There is no amount of changes that bitcoin can do that will make Lightning scale to visa level payments.
Lightning is cool, kinda works now, I use it all the time. But doesn't scale. Maybe it's how we clear ecash.
We need something else.
Eye on the prize.
What’s the solution???
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I think we can 10x it at least. But you're right it doesn't scale enough.
I would agree. I think you’re right that it will mainly be used moving funds between mints in the future.
Nuttin better? Haha
amazing no one noticed this 6 months ago or 6 years ago...
"community" of cunts.
drivechains
What about potential OP CODES? Do you see them improving the scalability of LN?
All depends what we're solving for.
We're not within striking distance of Visa. How can bitcoin/Lightning compete with instant settlement 3-5% cash back credit cards?
When on-chain fees are 600 sats/vbyte, we'll all be thankful lightning is an option.
Visa is not instant settlement. It's near instant charge authorization.
People can charge back Visa for like 6 months I think. It is not instant settlement. And that 3-5% isn't free, and it's usually more like 1-2%. And you're paying an extra 3% to use it at stores. So it's not as great as you make it seem. People have been fooled.
I agree, we don't have to change #Bitcoin to scale Lightning it's not necessary but Lightning can be scaled with simply enough liquidity on channels.
How much did Lightning grow last year? How much will it grow next year? Any one? Saying LN can't scale is same as saying #Bitcoin can't scale. The technologies will be built on top of it such as: Fedi, Cashu,..
What would you say are the primary problems with using Liquid Network for scaling?
We have to identify problems before they can be solved.
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I can't wait to listen to the i-told-you-so's from my etherean friends who haven't looked at or used lightning ever. Lol.
Whatever is done will have to minimize the burden on the #Bitcoin blockchain. We are not your bitch..😐
#lightning
Yep. Eye on the prize.
I think Lightning plus proprietary payment systems between the users of the same custodial Lightning wallet is all that is needed. Basically Blink is all we need. Replicate it accross the world, and there you have the ultimate solution. Enthusiasts like us will also have our own non-custodial nodes as we already do. And that is it.
I like the way Saylor describes Bitcoin as a "high frequency store of value and a low frequency medium of exchange."
It's pretty Fin awesome in that role. That may be all we need it to be.
What are your thoughts on multisig fedimints as a potential solution?
https://fedimint.org/docs/GettingStarted/Why-Fedimint#scaling
I think lightning is clunky right now because we need a dollar/Satoshi parity. When 1 sat = 1 dollar lightning will be bank infrastructure. CTV looks like the codebase that will provide exchanges the digital infrastructure to operate this way.
one way or the other in my heart. (Non KYC SATs) > VISA
Interesting, so are people calling ecash a layer-3 nostr:npub160t5zfxalddaccdc7xx30sentwa5lrr3rq4rtm38x99ynf8t0vwsvzyjc9?
I hadn't thought about it that way but it kinda makes sense.
I know this is bitcoin blasphemy, but the reality is that most people on the planet will never self custody their coins.
Layer three may require trusted intermediaries or at least federations.
Doesn’t mean we should give up on it / not improve it
I would like to here what Rene Pickhardt has to say. For me lightning has been working great, but I do use non-custodial lightning a lot.
Let's make Bitcoin a P2P electronic cash system again
All Visa, MasterCard, Amex need to do is unplug Fiat and plug in on chain Bitcoin multi-signature. The day they do this Fiat will slow down and Bitcoin will equalize as the denominator by L2 2.1 quintillion. Micro payments will flourish and people will also find real price discovery. Miners will reduce fees because power is purchased in sats.
We knew this before it was implemented too.
I would compare it to the internet or electricity. If we were able to scale physical cables. We can scale digital cables.
Contents are connected with huge fiber optics cables. These are large single lightning channels. > then ISPs. > homes > WiFi.
That’s how i think it will scales.
I don’t think it will be a global mesh network.
How about a lighting (or similar) system running over liquid. Where channel open/close and node scaling gets really cheap?
Hedera Hashgraph met and exceeds Visa's transactional throughput. I wonder if a second layer protocol can leverage any concepts from that...
Could it just use hedera? A lightning payments system is just digital signatures and trust and stuff, right? ... I know nothing about it
and maybe one that doesn't give token holders the ability to rug pull their users...
My problems with lightning:
* must be online to route payments
* node wallet keys must be "hot"
* channel closures cannot be mitigated, one misbehaving node can eventually take down a major portion of the network
* routing "netsplits" are common and difficult to identify and diagnose
* routed payments are not tolerant to lossy communication
* the initiator of a channel can cause the partner to share in the cost of closure
* open and close operations in a high fee environment can stall and lock-up funds indefinately
* becoming a an effective "routing node" requires too much skill and up-front capital, therefore routing fees have not tended to zero as promised
* opening and closing channels for the purpose of being a routing node is too costly for the individual
* the system is generally not used for its primary use-case, which is to make frequent direct payments to a channel partner, where routing is a secondary side-effect of a network of partners and the primary attraction to lightning is not a first-class feature
* submarine swaps and reverse submarine swaps require a third party and/or multiple onchain transactions
* the reference implementation (lnd) does not provide sufficient visibility to operation and what information it does provide is obscured by piles of debug logs
* switching node implementations requires dozens or hundreds of onchain transactions and fees
This is my 80% list
i lost money on umbrel
never used it again after that
monero is easy to use, you do not need to open and close channels,
fees are extremely low and it even provides privacy
A truly decentralized blockchain is not scalable, this is why layer 2 is necessary. The blockchain is the "value" layer, and frequent transactions (to maintain decentralization) must happen through a different mechanism. Lightning has the right idea: use smart contracts to enforce an auditable trust network. This is the value component of lightning's core architecture. It takes time to identify the problems with this first implemenentation. We likely will need to start over with a new and improved architecture where tradeoffs are hopefully minimized.
lightning is not scaleable.
it is a different architecture than bitcoin.
i do not like the architecture and the technology. it is retarded.
you need to convert to satoshis. pay a fee for the conversion.
if you need to convert and pay a fee for the conversion, you can use a more modern, better designed micro payment solution.
For example?
I was told it could do 1 million transactions per second
Oy vey, the blasphemy!
For me the goal is that bitcoin, LN, or ecash is a P2P process that is accepted by the masses as payment for their labor, services, and/or products.
When I can show up at a yard sale and by stuff using Bitcoin in some manner, the goal will have been achieved. Until then, don't be putting all your eggs into this basket.
How corporations deal with it is at the bottom of my list.
I've tried to buy a side of beef and hay from a local farmer with Bitcoin and the response was I don't understand that computer stuff. We are not there yet.
