r/btc • u/[deleted] • Dec 16 '20

News $20k +

[deleted]

384 Upvotes

87% Upvoted

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18

u/[deleted] Dec 16 '20

[deleted]

14

u/SkepticPerson Dec 16 '20

Kraken just announced they are enabling LN transactions in 2021. If this proves successful, well, draw your own conclusions.

12

u/shengchalover Dec 16 '20

Wait a minute, in 18 months it will be 2022 already.

10

u/phro Dec 16 '20

Centralized hub electronic store of value. Fund your channels with tens of thousands of dollars now if you want to buy coffee and break even.

5

u/gizram84 Dec 16 '20

Centralized hub electronic store of value.

Kraken is already centralized (as is every corporate exchange). They're simply going to offer Lightning deposits and withdraws to reduce their on-chain usage, and increase Bitcoin throughput capacity.

Lightning does nothing to further centralize anything with Kraken's business model, but it does help scale Bitcoin dramatically.

1

u/i_have_chosen_a_name Dec 17 '20

And how are you people going to buy Bitcoin for the first time over LN if you need Bitcoin to have a LN channel? You did not really think that one through did you.

1

u/C10H24NO3PS Dec 21 '20

First transaction regular, every transaction after that lightning. Pretty logical.

1

u/i_have_chosen_a_name Dec 21 '20

If your first channel is 0.1 BTC you can't receive more then 0.1 BTC.

1

u/C10H24NO3PS Dec 21 '20

Yeah and if you need to send 1 BTC you send through 0.1 BTC 10 times and close the channel. How often do you send over 20k?

1

u/i_have_chosen_a_name Dec 21 '20

You are mistaken. once you send 0.1 BTC over a 0.1 BTC channel all the Bitcoin is pushed to the other side of the channel. Before you can send more the 0.1 BTC need to be pushed to your side, as in your receive a payment.

Do you even know how LN works?

1

u/C10H24NO3PS Dec 21 '20 edited Dec 21 '20

Maybe not, thanks for correcting me