Goldman Sachs Is Setting Up a Cryptocurrency Trading Desk

Re:Goldman Sachs Is Setting Up a Cryptocurrency Trading Desk by forgotpassagan on Thursday December 21, 2017 @08:32PM (#15984595)

IMO Lightning network solves a non-problem. It only sets up a transactionless channel between two parties. The whole promise of Bitcoin was secure transfer to anyone. Maintaining a balance between two parties is trivial and solved thousands of years ago.

The whole reason we have currency is to allow transactions between people that don't trust each other, so I don't think Lightning network will do anything significant

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Re:Goldman Sachs Is Setting Up a Cryptocurrency Trading Desk by tlrobinson on Thursday December 21, 2017 @09:44PM (#15984862)

This is incorrect. Lightning Network transactions are trustless just like Bitcoin [1], even over multiple hops. You set up a channel with one or a few peers and then can pay or be paid by anyone in the network [2] with no counterparty risk.

1. With the caveat that you (or a service you delegate) need to be prepared to broadcast a transaction within some time period if a peer tries to defraud you, which is unlikely since if they fail they lose their funds in the channel.

2. Assuming enough liquidity in the network

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Re:Goldman Sachs Is Setting Up a Cryptocurrency Trading Desk by ripberge on Thursday December 21, 2017 @09:25PM (#15984792)

Lighting network channels don't require you to trust the other party.

Lighting network is also distributed, you don't need a direct channel between you and another party to pay them. You just have to find a route.

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Re:Goldman Sachs Is Setting Up a Cryptocurrency Trading Desk by Nydhal on Thursday December 21, 2017 @08:51PM (#15984671)

Most transactions fall into the first -solved- category, a minority is in the second.

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