Dude buys sandwich with Lightning Network

[cellard]

https://www.youtube.com/watch?v=ZlyPNABZtHk

The first demonstrations of real Lightning Network payments for real goods and services are already there and we are still in beta phase. You can already go buy a (rather expensive) sandwich if you are lucky enough to live in Switzerland.

We are at year 0 of LN, imagine things in 5 to 10 years. We can meet in Switzerland by then when 1 BTC will buy us millions of sandwitches, and if other governments are jackasses enough to have banned Bitcoin, you already know in Switzerland there will be a Bitcoin-friendly haven for all of us to happily pay taxes there instead of being treated like criminals.

[franky1]

standard disclaimer

LN is a separate network that multiple coins will use.
currently bitcoiners are testing it. but remember LN is a separate network that locks peoples funds up.

even LN devs announce to use at own risk and only deposit amounts your willing to lose. as there are flaws and bugs
you may experience sudden signs of euphoria of making single transactions but to remain vigilant about the issues

meanwhile we should also concentrate on innovating the bitcoin network while other teams innovate a separate multi coin network called lightning.

lets not get too distracted by operations occuring on other networks as they are only side services that should remain voluntary to opt-in and not treated as the sole future feature that bitcoiners need

[denzkilim]

Even this Lightning Network looks pretty awesome and fast I still prefer the Bitcoin Network the one and only.
Damn that restaurant crypto payment system is awesome and it looks like the payment system of our future looks like that maybe three to five years from now, that payment system on that restaurant will be seen globally.
I hope that I can also see those kinds of restaurants in my country soon. 
The legendary "Satoshi Nakamoto" really changed the world! I think that he is really happy seeing his invention widely used by people all around the world.

[chocolah29]

standard disclaimer

LN is a separate network that multiple coins will use.
currently bitcoiners are testing it. but remember LN is a separate network that locks peoples funds up.

I'm sorry for ignorance, what do you mean in multiple coins will be use? What exactly those coins? Is that altcoin? Ok, I didn't know this whole thing, that funds can be lock up without our knowledge. All I know that LN is what made the bitcoin transaction more faster than the usual and with the help of SegWit2x the blocks became larger.

Thanks for this, I should do my assignment later.

[franky1]

standard disclaimer

LN is a separate network that multiple coins will use.
currently bitcoiners are testing it. but remember LN is a separate network that locks peoples funds up.

I'm sorry for ignorance, what do you mean in multiple coins will be use? What exactly those coins? Is that altcoin? Ok, I didn't know this whole thing, that funds can be lock up without our knowledge. All I know that LN is what made the bitcoin transaction more faster than the usual and with the help of SegWit2x the blocks became larger.

Thanks for this, I should do my assignment later.

1. lightning is a separate network and needed bitcoin to change to be compatible with it.
other coins needed to do the same aswell. like litecoin
changes such as segwit bech32 addresses bitcoin (bc1q address) litecoin (ltc1q address) to easily identify the initial locked funds apart to then check the separate blockchains that the funds are truly locked when users of both are on the lightning network

2. you can spot that the "payments" inside LN are not true bitcoin or litecoin transactions because the decimals of the token representations are not 8 decimals.

3. the payment is not moving bitcoin. it is just a bunch of private agreements between parties of who owes who wat. the settlement and real bitcoin movement/confirmation happens later

i would continue to discuss the limitations, flaws and misunderstandings and over promises and under delivery of both segwit and LN but that usually causes a certain group of people to invade the topic to cause social distractions of insults and misdirections to try to confuse people while they keep adverting this other network as something great.
which is just social marketing. much like coinbase and circle do while they play around with multiple coins. but pretend they are bitcoin centric

but in short LN is not bitcoin. its a different network and is just grabbing fame and investment by socially talking about it in the same conversations as bitcoin
even the LN devs themselves are asking people to only use it at their own risk and be aware

it is probably best to use the testnet and use it to understand it for yourself and run lots of scenarios with it. as i feel if i say more this topic will get derailed with social politics

[leavolnhals]

wow, that's really what i need to know. The article gave me more motivation to hold the BTC longer. You know, I have invested in BTC at 12k $ and now it's only half way down. I hope the bitcoin will be accepted and developed in more developed countries.

[dothebeats]

We're still far from mass application of the LN with real-world scenarios. Also, this doesn't mean that it'll do good for bitcoin since the Lightning Network is a third-party, off-chain solution anyways and it still requires 'trust' for you to deposit your money and hope everything goes well. The bitcoin network is already doing a great job in keeping the transaction costs at bay and confirmation times fast, the only problem I see is the number of places in which you can spend your coins freely.

[figmentofmyass]

We're still far from mass application of the LN with real-world scenarios. Also, this doesn't mean that it'll do good for bitcoin since the Lightning Network is a third-party, off-chain solution anyways and it still requires 'trust' for you to deposit your money and hope everything goes well.

no, you've been misinformed. LN is completely trustless.

LN channels are enforced by multisig contracts---there is no trusted third party involved. it is an off-chain solution (besides the on-chain transactions required to open and settle channels), and that's the reason why it can give us exponential scale. bitcoin's blockchain can't do that.

[IanKaramazov]

For me, that is beauty of cryptocurrency.
Speed-of-light transaction and low fee also. I really cannot wait until all governments in the world accept crypto payment for all stores and restaurants. Hope they will realize the true benefits of crypto.

[franky1]

We're still far from mass application of the LN with real-world scenarios. Also, this doesn't mean that it'll do good for bitcoin since the Lightning Network is a third-party, off-chain solution anyways and it still requires 'trust' for you to deposit your money and hope everything goes well.

no, you've been misinformed. LN is completely trustless.

LN channels are enforced by multisig contracts---there is no trusted third party involved. it is an off-chain solution (besides the on-chain transactions required to open and settle channels), and that's the reason why it can give us exponential scale. bitcoin's blockchain can't do that.

trustless
1. you have to trust the factory who hands out transactions that are not broadcast as they are one layer separated from the other layer(learn Eltoo)
2. you have to trust that underneath the GUI the co-partner has not modified their node to play around
3. you have to trust that the autopilot feature is not just going to let routers raid everything you have

saying LN is trustless is like saying a webwallet is trustless (facepalm)
maybe best people actually use the testnet and try it as they wont risk real bitcoins if they are using testnet coins

[pooya87]

We're still far from mass application of the LN with real-world scenarios. Also, this doesn't mean that it'll do good for bitcoin since the Lightning Network is a third-party, off-chain solution anyways and it still requires 'trust' for you to deposit your money and hope everything goes well. The bitcoin network is already doing a great job in keeping the transaction costs at bay and confirmation times fast, the only problem I see is the number of places in which you can spend your coins freely.

this is why we are far away from mass adoption! simply because of all the false information that has being spread about lightning network. (figment already explained it). i keep seeing people either think too negative about LN thinking it is centralized, "third party", have no control,... or they think it is iron clad and without any problems and solves everything!

LN is simply a second layer on top of bitcoin that despite what franky insists is made for bitcoin which altcoins copied just as they have always been doing. it is not perfect and it is still in beta and it needs more usage to be tested more so that the problems are found and fixed.

[Ozero]

Someone wants to enter the history of the development of the crypto currency as a famous story with the purchase of pizza. Now it will be the purchase of sandwiches in Switzerland for bitcoin using a network of lightning. In order for such a purchase to go down in history, it is necessary that after the introduction of the network of lightning, the price of bitcoin increases as much as after the purchase of pizza. Is it possible?

[harry_crypto]

It's amazing to see how fast and far these technologies have come. Soon, platforms like Lightning and the new Everitoken platform will be able to do so much more for our everyday lives!

[franky1]

LN is simply a second layer on top of bitcoin that despite what franky insists is made for bitcoin

seems the promotion machine is on full steam.. give any network a bitcoin sticker and suddenly.....

P.S do you think rootstock, ripple and Bakkt are "bitcoin layers"..
dont hit reply so quickly. take time to research

(hint LN will see litecoin on the same network as bitcoin)

[figmentofmyass]

We're still far from mass application of the LN with real-world scenarios. Also, this doesn't mean that it'll do good for bitcoin since the Lightning Network is a third-party, off-chain solution anyways and it still requires 'trust' for you to deposit your money and hope everything goes well.

no, you've been misinformed. LN is completely trustless.

LN channels are enforced by multisig contracts---there is no trusted third party involved. it is an off-chain solution (besides the on-chain transactions required to open and settle channels), and that's the reason why it can give us exponential scale. bitcoin's blockchain can't do that.

trustless
1. you have to trust the factory who hands out transactions that are not broadcast as they are one layer separated from the other layer(learn Eltoo)
2. you have to trust that underneath the GUI the co-partner has not modified their node to play around
3. you have to trust that the autopilot feature is not just going to let routers raid everything you have

it's way too early to say that network topology is limited to hub-and-spoke and that the protocol is therefore prone to censorship. that's FUD. if transactions can't be routed, they can always be settled on-chain---that's why we have bitcoin miners.

would you mind elaborating on the second and third points and/or pointing to some research on these supposed vulnerabilities?

saying LN is trustless is like saying a webwallet is trustless (facepalm)

web wallets = literally depositing bitcoins with a trusted third party. how is that comparable?

(hint LN will see litecoin on the same network as bitcoin)

that's actually great. what's the problem?

[Sojuculture]

this video shows a good way and signs for crypto world, hope someday my country will have a store like that soon.

[ErvingStephen]

I trust that I can likewise observe those sorts of eateries in my nation soon. The amazing "Satoshi Nakamoto" extremely changed the world! I believe that he is extremely glad seeing his innovation generally utilized by individuals all around the globe.

[Wind_FURY]

standard disclaimer

LN is a separate network that multiple coins will use.
currently bitcoiners are testing it. but remember LN is a separate network that locks peoples funds up.

I'm sorry for ignorance, what do you mean in multiple coins will be use? What exactly those coins? Is that altcoin? Ok, I didn't know this whole thing, that funds can be lock up without our knowledge. All I know that LN is what made the bitcoin transaction more faster than the usual and with the help of SegWit2x the blocks became larger.

Thanks for this, I should do my assignment later.

1. lightning is a separate network and needed bitcoin to change to be compatible with it.
other coins needed to do the same aswell. like litecoin
changes such as segwit bech32 addresses bitcoin (bc1q address) litecoin (ltc1q address) to easily identify the initial locked funds apart to then check the separate blockchains that the funds are truly locked when users of both are on the lightning network

2. you can spot that the "payments" inside LN are not true bitcoin or litecoin transactions because the decimals of the token representations are not 8 decimals.

3. the payment is not moving bitcoin. it is just a bunch of private agreements between parties of who owes who wat. the settlement and real bitcoin movement/confirmation happens later

But users can close and broadcast the latest state of their channels in the blockchain in the form of a regular on-chain transaction.

No one is saying that Lightning is doing on-chain transactions, frank. Plus no one is saying that Lightning will replace on-chain transactions because we need on-chain transactions to open and close Lightning channels in the first place.

[NeuroticFish]

https://www.youtube.com/watch?v=ZlyPNABZtHk

The first demonstrations of real Lightning Network payments for real goods and services are already there and we are still in beta phase.

This is wonderful and I expect to see this in a near future in most countries.

However, as others stated, it's risky to be used on main net, you also wrote it's beta. I wish to hear there are no known bugs/flaws anymore and it's safe for whoever wants to use it. That's the next big step to achieve.

[coinwizard_]

Lightning network is needed to solve all the pitfall of bitcoin. The bch variant will not be needed if LN can help with instant transactions and low fees. Also it will help other coins if they can upgrade their code to run on LN. Once implemented crypto can go mainstream