Quote from: Kakmakr on May 17, 2017, 06:02:05 AM

Quote from: jbreher on May 17, 2017, 03:05:50 AM

Quote from: HCP on May 17, 2017, 12:17:34 AM

But think what will happen if that payment channel is between you and a "payment provider"... and that provider is being utilised by your local cafe, your local convenience store, the book shop down the street, a fast food chain that you frequently visit etc etc...

Yeah...just think... Your payment provider will sell the details of every last purchase you have made to your insurance company, so they can adjust your rates based upon your unhealthy lifestyle. Just like Facebook. I can't wait.

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It suddenly allows you to be able to make multiple "micro" transactions without the overhead of full "on chain" transactions... you don't need to stand in the store for 4 days while you wait for your transaction to confirm due to there being 150,000 unconfirmed transactions... and you don't have to pay $5 in transaction fees to purchase your $3.50 coffee with all your faucet dusT.

IOW, the same way bitcoin used to work, and would continue to work, we're it not for this stupid, centrally-planned production quota. Again...i can't wait!!!!!11!!!!1!1!1!!!

How will they gather this information, if you are running this node? You provide your own payment channel without having to store or share information with anybody? The way I understand this, anyone can host a node, not just specific companies or certain individuals.

We are totally open to the same thing, if miners are owned and run by huge corporate entities and/or financial institutions. Who says these mining farms are not funded by the Chinese government for instance? ^hmmmmm^

Yes that is my original question, everyone can open a payment channel but those channels are useless as most bitcoin transactions are one time type of transactions unlike lightening requirement of multiple small transactions between same parties where it can help reduce the network load.