Re:Cambridge Bitcoin Electricity Consumption Index
by minsc__and__boo on Wednesday February 10, 2021 @02:39PM
(#26093680)
Lightning removes any of the benefits of Bitcoin by being a traditional trusted payment system.
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Re:Cambridge Bitcoin Electricity Consumption Index
by j3th9n on Wednesday February 10, 2021 @03:40PM
(#26094446)
Lightning doesn't remove anything from Bitcoin, it only adds the option to make instant transactions as a second layer on top of it. If you want the benefits of Bitcoin, you can use the slower and 100% trustless Bitcoin network.
Re:Cambridge Bitcoin Electricity Consumption Index
by minsc__and__boo on Thursday February 11, 2021 @12:49AM
(#26098651)
The "instant" lightning transactions on top of Bitcoin are not instant. They're I.O.U.s that need to clear on the bitcoin network first.
Lightning requires that you trust the person you're transacting with, otherwise you need to wait for it to clear bitcoin, meaning you may as well just use bitcoin or a more accepted, efficient trusted system.
By trying to straddle both, Lightning is the worst of the both worlds.
Re:Cambridge Bitcoin Electricity Consumption Index
by xur17 on Wednesday February 10, 2021 @04:05PM
(#26094789)
If you think lightning is a "trusted payment system", you clearly don't understand how it works.
Re:Cambridge Bitcoin Electricity Consumption Index
by minsc__and__boo on Thursday February 11, 2021 @12:48AM
(#26098643)
Lightning is the same as writing checks.
They are worthless transactions until they clear, so you have to make them with trusted parties. Otherwise you may as well just use bitcoin.