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That feels sketchy as fuck. It mentions a pre-determined time out which would nullify the transaction. Are they talking 10 seconds or 2 days? If they want to compete with Visa in the retail space, I would think that it needs to be like 10 seconds. A store owner isn't going to let you walk out with, or eat, something that you haven't finalized payment on. And I just don't grasp how they could offer 10 second transactions at a tiny fraction of the current price if the space available is still the same.The Lightning Network’s innovation lies in postponing transaction validation, which typically occurs in real-time, by taking it offline. “If only two parties care about a transaction, it is not necessary for all other nodes in the bitcoin network to know about the transaction,” wrote the authors of a whitepaper introducing the Lightning Network concept.
dwayne two fingers to joey mac, semi finger to ryan and san francisco bridge circa 87
"Birds born in a cage think flying is an illness." - Alejandro Jodorowsky
"America is not so much a nightmare as a non-dream. The American non-dream is precisely a move to wipe the dream out of existence. The dream is a spontaneous happening and therefore dangerous to a control system set up by the non-dreamers." -- William S. Burroughs
literally disregard everything this fat nerd just said
No exit strategy yet. But tbh I don't think we have scratched the surface yet. I'm not getting out for a while I don't think unless I have to for some reason.
If that means I get stuck and they go to 0 then so be it. But I am confident even if they "crash" they wont go to 0 and will still have value
However if I was holding a shitload of coins I would be cashing a small % of those out right now
"Birds born in a cage think flying is an illness." - Alejandro Jodorowsky
"America is not so much a nightmare as a non-dream. The American non-dream is precisely a move to wipe the dream out of existence. The dream is a spontaneous happening and therefore dangerous to a control system set up by the non-dreamers." -- William S. Burroughs
This does not answer your questions but here is a link to the entire crypto market right now https://coinmarketcap.com/
The $20 fees are meaningless if you are doing big money. The biggest fee I have ever seen is $30 and it was to send less than $100 worth of BTC. In the old days, I used to pay $135 to buy 100 shares of stock. So the $20 fees are not as crazy if you think about it that way.
Why is LTC skyrocketing?
Few reasons
#1 Coinbase offers it. Any coin on coinbase is going to moon. They could put a Druffcoin on there tomorrow and if it is cheap people will buy it
#2. Some people still think you can't buy BTC fractions so they just buy what they can afford (ltc)
#3. Litecoin is a very undervalued underrated coin. I am pretty sure it does everything BTC can do only better, cheaper and faster ( their creator was on cnbc today stating this )
#4. With BTC network clogged right now with fees and slow transaction speeds I guess it makes sense that more people are using LTC
#5. Lot of people are dumping their BTC profits into LTc etc...
Last edited by chinamaniac; 12-12-2017 at 01:38 AM.
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My understanding is it brings back trust into the trustless system. Basically things are settled up on sub-networks and people can be stiffed. All those transactions aren't actually put on a blockchain. I really wish I knew more than this, but I've had it personally explained to me by uhh very authoritative people.
3 is bullshit. LTC has no reason to be adopted over BTC. It really just doesn't do enough better than BTC. People hold on to it, lots of vested interest. There is no reason for it to be adopted over BTC outside of speculation. ETH has better chance, as at least you can make all sorts of insane financial instruments on top of it in a trustless manner. (theoretically)
It is only pitched as being a democratizing thing because the government has no power over your money. (well, IN THEORY)
This power can be either through seizure/taxationn OR uncontrolled/undetermined inflation.
It was never pitched as a thing to keep fees down. THats why I went with IOTA, as that is what it is actually targeted for .. (and the author had my last job previous to me LOL )
edit - I had same misconception as you did at some point. Seems like great idea for small payments and stuff, but no, the creator of BTC did not have that in mind. It was to take down corruption in government, not help businesses monetize shit. Also, I am talking about Satoshi and those types. All sorts of people have pitched BTC at this point.. I'm sure they've covered a lot of ground, but originally it wasn't about small fees etc.
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