Post
Topic
Board Development & Technical Discussion
Re: The Lightning Network FAQ
by
franky1
on 03/06/2019, 15:33:06 UTC
Irrelevant.

anyway. the whole point of bitcoin is once confirmed the payment is done, irreversible, fully secure, no counterparty needed, no trust. its just done,

any stuff before a confirm is just blah. insecure untrusted not guaranteed, not complete, irrelevant

LN is IOU, reversible, insecure, requires others permission, no guarantee you get to keep what was suggested to be owed to you.

LN payments are not bitcoin payments from the point of view of:
actually owning the funds complete and in the clear(irreversible)
unit of account, LN=msats bitcoin=sats
bitcoins are push payments 24/7. LN are agreements when others are available
LN units of account are not even protocol locked tethered to bitcoin
LN units of account are not even forced to be collateral of confirmed bitcoin(turbo zero confirm)
LN units of account are not even recognised on the bitcoin network

LN is not a feature solely and exclusively for bitcoin. it is not a 'layer' it is a separate network