200 sats \ 10 replies \ @HODL 12 Sep 2022 \ parent \ on: Lightning network centralization metrics bitcoin
Are you blind or spreading misinformation on purpose?
Can you send $1 over PayPal without KYC? You don't need KYC to send nor receive on the LN at all. As for the sender, their privacy is at a similar level of the shitcoin in your name. You can't trace back to the sender unless you have open a direct channel.
The transaction on LN is final within seconds. If it wasn't, why would any exchange like Kraken or Bitfinex risk their whole businesses just to use it?
Something is telling me you don't understand how Bitcoin nor mining works.
Keep lying to yourself, I linked in another reply to you a recent block transaction cost - $0.03. If you can't open a channel that cost $0.03 for months to use, than avoid Bitcoin as well as your shitcoin completely, please.
Can you send $1 over PayPal without KYC? You don't need KYC to send nor receive on the LN at all. As for the sender, their privacy is at a similar level of the shitcoin in your name. You can't trace back to the sender unless you have open a direct channel.
It is obvious to me that LN will become regulated in the coming years. In order to aquire LN Bitcoin to use this site, I had to use a KYC exchange. Even if you get bitcoin from a non-KYC exchange, it probably was associated with at least one identity at some point, so feds can work backwards to trace who gave coins to who.
The transaction on LN is final within seconds. If it wasn't, why would any exchange like Kraken or Bitfinex risk their whole businesses just to use it?
This is a bold-faced lie. The transaction is not final until your channels are closed. Exchanges prefer LN because the on-chain fees are stupid high, and because they profit as a routing intermediary on the LN. It is in many ways a recreation of the existing financial system.
Something is telling me you don't understand how Bitcoin nor mining works.
The price of bitcoin will need to double every halfening in order for BTC mining to be sustainable. This is obvious to everyone in cryptocurrency with a functioning brain. I've argued this enough here.
Keep lying to yourself, I linked in another reply to you a recent block transaction cost - $0.03. If you can't open a channel that cost $0.03 for months to use, than avoid Bitcoin as well as your shitcoin completely, please.
Let's say I'm a non-bitcoiner and I have a dollar worth of bitcoin on an exchange. How do I put that dollar into a non-custodial LN channel that I control without doing an on-chain withdrawl and having my dollar eaten by fees? Obviously the only thing I can do here is use bitcoin cusodially by sending it directly from my exchange.
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It is obvious to me that LN will become regulated in the coming years.
More silly predictions? Stick to the facts, please
In order to aquire LN Bitcoin to use this site, I had to use a KYC exchange.
Wrong. You choose to buy it. If you choose to earn it, there would be no KYC.
Even if you get bitcoin from a non-KYC exchange, it probably was associated with at least one identity at some point, so feds can work backwards to trace who gave coins to who.
Wrong again. Sats over LN can't be linked to the sender. I already explained above. Keep up, please.
The transaction is not final until your channels are closed.
Wrong. The LN tx IS final at the moment it lands at your end of the channel.
Exchanges prefer LN because the on-chain fees are stupid high,
Wrong. $0.03 fees (mentioned above) on-chain aren't stupid high. Exchanges are also batching txs to save even more.
The price of bitcoin will need to double every halfening in order for BTC mining to be sustainable.
Wrong. It doesn't have to. "This is obvious to everyone in cryptocurrency with a functioning brain."
Let's say I'm a non-bitcoiner and I have a dollar worth of bitcoin on an exchange. How do I put that dollar into a non-custodial LN channel that I control without doing an on-chain withdrawl and having my dollar eaten by fees? Obviously the only thing I can do here is use bitcoin cusodially by sending it directly from my exchange.
Wrong. If you want to open a channel WITHOUT "doing an on-chain withdrawal", perhaps learn how LN or Bitcoin works. To get the dollar worth of bitcoin out of the exchange, you will have to do at least one on-chain transaction, unless you already have a channel open and the exchange does support LN.
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Merely stating that my argument is wrong does not make it so.
To get the dollar worth of bitcoin out of the exchange, you will have to do at least one on-chain transaction, unless you already have a channel open and the exchange does support LN.
Yes, of course. This is the problem. How long does it take for 7 billion people to make an on-chain transaction and then open a lightning channel?
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Does your 7 billion people, making on-chain transactions, include toddlers? That's exactly how ridiculous your argument is.
As I mentioned to you already:
What if some people choose to use self custody and some don't? Have you ever thought of that possibility?
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It will take decades to open billions of lightning channels. Those toddlers will be young adults by the time that they are all able to open a lightning channel.
What if some people choose to use self custody and some don't? Have you ever thought of that possibility?
Oh, so basically like the existing financial system? This is obviously not what satoshi would have intended, you greedy fucking goober.
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It will take decades to open billions of lightning channels
How can one person be wrong this much?
Oh, so basically like the existing financial system? This is obviously not what satoshi would have intended,
No, basically like people are free to choose. Some prefer self custody, some are scared to be responsible.
you greedy fucking goober.
Ad hominem. It really shows your IQ 😂
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They are not free to choose if it is infeasable to use bitcoin non-custodially.
You ARE too greedy. You are arguing against the original purpose of bitcoin to prop up your bags.
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They are not free to choose if it is infeasable to use bitcoin non-custodially.
Yet, pointed above that self custody on LN currently cost $0.03. Pay attention, please.
You ARE too greedy. You are arguing against the original purpose of bitcoin to prop up your bags.
How are my bags going up or down related to the size of a block???
Are you OK?