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Author Topic: Why was LN moved to altcoins?  (Read 294 times)
GGUL (OP)
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September 09, 2020, 10:43:00 AM
 #1

Why topic "What does the Lightning Network need to become mainstream? "was moved to altcoins?
That is, LN is a despicable altcoin that has no place in the noble forum. Smiley

How so. LN is currently the only bright spot in the future of Bitcoin.

Or the moderator knows something and put LN where IT belongs?
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September 09, 2020, 10:52:34 AM
Merited by mprep (3), LoyceV (2)
 #2

Though I'm not sure if I agree that that topic should be on the Altcoin Discussions section, I'm assuming it's because of this:


Wrapped bitcoin is technically an altcoin.

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GGUL (OP)
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September 09, 2020, 11:19:52 AM
 #3

Though I'm not sure if I agree that that topic should be on the Altcoin Discussions section, I'm assuming it's because of this:


Wrapped bitcoin is technically an altcoin.
The article is devoted to LN: "The Lightning Network and  ..". In the article, the author compared LN and wbtc. This is why it applies to altcoins.

You can't compare Bitcoin / LN with any altcoin on this forum?
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September 09, 2020, 12:03:40 PM
 #4

The article is devoted to LN: "The Lightning Network and  ..". In the article, the author compared LN and wbtc. This is why it applies to altcoins.
Never said the article wasn't specifically about LN. I'm just trying to see the possibilities on why an admin/moderator moved the said topic to the Altcoin section.

You can't compare Bitcoin / LN with any altcoin on this forum?
Not sure what you're trying to say here. I'm pretty sure it's allowed knowing that the topic wasn't removed but instead just moved to a different section.

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September 09, 2020, 12:08:21 PM
 #5

Some people view it as a means to an end for bitcoin's advancement in the space such as segwit has.
But it is seen as an alt coin because you need to swap your bitcoin for those lightning tokens to be able to use it on their network.
I haven't used it yet so don't know the entire story but this is what I have understood how it works by just dabbling into the LN threads around here.

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September 09, 2020, 10:51:08 PM
 #6

Why topic "What does the Lightning Network need to become mainstream? "was moved to altcoins?

It was blatant advertising for an altcoin and the "service" that runs the account which posted it.  No legitimate content of any kind.  One of the reports was definitely mine, so you can blame me.

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September 09, 2020, 11:30:29 PM
 #7

What's the matter if the topic was moved to Altcoins?  Smiley
It's still on bitcoin forum... right? Maybe it would have been an issue if;
1. The post wasn't taking about an ERC20 token wBTC and was major discussing about LN
2. The post was deleted.

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September 10, 2020, 08:59:38 AM
 #8

As with "defi", I can't say I've ever heard of "Wrapped bitcoin" I tend to agree that if it isn't bitcoin or (in the case of the lightning network which a a wallet to store and spend BitCoins) it should probably go into the alt coin wastepaper basket.

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September 10, 2020, 11:35:22 AM
 #9

As with "defi", I can't say I've ever heard of "Wrapped bitcoin" I tend to agree that if it isn't bitcoin or (in the case of the lightning network which a a wallet to store and spend BitCoins) it should probably go into the alt coin wastepaper basket.
"Wrapped Bitcoin" sounds like the (potential) scam where someone convinces Bitcoin users to exchange their Bitcoins for Ethereum tokens created out of thin air, on the promise they'll keep the value of one Bitcoin each. I'd say that belongs on Investor-based games at best.

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September 10, 2020, 05:56:44 PM
 #10

...

Yet another of the countless reasons why I don't dabble in tokens that haven't been mined, they are issued in much the same way a government issues currency.

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September 11, 2020, 09:46:53 PM
 #11

But it is seen as an alt coin because you need to swap your bitcoin for those lightning tokens to be able to use it on their network.

There is no such thing as Lightning Network tokens. Basically, the Lightning Network consists of many small valid Bitcoin transactions which are not broadcast to the network. I might be oversimplifying it too much, but it should give you a general idea. Indirect payments over the LN are a little bit more complicated. Consider reading the FAQ and feel free to ask questions there.
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September 11, 2020, 10:11:21 PM
 #12

Why topic "What does the Lightning Network need to become mainstream? "was moved to altcoins?
That is, LN is a despicable altcoin that has no place in the noble forum. Smiley

How so. LN is currently the only bright spot in the future of Bitcoin.

Or the moderator knows something and put LN where IT belongs?

Can you give me the link of this topic which was moved to altcoins ?  It should be moved to altcoins because LN is not an altcoin.
I can further comment only after reading the original post.

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September 12, 2020, 08:15:53 AM
 #13

The article isn't promoting wBTC that much, but the overall idea of it seems to be that Lightning Network is not good enough to become mainstream.
The other reason is surely your title, especially this part:
Quote
the rise of wBTC

A couple of other sentences that talk about wBTC (an altcoin):

Quote
...it’s been found that there are currently more WBTC locked in the Ethereum network compared to BTC in the Lightning Network.

...that a single transaction on the Ethereum network that day minted one thousand WBTC tokens. This transaction alone represented more value in US dollars compared to the entire Lightning Network.

Their report went on to state that there are now 2,300 BTC locked in WBTC tokens, compared to 927 BTC that’s locked on the Lightning Network.
Source

The article seems to be saying that wBTC is the better choice because LN is still not where it is supposed to be. And it goes on to list what LN needs to do to improve. Based on this I would have to agree with the mods for moving it to the Altcoin sub-board.

Can you give me the link of this topic which was moved to altcoins ? 
You can see the link in the 2nd post, posted by mk4.



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