Dec 19, · You don't need a payment channel to the vendor, it will be found from wherever you are. That's the NETWORK part of lightning network. This starts off with btc on LN. There will be exchanges/banks that will sell or maintain your LN balance, and nodes that you can upload your own btc for trustlessly giving you access to LN. Sep 23, · The Raspberry Pi3 running a Lightning Network node Let’s the (no) Profit begin. I’m running my Lightning Network node for only few days, but Author: Simonluca Landi. May 25, · The demo is built as an independently operating feature of the Lightning Network software, first proposed in summer For the demo, Dryja and Dragos used these oracles to broadcast the value of U.S. dollars in satoshis, and the data could be .
Btc lightning network demoRoger gets a demo of Lightning Network : btc
It doesnt matter who you want to buy from, your node will find a path to get there. Don't listen to all the people saying you need to connect directly with each merchant, that's the whole point of LN. This can happen due to temporary network connectivity issues or an unexpected server error". I hate the fact that I will have to ask a third party's permission to transact. Also they will be subject to aml and kyc. So basically international low fee transactions will be impossible. Bitcoin will never be the same!!
Some of our rights as bitcoiners have been taken away from us! You are delusional. There will be third parties selling side chains services blockstream being one of them you can't argue this fact and they will be subject to KYC. It won't be permission less at ALL. That escalated quickly to a personal attack.
It's going to be damn fun proving people like you wrong. Sincerely hope your money is where your mouth is. Any typical crypto exchange is a good example of a centralized lightning service. I've got no problem with it at all. I can still be my own bank. Yes, there will be centralized services. Just like the ones that have existed since the very early days of bitcoin.
And just like them, if you don't want to use them, you don't have to. The lightning network is a network that route your payments from point A to point B without requiring "permission" to do so. You'll just have to run our own node in the network if you want to avoid having to use third party services. Exactly the same requirement that existed in bitcoin itself since the very beginning.
Running your own LN node won't change zip unless you have tremendous liquidity. And yes you will need permission to use big nodes useful nodes. Some providers already announced it the ceo of Satoshi portal which will likely be hosting the biggest Canadian node already announced that he won't let us citizen use it.
It's like a chequing account. Want to buy a coffee a day? Put a few months worth of bitcoin into your channel so that you don't have to be constantly closing it and opening new ones. I don't see what's so hard about that. You seem to keep ignoring that it's a network. There are many hundreds of nodes just on testnet, and there will be many more than that on mainnet. Networks have an interesting property - unless every single path between you and a destination is blocked, you'll still reach the destination.
Big hubs will simply be a matter of convenience for people, and they might save you money in fees by allowing you to open and close fewer channels over time. But they aren't going to stand in the way of the network's ability to route payments. You also seem to forget the purpose of LN is mostly to facilitate rather small transactions. At least for now. For large, one-off transactions you still will be using the base blockchain.
Fortunately, a large number of bitcoin transactions are quite small, so to the extent that these move "off chain", your high value one-off transactions will be competing to a lesser extent for space on the blockchain. A true scaling solution will not end with LN. We're also going to need side chains with properly trustless 2-way pegs.
Bitcoin isn't the only cryptocurrency facing these problems - it is simply the first to run into this issue due to its popularity, and so is the one feeling the pain the most. Ethereum is getting to the same point, and the devs are thinking of exactly the same solutions.
If this takes too long, and bitcoin continues to have scaling problems for a long time, people could end up moving to Ethereum - only to find that their arrival causes much the same problems there. Adoption and speculation has arrived more quickly than innovation.
But you know what they say about necessity Lightning will provide a protocol for anyone to provide exchange. People who do this at scale, will need to comply with KYC. You need a miner's "permission" to transact already; you just take it for granted that you will receive it because they are a distributed 3rd party operating on economic incentives and to be clear, this is a good assumption. It's much the same with the lightning network.
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I could schedule myself sleeping whole day where I don't waste my life or 18 months creating an unusable lightning network. Please claim it! Only four minutes? I'm a bit surprised, really. I was under the impression that, in order to open and fund a channel for the first time, you would have to wait for a block confirmation A line up of five people for coffee would take over 20mins to get through.
Likely more due to the chance of failure. I guess you weren't around in the early days of Bitcoin. It's very reminiscent of that. Hold on, it's syncing the blockchain Oh it crashed while constructing the transaction, that's weird.
Crap, I have to restore a backup. If only there had been an easy way to increase capacity of the network while they produced a second layer solution that actually worked This is true.
There routing is trivially solved and your confidence that unexpected failures occur drops to 0. As N gets larger and larger and there are potentially more hops between you and the destination, and especially if there is actual activity on the network where routes change with high frequency due to balances moving back and forth very quickly , the probability of failure increases dramatically.
It boils down to the routing problem being unsolved and perhaps unsolvable from a theoretical point of view. If it actually becomes popular, it will become increasingly unstable and unusable with increasingly high failure rates. Bitcoin BTC has the same problem because blocksize cap. The more you use BTC the more it breaks. Lightning has this problem because routing problem is unsolved. The more nodes on LN the more it breaks. The "solution" for the routing problem is to not have it be a mesh network but instead do a hub-and-spoke model where many nodes are connected to highly liquid central hubs thus routing is trivially easy -- just send through the hub and let the hub's enormous liquidity make it unlikely a route will fail.
Which is a huge IF. I am not sure huge financial players would care for it -- they already have SWIFT and it works fine, plus it doesn't suffer from any of the risks. The crazy thing is for many the concept of LN having scaling challenges is completely foreign.. Oh man, come to think of it -- I would consider it a small miracle if they ever got a chance to become obvious. My prediction is Lightning will have completely underwhelming usage and support and just remain essentially where it is today -- something that is talked about but hardly used as people and businesses have moved on to stuff that's not quite as silly.
The problem is no amount of censorship and vote manipulation can fix a fundamentally broken system. If you have BOLT This is somebody's science project This is insanity. Oh that's actually an interesting point. I wonder if you could implement some way to select which qr code to scan for cases like this. Bitcoin was pretty bad for a while - especially before the mobile wallets got things figured out.
It seems all those are minor issues that will be cleared up and the lightning network will become quite 'usable'. Having said that, I still prefer on-chain e. Bitcoin Cash as there are just fewer hoops to jump through and zero-conf is fast and safe for 'daily' purchases. In early I was actually surprised how good the BTC software client was, it was actually slick, usable. And that was 5 years ago. I still have to regularly fire up the command line to sync my Ethereum node because otherwise it gets stuck :.
How the hell does this benefit the end user??? It's so easy to get a wallet and start using Bitcoin, why would anyone want this?! Only neckbeards it seems. Likely not soon. While BTC isn't overloaded, it more or less works. LN is on the shelf with Counterparty and stuff. Experiments for geeks. Did they say 2-cent fee? That's not better than BCH, especially not given all the other caveats of Lightning, like locking up funds and doing multiple transactions.
Make sure to hire multiple watchtowers, because if one goes offline you'll be screwed anyways. Only spend BTC repeatedly to open and close channels to pay even more fees on transactions that may or may not work! It'll be a massive success! Source Why? Creator ignoreme deletthis. Watching them try to use LN was starting to look more like they were launching a Falcon rocket then just doing a simple transaction. Listening to Roger in person is a million times more personable than comments on reddit.
The guy finished by saying 'I hope lightning network works one day faster, cheaper than bch '. Nah he said if Lightning works one day, it'll be even faster and cheaper on BCH. Which is true. Yeah, it'd be faster too, since we removed the 3-second built in transaction delay that Core devs put into BTC a couple years ago.
So opening a LN channel would be inherently faster. Yeah I don't get how LN helps the end user or promotes adoption. Bitcoin was already super easy to use and it was one of the best selling points. Get your friend to download a wallet app and send them money in seconds. It worked every time, people were always amazed when I did it. It worked too well. And it would only lead to more users, bigger blocks and increasing expectations Luckily Greg Maxwell, Adam back and the gang were able to turn the tide and make Bitcoin useless.
Hell, include BTC. So many dismiss the simple fact that he was onboard for SegWit2X as a compromise. He is one of the earliest evangelists, and earliest backers of doing business on BTC. During the time of watching this video, I was also able to walk my dog, fill the Gatorade cooler, and paint my back porch. Yes, and i wouldn't pretend to understand how that all 'will' work, but for all i know it will be something 'simple' like tracking your usage at the time the channel opens.
That stuff counts for something in the US with currency, but that is something they very possibly won't be able to keep ahead of with crypto. If they're have to play catchup, it might be a matter of dealing with simplified tracking at 'a' level to begin with, and maybe integration with second layer networks after, or passing laws and shutting stuff down, who know. I'm a bot working hard to help Redditors find related videos to watch.
I'll keep this updated as long as I can. Routing problem: exists from the early days of networking and despite extensive research it remains unsolved. I get your point but to be fair the idea is that those items could be anything. If Blockstream decided to add ASIC miners or something more "serious" to purchase in the store would it make any difference?
But to your point, they will need PoS processors and stores to accept LN transactions and that may be a big hump for Bitcoin Core to get over. Correct me if I'm wrong, but aren't LN channels only fundable to a maximum amount of a couple hundred dollars? But there's nothing in the protocol that stops channel opening transactions to be batched. It was a Good exchange to watch, Ver was being professional in light of the failed transaction. Understanding how lightning works is so important for people.
I know that most here on this thread probably already know, but for those who don't, it is a layer 2 that is controlled by 1 company blockstream. They have created payment channels that act as a single transaction on the main BTC network when opened. Once that channel is open you have a different address on the LN network in which you can do thousands of transactions, that never are recorded on the blockchain.
This is the same thing as having a digital bank. Besides the rules and regs, at the fundamental level, this is comparable to having visa approve my transaction at a grocery store, gas station, etc.. However, to be fair, I am providing the link that explains the lightning network. It is blockstreams video so there is no bias in the video other than their own.
Its a good video despite which side of the conversation you are on. That's exactly why beta software should not be used for public presentations with the spokesperson for the competitor product. It is still a beta even if it can be used on the live net. I'd actually venture it is in fact alpha due to the many critical bugs and lack of major features still.
Beta implies feature completeness, which LN certainly does not have. The developers themselves aid it is not for anyone but developers to use with live BTC right now. This is nowhere near production ready, and its use case doesn't even make sense for individual purchases or users. Blockstream has vastly mis-represented what LN is.
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Become a Redditor and join one of thousands of communities. Want to add to the discussion? Post a comment! Create an account. Wait, shit, a block just popped and now our endpoints changed. So what if the balances change while we're resolving a path? That won't happen often. Fuck, that's a lot more often than we thought. The tombstone for Lightning should read: "It's just pathing. Why is it a problem? Genuinely curious.
Oh, and that's not even counting malicious actors Or goes offline. It's similar to, but not. Complexity fir Bitcoin is descriptive, not predictive. Thats why it is so amazing. Given the 1MB limit needs to be increased why not do it now, it only gets harder? LN is even worse than I already thought! All you need for something to succeed is marketing, and big investors. Was there a wager happening there? Anyone know which of LN's issues was responsible for the failure? Did the guy make good on the bet?
That's why it was a wager. Fuck that noise.