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Author Topic: Lightning Network is the Killer Application for Bitcoin  (Read 106 times)
Kakmakr
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January 25, 2018, 06:09:39 AM
Last edit: January 25, 2018, 07:57:08 AM by Kakmakr
Merited by dimastegar (1)
 #1

Bitcoin has not seen this much innovation in a long time and the Lightning Network is going to hit the world like a Category 4 storm.

Since Bitcoin started out in 2009, people have been talking about the Killer Application that would push Bitcoin into mainstream use and I think it has arrived. It is called the Lightning Network for those who have not read about it yet.

Ok, some might say it is not an Application, but rather a Upgrade to Bitcoin, but I think it is the Killer Upgrade that we needed to go mainstream.

I have not seen this much excitement in the community for a long time and it is refreshing to see something that might change the Bitcoin that we know, from a worm to a butterfly.

For years now, the scaling debate has been the central point of failure and talking point for this technology and some people even broke away to fork their own Alt coin to try and solve this problem.

The Lightning Network is going to bring massive opportunities and new innovation in Bitcoin, with people already creating applications like Lightning-Charge to fast track this monumental task.

Bitcoin with the Lightning Network will bring fast & cheap micro transactions back to Bitcoin and this will trigger a new revolution in innovation. <Micro global online transactions for the Internet of Money>

                                      ---=== Welcome to the Butterfly stage in the Bitcoin evolution ===---


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January 25, 2018, 06:23:19 AM
 #2

Honestly I am happy to hear that with the release of Lightning Network for Bitcoin, I might be able to breathe a sigh of relief. Because I know that all this time I am quite nervous about the length of time Bitcoin transactions. I am grateful for the birth of a new technology. Cheers.

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davis196
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January 25, 2018, 07:05:39 AM
 #3

I appreciate every new attempt to improve bitcoin and the blockchain, but i`m not sure about LN.
Some people hate the Lightning Netwrok,because it will bring more centralization and increase the risk of the blockchain becoming dependent of one big corporation.Last 2 years there were lots of negative opinions about LN here and now most of the forum members expect LN to be the solution for all blockchain issues.
This looks suspicious for me.
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January 25, 2018, 07:17:18 AM
Last edit: January 25, 2018, 07:49:25 AM by Kakmakr
 #4

I appreciate every new attempt to improve bitcoin and the blockchain, but i`m not sure about LN.
Some people hate the Lightning Netwrok,because it will bring more centralization and increase the risk of the blockchain becoming dependent of one big corporation.Last 2 years there were lots of negative opinions about LN here and now most of the forum members expect LN to be the solution for all blockchain issues.
This looks suspicious for me.

How will the Lightning Network increase centralization if people are free to create P2P channels without having to go through payment hubs? These payment hubs can also be bypassed by jumping onto other people's channels. A lot of people with hidden agendas are searching for reasons to discredit the Lightning Network. <Example : Currently Coinbase delayed SegWit implementation and not batching transactions, Why?>

Miner also hate the Lightning Network, because most of them think that on-chain transactions will decline and they will not be able to mine sustainably. This is also not true, the Lightning Network will spark mainstream adoption and this will increase on-chain transactions with many people opening and closing P2P channels.

"There are economic incentives acting against centralisation, anyone can set up a node as there are low barriers of entry.  In addition to this there is an incentive to undercut other nodes by charging lower fees."

https://blog.bitmex.com/the-lightning-network/

 

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January 25, 2018, 07:28:15 AM
 #5

No brainer, transactions will benefit massively from Lightning network. I just hope bankers have not found a way to fractional reserve bitcoin.
Other question: how about the cost of opening and closing a channel? And if there is no route between your channel and the store, you have to open another one. And then you have to fund these channels.
I'm curious to see if this will work out...   
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January 25, 2018, 07:34:43 AM
 #6

Although I don't know much about technology, I have been looking forward to the arrival of the lightning network.
Because there are big problems with bitcoin, such as the slow transfer rate, I hope the lightning network can solve this problem, so maybe bitcoin will be recognized by more countries. Grin Grin

Kakmakr
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January 26, 2018, 05:28:41 AM
 #7

No brainer, transactions will benefit massively from Lightning network. I just hope bankers have not found a way to fractional reserve bitcoin.
Other question: how about the cost of opening and closing a channel? And if there is no route between your channel and the store, you have to open another one. And then you have to fund these channels.
I'm curious to see if this will work out...   


The way I understand this, is that the cost to Open & Close a channel, would be equal to what a transaction will be on the Blockchain <Miners Fee> now. So depending on how congested the MemPool is, would determine the miners fees. I might have missed something, so do not take this as facts. ^smile^

Also, some payment channels will be used by other people and some sort of remuneration would be built into this. <Donations>

I hope I understand the concept correctly or I would be spreading nonsense now. ^hmmmmm^

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January 27, 2018, 01:15:12 AM
 #8

While I’m all about increasing the usage of Bitcoin as a currency to be used for micro-transactions, I don’t believe that LN is the solution, unless large trusted organizations open up their own payment channels. As it currently stands, the only organizations that have enough of a bankroll to open up channels are banks and exchanges. I don’t know about you, but I wouldn’t trust an exchange like Coinbase to properly vouch and handle my exchange for the duration of their channel, especially when they’re known to close their own service (due to maintenance or whatever Roll Eyes ) when the price of Bitcoin jumps.

I will fully support LN, however, if retailers such as Amazon decide to accept Bitcoin and open up their own payment layer to support micro transactions on their site.

The whole concept is a double-edged sword to me,  it the way that it is currently presented leaves more doubt in my mind than security. Yes, it’s more centralized than the current transaction structure, but that doubt could be eliminated if trusted organizations run their own channels to support LN. Given that they barely understand blockchain technology currently as it is, it’s doubtful that any of them will use LN...

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January 27, 2018, 01:21:54 AM
 #9

Let's say that without the Lightning Network Bitcoin would have been sentenced to death, since it has basically become unusable. I also guess that once it will start to work properly as it should, the price of BTC may again start to rise.

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February 13, 2018, 08:39:40 PM
 #10

Hey guys, since some time has passed, and now we have over 500 nodes and over 1000 payment channels, what are your recommendations on the client and/or wallet that seem most reliable to start running a node and open up some channels to test things out? Thanks
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February 13, 2018, 08:45:18 PM
 #11

If observed, this lightning network is only beneficial for bitcoin millionaires because they can open more channels to conduct transactions and if the lightning network has been launched officially and the millionaire will use the lightning network to benefit from people who need a channel to make a transaction.

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February 13, 2018, 08:49:41 PM
 #12

Bitcoin has not seen this much innovation in a long time and the Lightning Network is going to hit the world like a Category 4 storm.

Since Bitcoin started out in 2009, people have been talking about the Killer Application that would push Bitcoin into mainstream use and I think it has arrived. It is called the Lightning Network for those who have not read about it yet.

Ok, some might say it is not an Application, but rather a Upgrade to Bitcoin, but I think it is the Killer Upgrade that we needed to go mainstream.

I have not seen this much excitement in the community for a long time and it is refreshing to see something that might change the Bitcoin that we know, from a worm to a butterfly.

For years now, the scaling debate has been the central point of failure and talking point for this technology and some people even broke away to fork their own Alt coin to try and solve this problem.

The Lightning Network is going to bring massive opportunities and new innovation in Bitcoin, with people already creating applications like Lightning-Charge to fast track this monumental task.

Bitcoin with the Lightning Network will bring fast & cheap micro transactions back to Bitcoin and this will trigger a new revolution in innovation. <Micro global online transactions for the Internet of Money>

                                      ---=== Welcome to the Butterfly stage in the Bitcoin evolution ===---



That the crucial moment for Bitcoin. It's going to be Lightning Network or never! Imagine that now all large corporations will be able to integrate Bitcoin with easy and transactions will be fast and cheap.
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February 13, 2018, 08:55:54 PM
 #13

interesting opinion about lightning


https://segwit.org/my-vision-for-segwit-and-lightning-networks-on-litecoin-and-bitcoin-cf95a7ab656b
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