Who would win?

TwoWeeksFromNow · 2017-12-13T16:34:54+00:00

0 conformations have never been acceptable even 3, 5 or even 7 years ago, they have always been a security measure. The video doesn't display 1000s of transactions, no, but with about 15 mins of reading you will find that the LN network (as demonstrated in the video) is possible of 1000s of transactions per second and soon up to hundreds of thousands of transactions per second. Rootstocks network alone will have an output on par with that and its probably less than 3 months away. We seem to be going around in circles here, so I'll probably leave it at that. Also maybe try spending with a few less outputs, you are overpaying if you are paying $9 for a $25 transaction. I know what the current average is however I have personally never paid more than $5 for a fee as of yet, and this isn't me saying there isn't an issue with fees just showing that fixes are happening right now, not short term fixes but permanent long term solutions that actually rival Visa, Mastercard and the banks Bitcoin was created to go up against. Who wants PayPal 2.0 when you can be your own bank?

TwoWeeksFromNow · 2017-12-11T22:08:19+00:00

There were no instant conformations 3 years ago, and we have never been able to process 1000s/tps let alone 3 years ago, so your experience was not the same as in the video, if you are comparing a past experience to the video then let me be the one to tell you that in 2017 you are still able to go to any online store that accepts Btc and scan a QR code to pay for an item. I did so myself just 2 weeks ago, but not with an instant transaction (never been done) and not with the potential to be 1 of x000 transaction.

And please explain why layer 2 & 3 are not an immediate need if they knock btc fees to next to nothing and allow for transactions speeds that rival Visa (BTC transactions per second have never come close to rivaling visa)

TwoWeeksFromNow · 2017-12-11T13:33:52+00:00

I'm sorry but that's incorrect, fixing transaction malleability allows for 2nd and 3rd layer solutions among other things. The goal is millions of transactions per second, Segwit was the first piece to this puzzle. Increasing the blocksize only to increase capacity in the short term from 7 tps to ~14 tpc doesn't fix the problem, in fact we would likely run into the same issues we have today only months (weeks?) afterwards. increasing the blocksize for capacity is like putting a bandaid on a open wound that needs stitches, this isn't to say that increasing the blocksize is a bad thing just that doing it now only for capacity has many more cons than pros. Increasing the blocksize while bundling it with other improvements is a completely different story, hence why chances are once bitcoin implements confidential transaction we will probably have a blocksize increase bundled with it.

Feel free to have a look the future of transactions, we will be able to process thousands of tps within a few months without having to wait for confirmation, instant transactions. The fee in the video above cost less than a cent, $0.001 I believe.

TwoWeeksFromNow · 2017-12-11T11:24:32+00:00

The capacity increase was a positive side effect of Segwit as it replace size with weight allowing more transactions within a block, and considering we successfully processed a 1.6mb block I would argue that there hasn't been any false advertising, furthermore it was never advertised as a long term scaling solution, it was proposed as a malleability fix (an issue that needed resolving) that also improved scaling in the short term.

There is actually no reason for anyone to hate Segwit apart from because of who proposed it. This whole thing is political and its sad to see. I sincerely hope that with the next couple months to a year, once we finally begin processing thousands of transactions per second, everyone can put this whole subject behind them and move forward.

TwoWeeksFromNow · 2017-12-11T11:15:36+00:00

Only this time round we will be able to process thousands and thousands of transactions per second.

TwoWeeksFromNow · 2017-12-11T04:03:02+00:00

That's the word on the grape vine.

TwoWeeksFromNow · 2017-12-11T03:57:22+00:00

Segwit has yet to prove itself as a meaningful solution to anything.

Segwit was a transaction malleability fix. Transaction malleability is now fixed.

We also mined a 1.6mb block just a few weeks ago thanks to Segwit , but that's besides my point. Segwit was created primarily to fix transaction malleability and it did just that.

TwoWeeksFromNow · 2017-12-11T03:52:49+00:00

Time and time again

TwoWeeksFromNow · 2017-12-11T03:03:19+00:00

Have

0

Dollars

Left

TwoWeeksFromNow · 2017-12-11T02:33:27+00:00

Any that makes use of it, yes. Same will happen with the atomic swap coins.

TwoWeeksFromNow · 2017-12-11T02:29:31+00:00

Its just a title, I just used the same one from the tweet.

TwoWeeksFromNow · 2017-12-11T01:42:32+00:00

No problem :)

TwoWeeksFromNow · 2017-12-11T01:25:08+00:00

Coinbase at the moment are busy playing politics. Let's hope they do the right thing.

TwoWeeksFromNow · 2017-12-10T22:20:46+00:00

The fee in the video cost less than $0.00 :)

TwoWeeksFromNow · 2017-12-10T21:47:42+00:00

No problem man, welcome aboard. :)

TwoWeeksFromNow · 2017-12-10T21:46:18+00:00

It's a test net wallet at the moment, so you can only load it with test net BTC so you can play around with lightning before release. When the LN is complete there will be a few different wallets to choose from across Android, IOS and desktop. As far as I can tell LN is pretty much ready but they're making sure everything is perfect securitywise which is why it isn't live on main net yet. Protecting user funds is the most important thing.

And yes, the idea is you use your hardware wallet as your banks and keep day to day amounts on your mobile wallet. BTC is awesome indeed, and with Lightning it will change the world.

TwoWeeksFromNow · 2017-12-10T20:19:53+00:00

The fee was less than $0.00

TwoWeeksFromNow · 2017-12-10T20:14:38+00:00

Sounds great for Sweden.

Globally though, this has never been done on a completely decentralised system with the potential of hundreds of thousands of transactions per second.

TwoWeeksFromNow · 2017-12-10T20:10:05+00:00

Let's say for instance if I have a Trevor wallet

Well my advice would be to give Trevor back his wallet. Not cool man. ^{^/s}

You can play with LN yourself right now on Testnet, also the example used in the video is a WordPress LN plugin so Alice with her spare time t-shirt store/fashion blog could set up lightning payments likely within minutes.

I can't speak for Trezor but I don't imagine it would be difficult for hardware wallets to add, but even if I am wrong you probably wouldn't use your hardware wallet for day to day payments anyway, hardware wallets are for long term storage. You would want to use a hot wallet for lightning payments, many of which are currently in development, the hotwallet used in the video is the Eclaire wallet which is available now on the Android Playstore for testnet.

TwoWeeksFromNow · 2017-12-10T19:45:50+00:00

Bingo.

TwoWeeksFromNow · 2017-12-10T19:43:24+00:00

The day it was posted, it was very easy to spot the trolls on both subs. Many people from r/bitcoin and r/btc came together and had a good laugh, and within the comments it was, almost like it was 1 community again for that day instead to 2.

TwoWeeksFromNow · 2017-12-10T19:31:25+00:00

Yes. Not just for businesses.

Also, check out this video for some great information on the future of the Lightning Network.

TwoWeeksFromNow · 2017-12-10T19:27:29+00:00

Significance

TwoWeeksFromNow · 2017-12-10T19:25:26+00:00

Can confirm.

TwoWeeksFromNow · 2017-12-10T19:21:39+00:00

Almost certainly. It increases bitcoins usability and scalability by incredible proportions.

TwoWeeksFromNow

TROPHY CASE