's question, i dont think that it will get implemented soon. Just as the other guy said, this will envolve major exchanges and wallet providers who are going to be against this procedure. It will take months to be accepted. |
|
|
|
|
cryptohorsee
Full Member
Offline
Activity: 229
Merit: 100
The Operating System for DAOs
|
|
December 22, 2017, 11:31:06 PM |
|
Probably in 2 years if the core get their shit together
|
|
|
|
|
very_452001 (OP)
|
|
December 22, 2017, 11:32:09 PM |
|
Ok so another 6-12 months to wait for LN.
Will this long time cause price of bitcoin to crash while waiting for LN as people won't wait that long for cheaper faster transactions right?
|
|
|
|
|
|
very_452001 (OP)
|
|
December 25, 2017, 05:44:15 PM |
|
Can someone please remind me what are the specs of Lightning Network update and how does the specs compare to VISA and Mastercard specs?
What was Visa and Mastercard specs at first release decades ago?
|
|
|
|
|
jeffer8035
Member
Offline
Activity: 251
Merit: 10
|
|
December 25, 2017, 05:53:46 PM |
|
im waiting for lightining network since the fork, hope we can see it soon, and how this new technology works.
|
|
|
|
|
very_452001 (OP)
|
|
December 25, 2017, 05:59:54 PM |
|
Yeah aren't we all waiting for Lightning Network update. It has to be released otherwise bitcoin cash will win.
Will miners be against Lightning network? Who else will be against Lightning network?
|
|
|
|
|
|
very_452001 (OP)
|
|
December 30, 2017, 06:04:36 PM |
|
Ok coming back to this thread how do I track the progress of the lightning network? Is there a website or something similarly like there was for segwit.
Also is lightning network the best scalability model out there for bitcoin or is there a better model? If there is better then lightning network is just hype right?
|
|
|
|
|
|
BTCforJoe
|
|
December 30, 2017, 07:25:58 PM |
|
I’m curious as to whether there is an official thread to follow for the production updates for the Lightning Network. There was an article about BitRefill successfully using LN to confirm a transaction which was done INSTANTLY with no fees. How were they able to do this outside of a testnet environment?
It’s been a few months since the rise of transaction fees for the bitcoin core network, and I think it’s safe to say that most people won’t mind the high fees if they knew that a solution like LN was on the way. We just need to ensure that most laymen know that it’s coming, and what to do to prepare themselves for making sure that they are knowledgeable in what to expect for the network to operate smoothly.
Does anyone care to start a self-moderated megathread with updates about the Lightning Network that will only carry relevant discussion and news regarding LN?
|
|
|
|
|
very_452001 (OP)
|
|
December 31, 2017, 11:33:40 PM |
|
Yeah i agree should be a lightning network status countdown sticky.
|
|
|
|
|
khaled0111
Legendary
 Online
Activity: 2520
Merit: 2853
Top Crypto Casino
|
|
January 01, 2018, 12:52:51 AM |
|
SegWit was released months ago, but few are those using it right now. People need tome to accept new changes.
The Lightning Network will solve all users problems , its implementation will be faster.
The problem is that the majority of users are just byuing Bitcoin and holding and not using in a daily basis, that's why they don't care much about fees and slow transactions.
|
|
|
|
|
