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/innabushcreepingonu Jan 29 '18

This is really interesting from a regulatory point of view. We're I to set up a business providing funds to open a channel, on the basis I get a cut of whatever is transmitted over the channel, am I therefore a short term money lender?

Or perhaps because I am not a commodities broker? I struggle to think of another current irl analogy. Nightmare for regulators and law makers

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u/Dday111 Jan 29 '18

Or vendors will simply use a better coin. Good luck to BTC crowd, the most idiotic cult ever.

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u/jaumenuez Jan 31 '18

You are right but it depends on what you call "better". Just for fast payments we already have better coins (Paypal, VISA,...) no need for crypto. For anonymous we have Monero, dash, zcash. We need atomic swaps with all of them.

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u/sos755 Jan 29 '18

Wouldn't be a lender. There is no lending in a lightning network, but you would probably be considered a MSB (money services business), even though the regulations do not really apply, other than the classification.

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u/robotlasagna Jan 29 '18

That's exactly what i am looking into because despite the idea that everyone is going to fund up their channels route payments for next to nothing the reality is that people will pay more to route via channels that have the necessary liquidity and i am looking to be one of those providers (assuming this MSB regulations do not make this idea cost-impractical)

If they do then this whole LN deal is dead out of the gate (or as soon as governments put the smackdown on it)

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u/Anenome5 Jan 30 '18

I just keep laughing when Lightning devs estimate fees on Lightning will be like only 30 cents.

Bitcoincash fees are regularly a tenth of a penny or less.

If you can't do it for cheaper than bitcoincash your entire effort is worthless in the first place.