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Author Topic: BTC LN and why it makes sense (easy reading geared for non-coders)  (Read 107 times)
ChiBitCTy
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January 24, 2018, 11:05:20 PM
Last edit: January 25, 2018, 06:27:37 AM by ChiBitCTy
Merited by krogothmanhattan (1)
 #1

A buddy in a slack group passed this article over to me. It was written for people like, me..the non-code talker.  This is an easy read in which actually makes sense even if you’re not a Mr Robot type. I wanted to pass this along in hopes that it’s as useful to someone else as it was for myself - https://medium.com/@melik_87377/lightning-network-enables-unicast-transactions-in-bitcoin-lightning-is-bitcoins-tcp-ip-stack-8ec1d42c14f5
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High fees = low BTC price


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January 25, 2018, 07:46:43 PM
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Yes and the connections become end to end like a TCP/IP circuit which works so long as you
have big network hubs that have 2000 RJ45's but you cannot wire the world up if
the biggest hubs that you could buy only had four sockets each like we have at
home.

Too many hops so replace ISP's with banking hubs and I am sure lightning network will work
but if one ISP/Bank goes down and everyone broadcasts to get their money out
of the bank all at once and then you have some major backlog of work on the Bitcoin
block-chain so it's like trying to backup a 100A fuse with a 1 amp fuse

Flash crashes like this will result in millions being made by miners in Tx fees, rinse and repeat

Limiting the max number of channels banking hubs could use is not the answer
because the miners who will be running the banking hubs would just
chain the hubs, tweak the routeing tables so you then have ten large hubs
going down instead of a one big hub.




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.
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