Buzzika
Supreme Member
- Jul 8, 2009
- 1,446
- 1,776
Your avatar is lit
SamLewis
Supreme Member
- Oct 25, 2012
- 1,343
- 1,058
I was being rhetoric, that joke website is full of contradictions.
tb303
Supreme Member
- Dec 18, 2011
- 1,238
- 909
You would only need to wait for 6 confirmations while you transferred btc to your lightning channel. You could then send from there to various addresses over LN. Then when you close the channel your remaining balance is back as btc and that transaction is added to the block chain. The point is you are expected to make multiple payments from a lighting channel you opened so minimising the amount of blocks needing to be written to the main chain.
Unreliable Witness
Senior Member
- Apr 21, 2016
- 837
- 627
The Lightning Network is simply one group's suggested workaround for the high cost of fees for processing transactions on the BTC blockchain. You can only make and accept payments to and from other people on the network.
So you would need mass adoption of LN to make it a real solution.
LN weakens the case for using BTC at all because it removes one of the advantages of BTC - that all transactions are visible on the (BTC) blockchain.
BTC is flawed because of high transaction fees. The solution isn't to patch BTC, but to adopt a better technology.
So you would need mass adoption of LN to make it a real solution.
LN weakens the case for using BTC at all because it removes one of the advantages of BTC - that all transactions are visible on the (BTC) blockchain.
BTC is flawed because of high transaction fees. The solution isn't to patch BTC, but to adopt a better technology.
Buzzika
Supreme Member
- Jul 8, 2009
- 1,446
- 1,776
Exactly
And even if the core dev team wants to patch things up, the ecosystem is not supportive.
Think about it, if PayPal came out tomorrow and said they were reducing their fees, nobody would be pissed.
BTC devs propose an overhaul, half the market says no. SMH
zionbar
Elite Member
- Apr 6, 2015
- 4,140
- 4,618
Sherbert, what he's saying is basically "buy litecoin" ....
I agree btw, I bought 5 already and will probably get 10 more soon...
I think people will start paying with litecoin because its faster and cheaper fees, so you can basically even convert your btc to litecoin and pay with the litecoin...
Buzzika
Supreme Member
- Jul 8, 2009
- 1,446
- 1,776
What I am basically saying is bitcoin is in the software business and they are beginning to get rusty.
I haven't studied litecoin whitepaper, so am making a lot of assumptions here... But I don't think litecoin is a huge improvement over BTC.
I am personally sticking to Ethereum for now, i know its not exactly a cryptocurrency, but does the job for now.
- Mar 10, 2010
- 42,697
- 107,138
I pulled all my BTC and moved it into another Crypto today.
Long live BTC for those of you in it.
Longer live the Crypto I moved it into.
Long live BTC for those of you in it.
Longer live the Crypto I moved it into.
Buzzika
Supreme Member
- Jul 8, 2009
- 1,446
- 1,776
Let me guess, IOTA or ETH?
Those are the ones I would've picked.
- Mar 10, 2010
- 42,697
- 107,138
Buzzika
Supreme Member
- Jul 8, 2009
- 1,446
- 1,776
Another mouth breather who doesn't read before posting.
I am open to criticism, as long as you put the effort to read.
WizardMarketing
Newbie
- Nov 22, 2017
- 21
- 3
It's easy bitcoin dies when the Banks says so...
WizardMarketing
Newbie
- Nov 22, 2017
- 21
- 3
To make it more clear, the banks will run there scam in bitcoins as they did in forex market, stock market etc etc. When bitcoin loses cred or the banks don't make money on bitcoin they will start bankcoin. As long as the banks earn money on extremly lucrative exchanges they will keep bitcoin. All criminals use bitcoin and banks are so regulated today so its hard for them to make money in the black market s bitcoin for them is the salvation to make money in the black market again.
tadeator
Junior Member
- Sep 16, 2017
- 159
- 122
Which scam do you have on your mind? Can you elaborate that more please?
WizardMarketing
Newbie
- Nov 22, 2017
- 21
- 3
If we can agree to that the whole banking and finance industry is a big scam continue reading, if not please answer you don't agree and I can tell you way.
So if we look at the scams banks have been running we can take the FX scam that was almost unregulated market for many years. Giving the banks the chance to use retailers with insane marketing tools. The scam is easy you invest 1000 USD amount in a sell position in EUR/USD as currency paid. To simplify you start with 800 USD banks take 20% commission directly, on top of that you use leverage and are trading up to 500 times more. You now trading FX for 500 000 USD and 0,00002% movement will be 10 USD. Your position is closed if you reach 0 on your account wich is 0,0001% (approx). On top of that the bank will run a black book and a white book, betting against you. That means the bank take 0 risk and take 20% from you to bet against you and take no risk. Bank will earn 1000 USD on your trade and 99% of all FX traders loose there money.
The same tactics was used in the 2008 financial crisis, but this times it was with bad credits thats were repacked and sold as good credits, insured if they failed so the banks made insane amount of money on this.
The fund business is another example of frauds by banks were they charge 1-5% to run a fund and then they buy stocks, bonds from there own platform to a high price 1-5%. If the index of the fund is 20% the fund till perform 12-15% bank will make 5-8% on a index managed fund.
List goes on and on and on and on...
When it comes to bitcoin, banks makes alot of money on bitcoin because people want to buy, sell and exchange bitcoin. Take Wavecrest as an example a company who has a e-money licence on Gibraltar (they are not a bank, and regulation is much easier for them as well your money unsafe) They are also one of the biggest issuer of prepaid MasterCards for bitcoin wallets and bitcoin exchanges. So Wavecrest hold all there fund in Natwest Bank on Gibraltar and have 1 bank account and for there cardholders they show your balance.
So lets say you have 1 bitcoin and want to use this on a credit card to buy stuff.
Example with Wavecrest (Bitwalla is one of them who uses wavecrest for there cards)
1. You need to exchange bitcoin to USD high fee will be taken
2. Your money will appear in your online wallet in USD
3. Now you buy something with your wavecrest card
Fees wavecrest
Mearchant 0,2 USD + 0,5 to 1,5%
Fee client:
Transaction fee overall 10-15% (currency exchange, ATM fees, commission)
Of this fees bank will take there percentage, Master Card will take there percentage.
So banks will tap in to bitcoin and they have already thought about how to make the most amount of money and as well thought on how to contain and control bitcoin.
Wavecrest just so you know, runs a pyramide scam, what they do is that they block peoples card and just stop answering. They were filed for bankrupcy beacuse they froze 20 000 EUR from a cardholder.