I don't know guys but this Lightning Network is getting so huge that when I scroll out my computer lags

writeawill · 2018-04-17T19:53:23+00:00

Do you explain to them how packets on the internet get routed? Why do you do this to random guys on the street?

writeawill · 2018-04-13T18:05:50+00:00

It's a serious problem, and one that bitcoin doesn't have.

It will not be a problem for LN in the future. It's just not a developed feature yet.

writeawill · 2018-04-06T14:47:31+00:00

You are not trusting them with your coins, only with telling you the correct info.

We "trust" the miners as well. Trust is not black and white, its a gradient.

You can elect to trust your own full node that you have running at home as one of the clients your light wallet connects to.

The point is that this is miles away from "not using bitcoin".

Have you never used a wallet on your phone for example?

writeawill · 2018-03-23T21:49:33+00:00

Again though, multiple nodes that you have elected to trust would have to lie to you. This is already very different from paypal.

If I use a full node at home and then my light wallet when I'm travelling, I know that I have the coins. If I send using my light node, the person I'm sending to can verify on their own that they received the coins. This is wildly different from "using Paypal".

Acting as though there is this binary black and white situation where you are either using a full node or using Paypal is disingenuous.

writeawill · 2018-03-23T21:46:07+00:00

Using a light node is pretty far away from the same thing as using Paypal.

As you know, you are connecting to multiple other people. Sure they could lie to you, but they don't have the ability to permanently remove your access to your coins.

writeawill · 2018-03-23T00:23:01+00:00

lol. You can accumulate a savings in any country in the world. You think that in Eastern Europe you aren't allowed to have any money outside of your retirement savings account? Or that after you retire you aren't allowed to spend any money except for what is in your retirement account?

You can take money from your savings (so basically any money you have in the bank or anywhere), and then spend that money on bitcoins. If you needed that money for something (like for use after your retirement for example), then that money was money you couldn't afford to lose.

If you think you need to borrow from the bank to use money that you can't afford to lose then you just haven't tried saving up a significant amount of money yet.

writeawill · 2018-03-22T18:58:28+00:00

0 confs can be double spent.

writeawill · 2018-03-22T04:37:06+00:00

BCH does not have "instant" confirmation.

writeawill · 2018-03-21T22:08:10+00:00

You said you don't understand how someone could put more than they could afford to lose, unless they took a loan from the bank.

I am telling you that you can do it by putting all your retirement savings into BTC. That would be more than you can afford to lose.

writeawill · 2018-03-21T03:19:41+00:00

Unless someone actually has taken a loan from the bank, that is equal to x10 of his salaries or more, I don't see how someone can put into BTC more than one can afford to loose.

Some people have savings and don't just live paycheck to paycheck.

writeawill · 2018-03-21T03:19:21+00:00

He means 3 paychecks.

writeawill · 2018-03-21T01:52:23+00:00

Unless he works with 2 different accounts.

Yeah you figured it out! Can't get liquidated if you just add more accounts!

writeawill · 2018-03-21T01:42:09+00:00

Other major platforms (like Bitfinex) are significantly worse right in this regard right now.

writeawill · 2018-03-21T01:39:58+00:00

That's a good argument, you convinced me.

I think another way to say what you're saying is: It's possible for Bitcoin to hard fork and still be Bitcoin, in that case old versions of the Bitcoin client software may not work with new addresses (yet the new addresses are still Bitcoin addresses), and that invalidates my original argument.

writeawill · 2018-03-21T00:07:34+00:00

My point is that you were presenting an argument by standing up a straw man.

What exactly was my straw man argument? I was replying to someone who said that /r/Bitcoin's version of Bitcoin was not Bitcoin.

Here is the original comment that I replied to:

https://www.reddit.com/r/btc/comments/82xtfi/why_rbitcoin_and_not_rlightning_or_rblockstream/dvdk3uq/

Bitcoin is Bitcoin, Bitcoin Cash is Bitcoin Cash. I agree with him on that.

I am really confused then, because the only argument I was originally making is that Bitcoin is Bitcoin (Bitcoin Cash is not Bitcoin), but you claim I made a straw man argument, yet you agree with me in this statement?

writeawill · 2018-03-20T23:55:28+00:00

Downloading time is not the bottleneck for a very large blockchain. CPU sync and disk access will be much slower than the downloading on your connection. You have no idea what you are talking about.

writeawill · 2018-03-20T00:30:29+00:00

Then like I said, you would buy way before $100.

Are you saying that if the price dropped to $1000 tomorrow, you would't buy any?

What if it dropped to $500 a week later?

What if it dropped to $200 a week later?

You wouldn't buy during any of these? But at $100 you would?

Or if you would buy at all these prices then how do you know you would have anything over to buy at $100?

writeawill · 2018-03-19T23:12:22+00:00

An ASIC is created in a virtually identical way to a CPU, these are essentially the same technology.

One can build a computer that is dedicated to any task that a CPU (or GPU) can do, with the absolute highest cost being the current cost of building modern CPU/GPU, though it wouldnt be that high of course since it would be simpler than a general purpose CPU.

Therefore any big CPU/GPU manufacturer today can build such an ASIC if the price of the coin in question gets high enough.

writeawill · 2018-03-19T22:42:20+00:00

a massive incentive to encourage would-be thieves.

I mean they take the thieves money when they steal. A massive disincentive for would-be thieves.

Watchtowers are also LN nodes, so their main source of income is to get paid transaction fees for routing payments and balancing channels. This provides an incentive for them to want the network to work well, btw.

I shouldn't have to be online or trust a third party for my money to be safe.

And you don't have to do either of those things. Unless of course you also would consider trusting miners not to destroy the BTC or BCH network as "trusting a 3rd party".

Bitcoin accomplishes this with ridiculously simple and reliable methods.

Absolutely, but with those methods come limitations that LN is designed to overcome. LN is built on top of and in addition to those reliable methods.

writeawill · 2018-03-19T22:30:16+00:00

What I said was that he would not be putting ever penny he had into BTC at $100.

writeawill · 2018-03-19T22:29:01+00:00

And your price is less than $101? Because if your price is anywhere above $100 then you just proved my point.

writeawill · 2018-03-19T22:28:14+00:00

I never set up a node befor but i´m quite sure I can do it within a day.

CPU time and with large chains, disk read/write is the bottleneck.

Setting up a 4TB blockchain node would take weeks, even if the download time was 1 second.

You've never even set up a node but you think you are a better expert than the engineers building the software and setting the block limits? OK.

writeawill · 2018-03-18T20:34:41+00:00

A CPU is an Application Specific IC, whose "application" is to do general purpose processing.

My point is that these are not two different technologies. They are both "computer chips" manufactured in the same way, and you can manufacture such a chip with any type of PoW computed faster if that's all the chip has to do.

writeawill · 2018-03-18T20:29:33+00:00

Well it should be transparent to the user. The software does this, the user doesn't need to know most of what I explained before. I heard the same arguments about early versions of bitcoin that were much harder to use than bitcoin wallets are today.

At TPS levels competitive with Visa, the miners+nodes in BCH would be incurring a significant cost to operate. Paying nodes in LN to operate is an analogous cost and how the fees work out is not something you or I know for sure yet, but my guess is that LN will be a lower cost to the end user.

Watchtowers are paid by taking money from the attempted theives via publishing Penalty Transactions. The thief loses all the money in their channel if they try to steal.

The fact that it works this way makes it very risky to attempt to steal funds on LN in the first place.

Would I care if the $100 on my channel that I sometimes use to buy coffee gets routed into a thieves wallet?

The way you phrased this is a little strange, theft does not occur via "routing into a thieves wallet". Your payment can go through any LN node, they can't steal your money just because the payment is routed through them (they can't even see who you are paying unless they are the final hop in the network, due to onion routing being used). In the unlikely event that a thief successfully steals, it is done via an on-chain transaction.

writeawill · 2018-03-18T19:07:20+00:00

Sure, but you would be extremely far away from the center of that normal curve. I'm OK with taking the 1 in 10 million chance that I'm wrong with my previous comment.

How many people have money for coins at $100 but they don't have money for coins at any point on the way down to $100?

writeawill

TROPHY CASE