Quote:
Originally Posted by vikthunder
I'm not surprised you mis-understood the context of this example, either on purpose or not.
If it takes, 6 months for 100M people to open LN connections on chain with SegWit (assuming no closures and no other transactions), then obviously, LN+SW cannot support 100M users.
You think all 100,000,000 show up one day? No, it's spread out over time. If you can onboard 100,000,000 new people over 6 months, that shows amazing growth possibility. Keep in mind, many users with small balances are going to be very happy to just have a trusted third party for what they need.
Quote:
Originally Posted by vikthunder
That means if 1 person only opens 1 connection, and nobody else does an on chain TX, the at most, each person could only close 1 connection per year. Therefore, all LN connections would have to be for >1 year, which is entirely impractical.
Not at all. Why would you ever need to leave it if it was that widely used?
Quote:
Originally Posted by vikthunder
Also, it's worth noting that the lightning network is not really compatible with full blocks. It says so right in the white paper.
If Bob broadcasts an invalid closing TX, then Alice has (for example) 100 blocks to refute the invalid closing. If blocks are full, there's no guarantee that she will be able to adequately refute the claim, either because it's too expensive or at least too expensive to guarantee it will go through in the next 100 blocks.
Blocks will *always* be full. Get used to it. And no, it doesn't say it is impossible. Since you would close in cases of fraud, and you get to seize their money, you would happily pay an enormous fee out of the thieves pockets.
Quote:
Originally Posted by vikthunder
As noted in the paper, Maxwell's solution to the problem is to not count full blocks against the closing time...but it blocks are perpetually full, then no lightning TX will ever close under that scenario, permanently trapping all of the bitcoin that should go to the closer of the channel.
Which all leads to the shocking, but obvious conclusion, that LN actually works better with BU or at least significantly larger blocks than it does with SW.
Complete bull****, as expected from you vik. LN doesn't work better with BU because BU is fundamentally broken.
You think all 100,000,000 show up one day? No, it's spread out over time. If you can onboard 100,000,000 new people over 6 months, that shows amazing growth possibility. Keep in mind, many users with small balances are going to be very happy to just have a trusted third party for what they need.
Quote:
Originally Posted by onemoretimes
So is some **** about to hit the fan with this Bitfinex issue? Here is their statement. I'll post a few theories in the following post.
"April 13, 2017
Bitfinex is currently experiencing delays in the processing of outbound USD wires to customers. The normal channels that we have been operating through in the past are currently unavailable. Alternative channels are being opened to solve these transmission delays; however, the complexity and scale involved mean that it is taking some time to return to normal withdrawal velocities. Consequently, customers requesting USD wires should expect delays as we work to normalize the withdrawal process. USD deposits remain unaffected.
There is currently no ETA on full normalization of USD wires, but we are working hard to provide alternatives to our customers and will continue to provide updates as we progress. Notably, we can process withdrawals in other currencies, namely, Hong Kong Dollars (HKD) and Swiss Francs (CHF). In addition, we expect to confirm the availability of Japanese Yen (JPY), Australian Dollars (AUD), and Canadian Dollars (CAD) in the next few days, and Euros (EUR) sometime next week. Different currencies have different conversion spreads at our bank, which vary between 0.20% and 0.50% from the interbank market. If you are interested in any of these alternatives, please contact support at support@bitfinex.com.
As we enable the ability to withdraw in new fiat currencies in the coming weeks, it is our intention to also accept deposits from and list additional trading pairs against the new currencies. The addition of other fiat pairs has been on Bitfinex’s roadmap since September of last year, and recent developments have provided impetus for this functionality.
Users who wish to cancel their pending withdrawals may do so through the interface and have the USD credited back to their accounts. If for any reason you are unable to do so, please contact support.
Please also note that Friday, April 14 and Monday, April 17 are bank holidays in Taiwan and some other jurisdictions, no outbound or inbound wires (in any currency) will be processed on those days.
We are working on a more detailed blog post discussing recent legal actions taken by Bitfinex; but for now, we do want to dispel some of the misinformation that we have seen on the internet:
No U.S. banks are holding any customer funds.
Funds are not frozen. Some payment channels are closed to us while new channels are being opened.
Bitfinex is not insolvent. In fact, completing the BFX Token redemption process on April 3rd has paved the way for us to retain a major accounting firm to audit our balance sheet. We are in active discussions with several candidates and expect an announcement on this by the end of this month.
To the best of our knowledge and belief, neither Bitfinex nor any of its principals are being investigated for any crime of any sort, anywhere.
To the best of our knowledge and belief, no entity in the Bitfinex group is being singled out by correspondent banks. We understand that Bitfinex is a victim of correspondent bank de-risking, targeting money service businesses (MSBs) in general and “virtual currency” exchanges in particular.
This is a frustrating situation for everyone. Bitfinex’s management team has been working around the clock to find satisfactory resolutions to these outstanding issues, and we will continue to post updates as we progress. We apologize for any inconvenience that customers may be enduring. We thank you for your patience."
US banks are basically ****ing over Bitcoin services like they did poker. Be ready for Black Friday.
Quote:
Originally Posted by Everest17
Anyone know anything about factom?
Pretty much a pure scam. Factoids are rediculous. Factom is an overly complex way to do something that's pretty simple to do, all so they could make a bull**** ICO.
