4 ms·

have you heard of lightning network?

dgrove 4y ago
The only problem with LN is that is actively requires an internet connection. Wherein Bitcoin could be done offline similarly to a Card Imprinter
yebyen 4y ago
Where do you actually use lightning? Does it work for you most of the time?
- gbaygon 4y ago
  Well I've actually paid for street food using lightning, and also use it regularly it to send money to my family using Strike. It's instant and practically free.
  - toomuchtodo 4y ago
    So FedNow instant payments? If one has to choose between central finance with regulations, protections, and recourse and cryptofolks running DeFI with zero recourse, which is a financial participant more likely to choose? https://www.frbservices.org/financial-services/fednow/about.html https://www.frbservices.org/financial-services/fednow/about....
    - k__ 4y ago
      Just imagine you're not in your cushy first world country and that question answers itself.
      - toomuchtodo 4y ago
        Sure, crypto might be useful in a few backwater or failing nation states. In all other situations, it’s a dumpster fire being put forth as a solution when there are other superior options. China, the US, or Europe could even offer digital wallets to individuals in those countries if they could get KYC worked out. Venezuelans use USD via Zelle for example, not crypto. https://www.coindesk.com/markets/2020/06/16/venezuela-is-a-testing-ground-for-digital-dollarization-and-zelle-doesnt-like-it/ https://www.coindesk.com/markets/2020/06/16/venezuela-is-a-t...
jjtheblunt 4y ago
lightning is a reimplementation of a part of visa, caching for response time and still recording on a blockchain, no? reminds me of https://en.wikipedia.org/wiki/Greenspun%27s_tenth_rule https://en.wikipedia.org/wiki/Greenspun%27s_tenth_rule
- gbaygon 4y ago
  It's an alternative payment network, implemented as a bitcoin layer 2. You can argue that it's somewhat centralized, but not as much as Visa.
- npc12345 4y ago
  No, that is not how lightning works.
  - jjtheblunt 4y ago
    How is it essentially different?
    - npc12345 4y ago
      Visa transactions can be reversed, Lightning transactions can not. Bit a of an apple to oranges comparison anyways but that's the biggest difference.

The only problem with LN is that is actively requires an internet connection. Wherein Bitcoin could be done offline similarly to a Card Imprinter

yebyen 4y ago

Where do you actually use lightning? Does it work for you most of the time?

gbaygon 4y ago
Well I've actually paid for street food using lightning, and also use it regularly it to send money to my family using Strike. It's instant and practically free.
- toomuchtodo 4y ago
  So FedNow instant payments? If one has to choose between central finance with regulations, protections, and recourse and cryptofolks running DeFI with zero recourse, which is a financial participant more likely to choose? https://www.frbservices.org/financial-services/fednow/about.html https://www.frbservices.org/financial-services/fednow/about....
  - k__ 4y ago
    Just imagine you're not in your cushy first world country and that question answers itself.
    - toomuchtodo 4y ago
      Sure, crypto might be useful in a few backwater or failing nation states. In all other situations, it’s a dumpster fire being put forth as a solution when there are other superior options. China, the US, or Europe could even offer digital wallets to individuals in those countries if they could get KYC worked out. Venezuelans use USD via Zelle for example, not crypto. https://www.coindesk.com/markets/2020/06/16/venezuela-is-a-testing-ground-for-digital-dollarization-and-zelle-doesnt-like-it/ https://www.coindesk.com/markets/2020/06/16/venezuela-is-a-t...

jjtheblunt 4y ago

lightning is a reimplementation of a part of visa, caching for response time and still recording on a blockchain, no? reminds me of https://en.wikipedia.org/wiki/Greenspun%27s_tenth_rule https://en.wikipedia.org/wiki/Greenspun%27s_tenth_rule

gbaygon 4y ago
It's an alternative payment network, implemented as a bitcoin layer 2. You can argue that it's somewhat centralized, but not as much as Visa.
npc12345 4y ago
No, that is not how lightning works.
- jjtheblunt 4y ago
  How is it essentially different?
  - npc12345 4y ago
    Visa transactions can be reversed, Lightning transactions can not. Bit a of an apple to oranges comparison anyways but that's the biggest difference.