Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

thunder isn't useful for buying 1 cup of coffee
its useful for buying 100 speate cups of coffees instantly.

Open Channel for standard bitcoin fee
send 100 payments for each cup of coffee
Close Channel for standard bitcoin fee

cool huh?

I don't get why people are worked up about this, or why this Lightning is taking such a long time to develop.
Here's a way to solve the coffee problem that's both simpler, more secure, and more elegant than Thunder Cats:
1. Walk into Starbucks.
2. Buy a gift card for 100 cups of coffee, with BTC or USD.
3. Use gift card each time you need to buy stuff from Starbucks. Functionally identical to Lightning/thunder,
4. Profit!

i agree for coffee like TX, thats the way to go.

but for things like coinbase accounts sending 1000's of payments to bitpay... lighting and or thunder is a big deal.

I'm o.k. with sticking with starbucks as an example. We are not talking about 1 user buying several cups of coffee, but instead possibly 100 users or 1,000 users buying coffee through the day or the week or whatever period of time that the vender chooses before finally resolving with the blockchain .. and then at the end of the day, week or month, all of the transactions are resolved that are within that channel for $.10 or whatever is the applicable fee for the whole bundle of transactions.

i can't be sure if it actually will work out like that.
i know for sure you can open a channel make 1000's of payments and then close it.
but AFAIK a channel is open between 2 poeple and only 2 poeple.
IDK...

its very unclear how LN will play out,
and thats why i dont like it.

o.k.... that's fair enough that channels are only open through 2 people (I guess bitcoin addresses).. so application of such, would not be nearly as pie in the sky as I am speculating towards...