so if you were evr arrested and in police custody. there is only one police officer in the world with the handcuff keys?
Another apt demonstration you haven't got the slightest clue how it works. You both have keys, that's the entire point. You are equals in this scenario, the other person in the channel doesn't have more power over you than you have over them.
FYI: https://www.fincen.gov/news/news-releases/fincen-issues-guidance-virtual-currencies-and-regulatory-responsibilities
Contact FinCEN when you are ready to have your LN hub/unlicensed Banks won't be required to comply Bubble Burst.
Quote
March 18, 2013
Describes Circumstances Where "Money Transmitter" Definition Applies
VIENNA, Va. - To provide clarity and regulatory certainty for businesses and individuals engaged in an expanding field of financial activity, the Financial Crimes Enforcement Network (FinCEN) today issued the following guidance, Application of FinCEN's Regulations to Persons Administering, Exchanging, or Using Virtual Currencies. The guidance is in response to questions raised by financial institutions, law enforcement, and regulators concerning the regulatory treatment of persons who use convertible virtual currencies or make a business of exchanging, accepting, and transmitting them. Convertible virtual currencies either have an equivalent value in real currency or act as a substitute for real currency.
FinCEN's rules define certain businesses or individuals as money services businesses (MSBs) depending on the nature of their financial activities. MSBs have registration requirements and a range of anti-money laundering, recordkeeping, and reporting responsibilities under FinCEN's regulations. The guidance considers the use of virtual currencies from the perspective of several categories within FinCEN's definition of MSBs.
Describes Circumstances Where "Money Transmitter" Definition Applies
VIENNA, Va. - To provide clarity and regulatory certainty for businesses and individuals engaged in an expanding field of financial activity, the Financial Crimes Enforcement Network (FinCEN) today issued the following guidance, Application of FinCEN's Regulations to Persons Administering, Exchanging, or Using Virtual Currencies. The guidance is in response to questions raised by financial institutions, law enforcement, and regulators concerning the regulatory treatment of persons who use convertible virtual currencies or make a business of exchanging, accepting, and transmitting them. Convertible virtual currencies either have an equivalent value in real currency or act as a substitute for real currency.
FinCEN's rules define certain businesses or individuals as money services businesses (MSBs) depending on the nature of their financial activities. MSBs have registration requirements and a range of anti-money laundering, recordkeeping, and reporting responsibilities under FinCEN's regulations. The guidance considers the use of virtual currencies from the perspective of several categories within FinCEN's definition of MSBs.
Contact FinCEN when you are ready to have your LN hub/unlicensed Banks won't be required to comply Bubble Burst.
Congratulations, that description encapsulates every single cryptocurrency and all on-chain transactions too. If it applies to LN, it also applies to literally everything else in the cryptoverse, particularly centralised exchanges which are already subjected to such regulations. Remind me again what your point was?
Exchanges do not require time locking , so it is superior to LN.
Tell that to all the people who had their accounts frozen and had to wait weeks or sometimes months to get their money back. Better yet, tell that to the people who never got their money back.
Centralised exchanges are a throwback to the outdated "traditional" finance system. Bitcoin was specifically designed as a transaction between a sender and a recipient. It was not designed so you could hand over your money to total strangers on the internet and ask them not to lose it. Engaging in such archaic behaviour is not "superior", it's downright backwards.
Still, not everyone can be enlightened enough to understand progress. You should head back to the comforting familiarity of your cave, neanderthal man.
4. My main point was this:
Any coin can have unlimited scaling using offchain transactions provided by a 3rd party such as exchanges or someone else.
Trying to pretend like LN is the only way to scale offchain is where I call bullshit.
Any coin can have unlimited scaling using offchain transactions provided by a 3rd party such as exchanges or someone else.
Trying to pretend like LN is the only way to scale offchain is where I call bullshit.
It's clearly not the only way. Show me a link to where anyone has ever uttered the words "Lightning is the only way to scale Bitcoin". If you can find one, I'll happily go on record to say they're as braindead as you clearly are.
You are just a LN zealot
Said the Anti-LN (or should that be Anti-Cen?) troll. You sound roughly on par with that level of utter gormlessness.