Post
Topic
Board Development & Technical Discussion
Re: Concerns regarding SegWit + Lightning Network?
by
RNC
on 27/02/2018, 14:25:25 UTC
Yes, apart from the bits where you're completely in control of your own funds at all times, there's no one to seek permission from before you can transact, there's no interest, there's no overdraft, there are no holidays or weekends where Lightning is closed, there's no junk mail asking you to sign up for a credit card or to tell you about other products and services, there's no "know your customer" crap requiring every company you've ever transacted with storing and likely losing your personal and financially sensitive data to thieves and hackers, there's no AML, there's no money printed from thin, there's no supporting a $1.2 Quadrillion Bankster Derivatives Market, there's no central bank who has to be trusted not to devalue the currency, there's no PPI, there's no LIBOR, there's no hyperinflation, there are no "banker bonuses", there's no "too big to fail", there are no bail-ins or bail-outs.

But yeah, other than all that, it's just like banking.   Roll Eyes

Well most of this won't stand up to debate so lets start
"apart from the bits where you're completely in control of your own funds at all times"
Like taking 3 days to settle an account that is in dispute your talking about.
"there's no one to seek permission from before you can transact"
Bank/hub is down = no transaction, it not working
"there's no interest, there's no overdraft"
No overdraft (YET) but call it what you like but bank charges money for keeping BTC in the ledger and most people call this "Interest"
"there are no holidays or weekends where Lightning is closed"
Banking hubs are a single point of failure, network down = bank holiday
"personal and financially sensitive data to thieves and hackers"
Read today's news and then answer your own question https://www.rt.com/business/419901-satoshi-sued-cryptocurrency-theft/
"central bank who has to be trusted not to devalue the currency"
So printing fake USDT to then buy BTC must be the new way to go
"there's no PPI"
No instead we have fees that for all you know could reach as high as $50.00 per transaction like we have already seen

if it looks, talks and sounds like a bank, it's a bank and yes you have financial freedom with main stream banks and
can always move branch but that's not to say the system is like or is working is it now.