Post
Topic
Board Bitcoin Discussion
Merits 4 from 2 users
Re: [self-moderated] Is LN Bitcoin? franky1: About scaling, on-chain and off-chain
by
BlackHatCoiner
on 06/01/2022, 19:45:43 UTC
⭐ Merited by Welsh (3) ,n0nce (1)
I accept to take part in this discussion and not be biased towards franky, but I want to add this as a condition: We'll speak of one topic at a time. Scalability? Scalability. Lightning's protocol? Lightning's protocol. Consensus? Consensus. This way we can clarify which are our interlocutor's disagreements and constructively (& friendly) correct them.

My opinion regarding the Lightning Network can be interpreted by the following example I've written;
Picture it as following; bitcoin is a type of metal and you ought to store it in a safe place. However, you can't pay with a metal for everyday transactions. Thus, you go to a guy who's willing to give you the option to give him a portion of your bitcoin in exchange for the ability to create agreements with other people who have also given their bitcoin this way. Now you can transact without touching your metal at all. It's faster, cheaper and smarter way to transact.

That being said, add that this guy cannot cheat or lie to you in any way. You've handed out your coins, but they can't steal them from you. You're free to withdraw their promise for BTC anytime you want without their permission. (Which means that, essentially, it's not a promise)

Fuckin' genius I'll say.