Lightning Network is a banker scam part one

[Anti-Cen]

I just replied to this thread so that the FUD doesn't go unchallenged.

Well I welcome debate when its based on facts but you have been debunked and now want to be rude so lets
deal with some FUD like MoonLite which is yet another ICO that we are getting sick off that runs on the
ETH network and in eight days time goes live using the MNL tokens.

Lovely marketing with the usual signature campaign that pays in ETH to anyone that spams for them
and they are so desperate for money that they will even take payments using Ripple which amishmanish
hates along with about anything else that's not Bitcoin.

Now is this new ICO selling bullshit, lets see

ABOUT THE MOONLITE PROJECT
The MoonLite Project will operate several industrial scale data centers in the Crypto-Currency Mining industry, and plans to begin by mining predominantly Bitcoin, DASH, Litecoin, and Ethereum using 100% sustainable, green energy.

100% of the energy we consume is generated using Hydro, Geo-Thermal, and Wind sources. The MoonLite Project will base its first mining operation in data center capital of the world, Iceland, where the average tariff for the industrial connections are 0.043 USD per kWh. Our data centers enjoy a contractual supply of the cleanest energy available, and at a multi-year fixed rate, and additionally do not need to provide extensive cooling infrastructure due to the cool Icelandic climate.

 

it's cold in Iceland so that saves on air-conditioning costs but I seem to remember that high voltage power lines
can be used to transmit cheap energy across the sea but it's better just to waste it anyway by running servers
in Iceland so that everyone else can play CPU-Wars with them to mine coins

I know I will start with 1000Th and see if the other side can get a machine that is so hot it glows
in the dark to match the performance because we are green, we are saving the earth

My dear up for sale green friend it seems like the contents of my footer has upset you
so you like to keep being rude and attacking me since I debunked you because your facts were incorrect so
please have a second go and debunk any of the facts mentioned above  


  

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[Ronaldobaban17]

seems sounds interesting but i think in the situation like this,like bitcoin is having high fees and slow transaction we need to support such good idea to improve bitcoin network.Lightning network i think is a good idea.

[audaciousbeing]

I don't understand why this attack is coming against lightning network at this time even when the tech has not fully rolled out. I have seen links that was even claiming that the fault has been discovered but what is still surprising was why all of this attacks were not coming out when the project was on testnet neither when it was being developed just now when its trying to breathe some fresh air into the bitcoin space, attacks comes from everywhere yet a lot of proponent to this are not even suggesting or making a better way to improving bitcoin.

I am not saying its all perfect for lightning network but this is a big development that is happening after a long deadlock of events. Let's see how it works then we can then examine our outputs to know areas of improvements rather than an outright FUD as I would call all this.

[amishmanish]

My dear up for sale green friend it seems like the contents of my footer has upset you
so you like to keep being rude and attacking me since I debunked you because your facts were incorrect so
please have a second go and debunk any of the facts mentioned above    

Not interested in your desperate attempts to bump this thread anymore. Please continue your crusade for all I care.  Maybe you will save the world. On my part, I'll continue to call your bullshit. And dude, please stop whining about "being rude" and all.

[pinkflower]

How is Lightning a banker's scam? There was nothing in Anti-Cen's long post that explains why its a scam. Its another network that sits on top of BTC that offers cheaper fees and faster transactions.

Please explain it briefly, without the bullshit Alice and Bob story, why its a bankers scam.

[pinkflower]

Well? Were waiting. Why and how is Lightning a bankers scam? Thats the problem with this forum sometimes. There are lots of multiple alt accounts trying to spread the wrong information and FUD.

Having that said. The other side of the problem are the moderators. They are not doing anything to moderate these people or to correct the information.

[Cyndre]

The biggest issue I see with the lightning network is that it will have the opposite effect that the devs are thinking it will have.

If the LN network is successful, the number of transactions will go up, not down.  Its designed to do micro transactions etc at a lower fee.  This will bring in more users which will need to buy coins on LN/open channels.  Both of these result in more transactions hitting the btc blockchain.  Doing the math, even with bigger blocks, (guessing 24 tx/s) this allows 64 million channels to be open or closed a month.  Now 25% of that space is already full, so its really only 48 million, or 24 million open and close actions.

So the LN networks own success will be its downfall.  If it gets popular and poeple switch to it, it will quickly fill up the btc blockchain with people depositing/withdrawing coins from it.  The average person gets paid twice a month, so they will likely be depositing twice a month.  Thats only room for 12 million people to open and close channels.  This isn't even accounting for merchants wanting to cash out daily/weekly at most. 

The problem is that the LN network was designed for three things and the developers forgot to account for what happens if its successful.  It was designed to improve transaction speed and lower fees, while removing transactions from the blockchain.  The issue is if its successful more users then ever will be using the blockchain.

Just my two cents.

[Kprawn]

How is Lightning a banker's scam? There was nothing in Anti-Cen's long post that explains why its a scam. Its another network that sits on top of BTC that offers cheaper fees and faster transactions.

Please explain it briefly, without the bullshit Alice and Bob story, why its a bankers scam.

Check the users post history, he or she is probably a paid shill or someone trying to push their own future coin. {based on

posts that were done} This user is quite desperate to discredit Bitcoin, so the Lightning Network must be a huge threat to

him/her or even them. {depending on who is paying } The funny part was when he/she shifted his/her attention towards

discrediting a ICO that I also represent.    { I did some research on these guys and they look pretty legit, so it is

just natural to invest and also promote the product you believe in. }

No matter what you say, this user will know better.... {you know the kind} 

[pinkflower]

Shouldnt the moderators start deleting his posts? He is trying to make an argument that doesnt have the research and the data to back them up. That only gives the newbs the wrong information and it also makes the forum more toxic. There must be some strict moderation done in here.