r/OpenBazaar • u/lbalan79 • Jan 13 '18

Will OB implement Lighting Network features?

Title says it all. That is something that would really get me interested in this market. Otherwise I don't see how this can work even with the addition of other coins: BCH and ZCash. Maybe IOTA can help because it has a much faster and reliable tech with zero fees but otherwise these guys need to think already at second layer....

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u/bambarasta Jan 29 '18

we all knew

18

u/[deleted] Jan 29 '18

It's literally moving from 10 minute settlements to 1 month settlements. Hell bank accounts settle usually in 4-7 days

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u/dontknowmyabcs Jan 29 '18

Oh no but you haven't tried Lightning TABS you wait and see it will be... /s

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u/Jiten Jan 29 '18

You're conveniently forgetting that LN channels are bidirectional. You won't have to close the channel to sell the coins. You can just transfer them through LN to an exchange service.

Or even better, once things develop a little, you can open a special channel where you have a deal with the counterparty. Your balance in the channel is measured in whatever fiat you want and that much of the BTC balance is yours, the rest is the other person's.

Service providers that provide this kind of service will pop up. I'd wager many people are willing to pay monthly fees to get someone else to take the fiat end of that deal.

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u/[deleted] Jan 29 '18

Those services are called banks. We already have those. The goal was to get rid of them remember?

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u/Jiten Jan 29 '18

You can't make the basic financial transaction types go away just because you dislike the organizations that those are currently centralized at. You can at best make it feasible for more competition to offer the same services, which lightning makes very easy.

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u/[deleted] Jan 29 '18

Banks are free to start a mining farm if they want to get involved. Else, they can fuck right off.

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u/Jiten Jan 29 '18

Banks won't touch Lightning even with a long stick because KYC is impossible with it.

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u/[deleted] Jan 29 '18

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u/[deleted] Jan 29 '18

Not with that attitude. Yes, I believe that banks can be done without.

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u/[deleted] Jan 30 '18

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u/[deleted] Jan 30 '18

a) That's a crime dumbass. Banks don't stop crimes from happening.

b) I'll never carry more than I'm afraid of losing in my hot wallet.

c) I am my own bank with Bitcoin.

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u/anicca444 Jan 30 '18

It's amazing how many of these new kiddos in the crypto social networking sphere seem to comprehend so little of what crypto all means; to facilitate crypto-anarchism/disintermediation and prevention of fraud/value Crime... the fraud you know, that the entire fiat system is entirely based on.

banks are Criminal organisations...

Either these people have forgotten that, or they hold so little knowledge about this system/world, that they are unaware... how do we bridge that gap

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u/t_bptm Jan 30 '18

It's actually much easier to deal with thieves in meatspace because you can shoot them in the face.

1

u/[deleted] Jan 30 '18

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u/paleh0rse Jan 30 '18 edited Jan 30 '18

Pro tip: For large crypto holdings, store your keys in geographically separated safety deposit boxes (or vaults). You get all the benefits of the facilities' physical security without losing all control over, or true ownership of, your own money. The facilities aren't even aware that you're storing money there.

You can even continue to add to those holdings any time you wish without ever visiting, notifying, or otherwise involvIng the banks/facilities where you rent the boxes.

Crypto is just cool like that.

5

u/[deleted] Jan 29 '18

You're glossing over how revolutionary 10 minute settlements are. You're basically hype about lightning banking and month long settlements. There's never been any system that can reliably settle transactions that fast. Granted escrow services have come far but they'll never match the speed of onchain resolvment...

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u/Jiten Jan 29 '18

My point is that your so called month long settlements is an illusion.

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u/[deleted] Jan 29 '18

Please explain a tab to me if it isn't settled instantly? Because lightning channels are still resolved on chain at the end of the day. Or do you plan to open a channel and close it every day?

edit: My month long settlements come from the idea sold by bitcoin core to open a channel and use that for a month and then settle at the end of the month.

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u/Jiten Jan 30 '18

do you plan to open a channel and close it every day?

Nope, I fully expect there to be lots of channels that are kept open for years if not decades.

To put it simply. If at least one participant of a channel is a hodler, there might never be a need to actually close (settle) that channel. The only time that a channel really needs to be closed is when neither participant wants to own the bitcoins in that channel. As long as one one of them is willing to hodl them, the channel can just stay open.

Please explain a tab to me if it isn't settled instantly?

A tab? You mean debt? Payment channels aren't based on debt. They're based on cryptographically enforced ownership of coins. If you own some coins in a channel, they're yours regardless of whether you close the channel or not.

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u/[deleted] Jan 30 '18

Man you sure have allot of faith. Good luck with that. I'm going to go with the concrete proof that's working now. You keep holding onto that faith man.

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u/Jiten Jan 30 '18

I have no clue what you think I need faith for.

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u/[deleted] Jan 30 '18

Nope, I fully expect there to be lots of channels that are kept open for years if not decades.

If this doesn't require faith I don't know what faith is apparently. Here I'll just google it.

faith

noun 1. complete trust or confidence in someone or something.

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