Bitcoin Price Hits All-Time High of $19,786, Topping 2017 Record

Re:Bitcoin Price Hits All-Time High of $19,786, Topping 2017... by arcticbull on Monday November 30, 2020 @03:01PM (#25258217)

Well a lightning channel requires 1 on chain transaction to open and 1 to close so it’d cost $12 and for everyone on earth to open and close a single channel would take over 70 years. So it’s not really a scaling solution. And L2 isn’t blockchain anyways, you could conceivably implement lightning with classical assets.

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Re:Bitcoin Price Hits All-Time High of $19,786, Topping 2017... by X6S1x6Okd1st on Monday November 30, 2020 @03:40PM (#25258678)

Most people have been txing with a trusted source (e.g. coinbase).

> you could conceivably implement lightning with classical assets.

Not with the same security properties. The idea of building a money transfer service where you simply have many people with liquidity that transfer IOUs instead of the actual money has been around since at least the 8th century: https://en.wikipedia.org/wiki/Hawala

There was no formal ultimate settlement layer though.

I personally think that we need to continue to investigate ways to push what we trust and eventually have a workable system that actually trusts individual public keys to not double spend on pain of losing their reputation.

Until that happens I'll continue to hold some BTC.

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Re:Bitcoin Price Hits All-Time High of $19,786, Topping 2017... by arcticbull on Monday November 30, 2020 @04:45PM (#25259433)

> Most people have been txing with a trusted source (e.g. coinbase).

That's not blockchain, and it's not crypto. You can do that right now with literally any asset in an InteractiveBrokers account.

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