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Is lighting network different than (self.Bitcoin)

saisacorpredditor for 2 months が 投稿

credit card network?

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[–]smartfbrankings 2ポイント3ポイント  (0子コメント)

There are some similarities (instant payment, delayed final settlement), and some differences (no central entity, no reversal of funds possible, etc..).

[–]luke-jrLuke Dashjr - Bitcoin Expert 1ポイント2ポイント  (0子コメント)

Yes. Credit cards rely on trust, whereas Lightning provides an immediate irreversible-without-your-consent guarantee of payment.

[–]BitcoinistanRisingredditor for 25 days -2ポイント-1ポイント  (18子コメント)

Yes. The CC network lends you money to buy stuff with. In the end of the month, you pay back the [zero-interest] loan.

LN network does the opposite: You lend your money to the LN network [pay in advance, before you buy anything], and then are able to buy up to the amount you prefunded your LN payment channel with. So more like a gift card network.

[–]saisacorpredditor for 2 months[S] 1ポイント2ポイント  (0子コメント)

Thanks! Got it!!

[–]5tu 1ポイント2ポイント  (3子コメント)

Worth adding the key difference with LN to a gift card is you get all your unspent bitcoin returned to you automatically either at the end of the contract period or when you request them back.

[–]BitcoinistanRisingredditor for 25 days 0ポイント1ポイント  (0子コメント)

unspent bitcoin returned to you automatically either at the end of the contract period or when you request them back.

True. So "gift card you may cash in, for a [small] restocking fee."

[–]saisacorpredditor for 2 months[S] 0ポイント1ポイント  (1子コメント)

So you top up your LN chanel each time you buy something?

[–]BitcoinistanRisingredditor for 25 days 0ポイント1ポイント  (0子コメント)

Only if you're a Rube Goldberg fan. LN is meant to reduce the number of Bitcoin transactions, not add extra pointless steps. If you're gonna "top up" an LN payment channel (this is a real, on-the-Blockchain, Bitcoin transaction), what's the point of LN?

[–]Xekyo 0ポイント1ポイント  (12子コメント)

You don't lend your money to the LN network. You remain in control of it continuously.

[–]BitcoinistanRisingredditor for 25 days 0ポイント1ポイント  (11子コメント)

"Lend" in the sense of "tie up; can't use for anything else." As long as your coin is funding a payment channel, it's tied up in the LN network, you can't use it for anything else until you close the channel.

So think of it as "CDs with maturity date" -- you're arguably in control of your money (can pull principal - penalty fee any time), but can't use it for anything else while it's tied up in that CD.

[–]Xekyo 1ポイント2ポイント  (10子コメント)

Tied up, yes, but no, it's not like a CD. With a CD the money is controlled by the bank, you're left with an IOU. With LN you can unilaterally withdraw your money (although this is subject to a wait time).

[–]BitcoinistanRisingredditor for 25 days -1ポイント0ポイント  (9子コメント)

With a CD the money is controlled by the bank,

Number of times my bank didn't honor its IOUs: 0. LN: undefined; not live yet [if ever], so can't say.

[–]Xekyo 1ポイント2ポイント  (8子コメント)

So? It's still not the same as being in control yourself. LN is live on Testnet.

[–]BitcoinistanRisingredditor for 25 days -1ポイント0ポイント  (7子コメント)

It's still not the same as being in control yourself.

In LN = tied up in LN network. You don't own your Bitcoin unless you hold the private keys.

LN is live on Testnet.

Testnet is not money. Anyone accept testnet BTC yet? Guessing no, tho not like no one thought of it before.

[–]pizzaface18 2ポイント3ポイント  (0子コメント)

You still hold the keys (smart contracts) to the coins in a channel, so they yes you own them. Just like in Bitcoin.

[–]Xekyo 2ポイント3ポイント  (5子コメント)

LN payment channels are based on 2-of-2 multisignature transactions. One of the two keys is yours, and you're provided with a pre-image from your payment channel partner that allows you to unilaterally dissolve the payment channel. That means no new payments can be performed on your channel without your active participation, and you can take back your money anytime. You are in control of your money.

[–]BitcoinistanRisingredditor for 25 days -1ポイント0ポイント  (4子コメント)

One of the two keys is yours,

Yeah, you gotta have both of them, otherwise the coin isn't yours. Let me offer a handy memory aid: If you create an X-of-(X+Y) address, you must have the minimum of X private keys, for the coin to be yours.

A fact which was profitably exploited by the BFX "hacker."

[–]Xekyo 2ポイント3ポイント  (3子コメント)

No. While you would be correct for regular multisignature transactions, this is not accurate for LN payment channels. The balance in the channel can only be changed if both channel participants agree, but the channel can be dissolved by a single participant, because the initialization or any state change is always conditional on the provision of a pre-image that essentially is an agreement of the partner that the channel may be dissolved at the current state.