Post
Topic
Board Bitcoin Discussion
Re: "Bitcoin is in the midst of a civil war"
by
bargainbin
on 10/04/2016, 19:58:54 UTC
>Finding something problematic and saying that it is a fundamental flaw is fundamentally different.
I'm telling you it's a fundamental flaw which you don't seem to find problematic.

>The Lightning Network does not involve third parties nor buying any kind of gift cards.
Correct, though has little to do with what I said, that being "what amounts to buying gift cards."

Lightning network requires its users to create a payment channel, which must be fully funded for all future use.
Just like a gift card.
Meaning that if you are planning to use Lightning to buy coffee at Starbucks, you must lock away as much BTC as you're planning to use at Starbucks *for the lifetime of the channel*. Before you can buy your overpriced cup of coffee via Lightning, you have to lock away enough BTC for 100 cups, or Lightning is as pointless as buying yourself a "1 cup of coffee" gift card each time you buy a cup of coffee.
Which is pointless.

>does not involve third parties
Technically no.
Just like cashing out your BTC to some speedier coin, transacting in that [speedier coin], and, when you're done with your shopping, buying BTC with the remnants (change) doesn't technically involve third parties.
Though some might suggest you're not technically using BTC, either.