News for hackers. Stuff that matters.

A comment on The Bitcoin Apocalypse Is Coming in Mid-November. Parent comment

Re:The Bitcoin Apocalypse Is Coming in Mid-November by Flowdalic on Saturday October 07, 2017 @12:58PM (#15424545)
That is a very pessimistic view on the current state of LN. There are three independent open-source LN implementations [1, 2, 3] out there that are being worked on and already implement basic functionality. All three contribute to an document, called Basics Of The Lightning Network (BOLT) [4], which forms an open standard for LN.

I wouldn't call it vaporware. Yes, there are unsurprisingly open questions. But nothing which can't be solved.

1: https://github.com/lightningnetwork/lnd 2: https://github.com/ACINQ/eclair 3: https://github.com/ElementsProject/lightning 4: https://github.com/lightningnetwork/lightning-rfc

[ Parent | on HN ]
Re:The Bitcoin Apocalypse Is Coming in Mid-November by olegkikin on Saturday October 07, 2017 @01:51PM (#15424791)
In the broad terms, how do you even imagine LN to work? Let's say I want to buy a $3 coffee at some random Starbucks I'm walking by. Do we have to first open and fund the channel? How much will it all cost just for that one off purchase?

Give particular figures please, no vague nonsense I hear all the time.

As for these implementations, I will believe it when I see it. You didn't even try to address the particular issue I mentioned.

[ Parent | on HN ]
Re:The Bitcoin Apocalypse Is Coming in Mid-November by apapli on Saturday October 07, 2017 @04:17PM (#15425490)
You could be transacting your coffee with any crypto that Starbucks supports, and which is compatible with the lightning network. Litecoin will work for this example.

So Starbucks ask you to pay via Litecoin, which is fine by you even though you don't have a Litecoin balance. Atomic swaps over lightning network funded by some bitcoin you own, converted to Litecoin, is how you'll pay for your coffee.

[ Parent | on HN ]
Re:The Bitcoin Apocalypse Is Coming in Mid-November by olegkikin on Saturday October 07, 2017 @04:48PM (#15425616)
What if they only accept bitcoin? That's the case for most businesses accepting cryptocurrencies.

Both of you are suspiciously avoiding a direct and simple question. How does LN work on Bitcoin in this case?

[ Parent | on HN ]