Quote from: Carlton Banks on April 02, 2017, 09:15:38 PM

Quote from: QuestionAuthority on April 02, 2017, 08:58:00 PM

It only uses bitcoin for its final reconciliation. You can completely work with LN transactions (even spending from them) without ever involving the bitcoin blockchain.

No

Bitcoin is used before, during and after Lightning transactions are sent. Not just after, as you falsely state.

1 Bitcoin transaction is used to open a channel to start with

That transaction is used to check that the BTC being sent over Lightning is the real thing (how else do you stop people just faking that they have some BTC on the Lightning Network, huh?)

1 Bitcoin transaction closes the channel

Furthermore, Lightning Network isn't a blockchain at all, it uses Bitcoin's blockchain, and that's the only blockchain involved. You don't know much about it, you need to actually be informed on a subject before you can make such confident comments.

LOL,

Sorry CB ,
QuestionAuthority is correct, LN can be used with any segwit infected Blockchain.
Which is why LTC and others are also voting on the segwit trojan.

LN does nothing but place a timelock on the BTC or LTC or Altcoin, so no one can move it.
Once those timelocks expire the parties may move those BTC or LTC or Altcoin to different addresses,
unless of course, the locks had expired early , or were never actually there to begin with.
Any 51% attack can fund a LN channel , and then rewrite the blockchain , so the BTC was never time locked, Ie: Counterfeiting the LN Funds Wink

FYI:
BTC & Crypto onchain transactions Ended Counterfeiting
LN/Banking Cartels Offchain Transaction brings back the ability to Counterfeit funds, and fractional reserve system to Crypto