On Fri, 12 Jan 2018 21:03:32 +1100
Zenaan Harkness wrote:
> On Fri, Jan 12, 2018 at 06:44:08AM -0300, Juan wrote:
> > On Fri, 12 Jan 2018 19:39:25 +1100
> > Zenaan Harkness wrote:
> > > end up never closing out their channel, except perhaps
> > > yearly, or simply never, since they do all their
On Fri, Jan 12, 2018 at 06:44:08AM -0300, Juan wrote:
> On Fri, 12 Jan 2018 19:39:25 +1100
> Zenaan Harkness wrote:
> > end up never closing out their channel, except perhaps
> > yearly, or simply never, since they do all their non-anon stuff out
> > of view of the public BTC ledger, and who knows
On Fri, 12 Jan 2018 19:39:25 +1100
Zenaan Harkness wrote:
> Sure, there's 1 BTC behind 1 LN "satoshi" or whatever they want to
> call it.
>
> BUT, the whole point of LN is that any number of micro transactions
> (or any tx up to the channel MAX) can be transacted within that
> channel, and only
On Mon, Jan 08, 2018 at 03:08:04AM -0500, grarpamp wrote:
> > cryptocoin users could care less if there is no proven backing for the fiat
> > they use
>
> Fiats being dumped for cryptos... it's about time.
>
> > https://www.reddit.com/r/Bitcoin/comments/56ehi1/fractional_reserve_on_lightning_net
On Mon, Jan 08, 2018 at 12:46:33AM -0300, Juan wrote:
> On Sun, 7 Jan 2018 19:27:55 -0800
> Steven Schear wrote:
>
> > Yes, it's a rather open secret that LN channel abuse,
>
> abuse, exactly how?
>
> I'm not seeing any open secret. LN works like I described it.
>
>
> > es
> cryptocoin users could care less if there is no proven backing for the fiat
> they use
Fiats being dumped for cryptos... it's about time.
> https://www.reddit.com/r/Bitcoin/comments/56ehi1/fractional_reserve_on_lightning_network/
BTC must both trace from and returnable to main chain, so any
"
On Sun, 7 Jan 2018 19:27:55 -0800
Steven Schear wrote:
> Yes, it's a rather open secret that LN channel abuse,
abuse, exactly how?
I'm not seeing any open secret. LN works like I described it.
> esp. using Hub
> architecture, can do FR just link banks.
>
N
Also, it's been shown, by the Tether USD caper, that most cryptocoin users
could care less if there is no proven backing for the fiat they use at
exchanges.
On Jan 7, 2018 7:27 PM, "Steven Schear" wrote:
> Yes, it's a rather open secret that LN channel abuse, esp. using Hub
> architecture, can
Yes, it's a rather open secret that LN channel abuse, esp. using Hub
architecture, can do FR just link banks.
https://www.reddit.com/r/Bitcoin/comments/56ehi1/fractional_reserve_on_lightning_network/
By never closing channels it difficult to detect what's going on.
On Jan 7, 2018 6:41 PM, "juan
>> Yes, sorry. I MEANT physical to mean precious metal or other
>> impossible to reproduce material, not mere paper.
>
> OK, US dollar is mere information, real only because people believe it
> is real, and bitcoin is mere information real only because people
> believe it is real, the fact that o
On 1/8/2018 11:57 AM, \0xDynamite wrote:
Yes, sorry. I MEANT physical to mean precious metal or other
impossible to reproduce material, not mere paper.
OK, US dollar is mere information, real only because people believe it
is real, and bitcoin is mere information real only because people
be
On Sun, 7 Jan 2018 18:32:19 -0800
Steven Schear wrote:
> The way payment channels can be reasonably used enables fractional
> reserve abuses.
Are you sure? As far as I know, one of the main selling points
of the LN is that it uses...bitcoins. So it's impossible to
open
On Mon, 8 Jan 2018 01:57:02 +
"\\0xDynamite" wrote:
> Yes, sorry. I MEANT physical to mean precious metal or other
> impossible to reproduce material, not mere paper.
even physical government paper is better than cryptocurrencies
in a few ways.
>
> On 1/8/18, jam...@e
On Sun, 7 Jan 2018 17:38:02 -0800
Steven Schear wrote:
> Off-chain, once solid tech that isn't a
> backdoor for CBs and WS (as LN appears to be), should easily compete
> with VISA.
how is lightning network a backdoor for central banks?
Yes, sorry. I MEANT physical to mean precious metal or other
impossible to reproduce material, not mere paper.
On 1/8/18, jam...@echeque.com wrote:
> On 1/8/2018 11:12 AM, \0xDynamite wrote:
>> Totally HORRIBLE idea. The idea of using a information code in place
>> of a physical currency is the
On 1/8/2018 11:12 AM, \0xDynamite wrote:
Totally HORRIBLE idea. The idea of using a information code in place
of a physical currency is the WORST idea ever.
Surely the greenback was always an information code, and never physical.
Bitcoin Cash's 8 MBPS blocks offers has on-chain chain scaling sufficient
to enable substantial growth. 64 MB blocks could handle as many txs/sec as
PayPal. Off-chain, once solid tech that isn't a backdoor for CBs and WS (as
LN appears to be), should easily compete with VISA.
On Jan 7, 2018 4:11
> In the medium-sized to long-term I've written off all crypto that serve no
> useful function except, perhaps, as "digital gold" for asset safety.
Totally HORRIBLE idea. The idea of using a information code in place
of a physical currency is the WORST idea ever.
Marxos
On 1/8/2018 8:48 AM, Steven Schear wrote:
In the medium-sized to long-term I've written off all crypto that serve
no useful function except, perhaps, as "digital gold" for asset safety.
Comparing BTC to national monies, how many would use a currency whose
fee "friction" made it impractical to u
In the medium-sized to long-term I've written off all crypto that serve no
useful function except, perhaps, as "digital gold" for asset safety.
Comparing BTC to national monies, how many would use a currency whose fee
"friction" made it impractical to use except as a replacement for Wire
transfers?
James Kunstler's cynical forecast includes BTC
"Bitcoin and other cryptos have a superficial appeal as a wealth safe haven
supposedly out-of-reach of avaricious governments — if you don’t consider
everything else that’s wrong with it. (Yesterday, Dec 31, Australia’s biggest
banks froze the accou
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