Lightning network = banks

https://www.youtube.com/watch?v=yX1qLe6Q4oU

Educate yourself.

I withdrew some eth off of hitbtc earlier today, got an email had to click a link to send the withdraw no big deal. Happens instantly.

Go to do the same for bitcoin, it says to click the link in the email... they haven't sent me one.... been like 20 mins......seems legit.

https://gfycat.com/DefenselessMiserableIberianbarbel

Why are you promoting a video published by someone who is an "anti-zionist" fanatic and a 9/11 conspiracy advocate? The guy is looney tunes and so are all his videos.

And why exactly is that such a bad thing? Your bitcoin is still secure from theft and inflation using LN. Bitcoin doesn't need to be and isn't trying to be some anarchistic libertarian's dream that takes down banks and creates a new world order.

Dam! this sucks and coinbase told me it wont arrive until the 29th! I really hope it jumps back to 16.5k! wow this ruined my Christmas ha

So how do you guys handle forked coins and taxes? Trying to figure out what to do with regards to the BCH and BTG I received a while back. Did some research and it appears you are supposed to claim them as income at whatever the launch price was. Am I reading this right?

"Educate yourself" with Bcash shills' bull**** videos?

First of all, anyone can run a lightning node. Anyone can choose which node they would like to use from anywhere in the world. If nodes become large, even if it is the banks that maintain the most popular nodes, so what? These banks still can't freeze anyone's money or do anything dodgy. They would still have absolutely no power over anyone's money. Bcash and on-chain scaling, on the other hand, leads to full centralization, and would risk the whole blockchain, as the first layer would be validated with the same "banks".

It is a hell of a lot worse situation if the same banks run the whole blockchain (i.e. the first layer) than if they only just run lightning hubs (the second layer) where they don't have any power over anyone's money.

Yup, very cool, thanks for pointing this out. Predicted by Hal himself, incredibly early on:

This is the lightning network, make no mistake, which is already in use, and will see mainstream usage in 2018

Lol, at Xmas Eve dinner my girlfriend's younger sister pulled out her phone all of a sudden to check on her Bitcoin, Ethereum, & LTC. While rattling off their (very) recent short-term moves, up and down.

Remember that crypto currencies are still early in their cycle. Just ask anyone here. Lol.

Atm Cexio is $15800 and Bitfinex $13200? noob question, why is there such a big difference in price between the two exchanges?

I think a more accurate analogy might be:
Lightning Network = Clearinghouses

And that's assuming that large commercialized hubs are essential to implement the payment channels concept.

I think regardless of whether "Lightning Network" is the payment channel solution that wins out, some such solution is going to be absolutely essential for Bitcoin to go mainstream. Putting every micro-transaction on the blockchain obviously has to go away.

Here's a more detailed background explanation than the other video:

I'd think the only thing bitcoin bulls are rooting against is a slow drop. You're way way better off losing 30% in 3 days than you are in 3 months. The 1 Month chart is interesting now. That can really break in either direction and neither would be surprising.

ETF next year bruh. All aboard the hype train.

Deposit/withdrawal speeds hinder arbitrage between exchanges. This is standard occurrence through periods of high volatility.

Sorry, maybe next year. I have already spread my advice as a gift to the community. I expect lots of thankful investors next year hopefully willing to give to the poor souls that could not afford to invest.

Bitcoin had a hard fork in its early days because of a code problem.

Pretty sure if someone could hack bitcoin, they wouldn't let anyone know they could hack it. They'd just pilfer small amounts cause they would know pilfering large amounts would crash the price. It's actually fairly likely this is being done and you just don't know about it.

The lightning network solves one problem by creating a dozen more.

In case you didn't notice, the purchasing power of bitcoin dropped 25% in the last week. Saying it's secure from inflation is hilariously stupid.

Do I need to be on one of these three exchanges to get the forked coins ? What about trezor and the bigger exchanges ?

Merry Christmas Bitcoin hodlers! Bitcoin on the rise again. +10.28% and still rising.

Even those bearish on Bitcoin in the long run may have good reason to invest in Bitcoin anyway. Even if Bitcoin's success is ranked at only 5% and a 95% chance of going obsolete, the payout is still positive in terms of risk reward.

Come on ye bears, all are welcome. Hop on the Bitcoin Express!

And in case you didn't notice, Bitcoin is still very much in its infancy and very much in its price discovery phase. The drop didn't happen because 5 million Bitcoin were added to the money supply, it happened because people collectively are figuring out what it is worth. Once it reaches maturity, it will serve as a very useful store of value and protection against inflation.

I suggest you look up what inflation means. I hear your description of it from a lot of crypto-bulls, but it's incorrect. Maybe if you understood the terms you used and the complex reasons behind why they happen people could have an actual conversation with you.

Hey guys - been a while since i was last on here, feels good to read through the forums and see that this forum is still the best place to spot early trends.

Just wondering - is it too late to get into the mining game at this point? just googling - it looks like there are only 16.7mm in circulation at the moment vs a max allowable float of 21mm.

How long does it take to mine one bitcoin using the fastest GPUs? what is the limiting factor (i assume it's no longer the cost of electricity)?

Thank you in advance