This is the best video on Lightning Network out there. It breaks down the whole complexities and explains them in a beautifully simple way. Newbies will have to watch it more than once.
@teamed70592 жыл бұрын
the most clear technical explanation I have found on bitcoin and its lightning network. Layer 2 used to be just a buzzword for me but not any more thanks to you!
@RenePickhardt3 жыл бұрын
Congratulations to this great work and thanks for sharing! I always wanted to create something similar but decided to get the messaging clearer and simpler by finishing our book that you mentioned. Now I don't have to do this. Great indirect collaboration! That's an amazing feeling! (though I am a tiny bit envious) btw sorry for never having reviewed the long version. Had the tab open ever since but was too busy with the path finding stuff
@CuriousInventor3 жыл бұрын
Thanks for the kind words and all the amazing content already in Mastering the Lightning Network (github.com/lnbook/lnbook). An invaluable resource for learning about Lightning, can't wait for the completion.
@larahalleck76842 жыл бұрын
Thanks for the information. learning and growing is the only way we can hone our skills and build ourselves. Most interesting thing is that the rich gets Richer because the poor thinks that every opportunity is a scam especially investment like bitcoin, dogecoin, safemoon, gold, silver, crude oil, ethereum, litecoin, bitcoin cash, cardano, polkadot, stellar, chainlink, binance coin, (BNB) etc. Investing is the surest way to financial freedom.
@morganroth442 жыл бұрын
For years I was trying out all the different ways to make extra money that I was coming across only to soon find out that they all were excessively time- consuming and resulted in very little profit or none at all. Now however, I am proud and happy to be making about $4,000 a week from the comfort of my home through the help of Mr Frank Woodman
@jessicaplessis55622 жыл бұрын
Having monitored my portfolio performance which has made a jaw dropping increase of $270k from just the past two quarters alone, I have learned why experienced traders make enormous returns from the seemingly unknown market
@lalitnagarajan84692 жыл бұрын
Exactly, the trick is to diversify your investment, don't panic when everyone else is and invest consistently. Do you trade on your own?
@bertoolivarez28082 жыл бұрын
I'm trading with Frank Woodman. A professional in the US
@reynaldorivera21942 жыл бұрын
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@Tgasparian2 жыл бұрын
This video is amazing! Perfect depth to get an intuitive understanding! Would be great to hear a bit more about the practical implications of needing to be online, monitoring the blockchain and how routing the transaction works (finding good paths/nodes).
@theopantamis91843 жыл бұрын
Like your video "How Bitcoin works under the hood", this one will be the one I will share to people searching for a clear explanation :) thanks a lot !
@francoisdemers-telmosse24042 жыл бұрын
You explained to me bitcoin in 2013 and now the best explanation of LN is from you also! Would love if you could explain to us ''channel factories'' and ''multiparty channels''
@CuriousInventor2 жыл бұрын
Glad they’ve been helpful! There’s so much more in lightning to explore, will add those concepts to the todo list
@GamerSg8410 ай бұрын
Fantastic explanation and illustrations. Was a great help to help me revise/refresh the lower level technical details on how LN works at the Bitcoin protocol level after 3 years of not working with it.
@ismaelsimon34242 жыл бұрын
nice but can you suggest me another crypto to start investing? I mean with a little low price but great potential?
@antonkight6382 жыл бұрын
Recently I see people talking a lot about Luminos coin, I also want to learn about them
@omerwickman31842 жыл бұрын
@@antonkight638 me too dude
@w00sah2 жыл бұрын
I’ve heard that the Satoshi is supposed to be just as good as bitcoin, but right now it’s less than a penny, totally decentralized and non-confiscatable! It’s pretty much guaranteed to go up! It’s a no-brainer!
@yotubecreators472 жыл бұрын
so does every customer visiting my e-shop for small transaction needs to open a channel with me and every store and start by transaction fund? is this applicable to the real world, what other options?
@CuriousInventor2 жыл бұрын
Ideally, everyone maintains long term channels with a few peers, and there are enough connections between everyone that you don't have to setup new channels. The money flows through multiple stops. And going further, the long term vision is that wallet software hides all of the complexity entirely--you just scan a code, see the fee, and hit send. The wallet figures out the fastest and cheapest route, channel management, etc.
@woutercleyman90724 ай бұрын
Insanly good an clear video. Highly underrated. Should have way more likes and views!
@gem-xx2xn2 жыл бұрын
great video, thanks for the perfect explanation and real world examples
@fisheyjay71133 жыл бұрын
Thank you for the best instructional Lightning Network video available presently … immensely helpful
@CuriousInventor3 жыл бұрын
Glad it’s helpful!
@MB-ql6ut2 жыл бұрын
The Outputs are swapped at 13:00. The right commitment tx should pay Alice 70k (Output 2) and Bob 30k (Output 1).
@cornfarmer692 жыл бұрын
Probably the best channel for btc technical explanations. Thank you for your work! :D
@Kentama2 жыл бұрын
The bar tab analogy is interesting, though I'm not sure I understand how it reduces the ultimate cost for individual transactions. If you would've spent $10 in a normal Bitcoin transaction, but only a few cents with lightning, who/what makes up for that $9 difference when the transactions are eventually broadcast on the Bitcoin network? The bartender? If so, what would incentivize the bartender to incur that cost on the customer's behalf?
@CuriousInventor2 жыл бұрын
Each channel requires an on-network transaction both to open and close it. The hope is that you keep the channel open and complete thousands of transactions through it. Both sides of the channel are more equal than in the bar analogy, however, currently, the person opening it pays the fees.
@MrSnickysnicky2 жыл бұрын
Yoo man thank You for sharing this video. You deserve so many more subs... Real quality content here!
@adammontgomery7980 Жыл бұрын
Interesting. I'm wondering what proportion of BTC would be locked up in payment channels if it became the defacto global currency. I guess "layer 3" would consist of liquidity pools where even small hodlers can contribute to the network, much like mining.
@dcadfdfbdf21812 жыл бұрын
Thank you very much, this was the exact explanation I was looking for.
@jakubsoucek12 жыл бұрын
Great video! Regarding the transaction size. What amount is ok to send via lightning and when should I consider to pay via on-chain? In terms of safety, fees etc. Is it like $100 or $1000? Am I even able to send sums like $1000 via lightning these days? Thanks a lot.
@CuriousInventor2 жыл бұрын
Here's an example of sending over $10k on lightning: twitter.com/renepickhardt/status/1418849788531990530 But the amount you can send depends on the size of the channels along the route, and the software you're running. That particular transaction was automatically split into many parts. I think a few hundred $ works well on lightning with large nodes these days, but at some point you'll pay more for fees on lightning than on-chain. The dream is that this is all just hidden by your wallet and at some point it will give you the best possible price or time. Still early days...
@gracegaur8890 Жыл бұрын
Hey, I requested my platform to pay my profits through direct deposit to bank. Do I still need crypto lightning network? Pls. advise
@selvamathuvappan89999 ай бұрын
This might be a silly question. Why can't Alice share the commitment transactions to Bob with just her signature. This way Bob will only broadcast the final transaction after signing it (If he broadcasts the older transactions, he only gets paid less and he cant broadcast multiple transactions, as all of it uses the funding transaction as input). Alice can't broadcast any commitment transaction as all of it lack Bob's signature.
@CuriousInventor9 ай бұрын
I'm not sure i completely understand your q. Alice needs to be able to broadcast those commitment updates, and so needs bob's sig. remember the balances can go up or down. Feel free to ask more!
@selvamathuvappan89999 ай бұрын
Thanks a lot. Now it completely makes sense
@richard1598 Жыл бұрын
How, before the initial funding transaction, I can reference this very same transaction without having it submitted?
@darkgalaxy5548 Жыл бұрын
The problem LN will never solve is the cost of opening & closing channels
@HK-cq6yf2 жыл бұрын
So it seems like lightning transactions are not "final" until settled on the main chain. The Bitcoin in a lightning wallet doesn't become "real" until then, and are more like Bitcoin cheques. Is this correct or am I missing something?
@SAL-fs1mr2 жыл бұрын
They are final when the lightning transaction happens, because that paid amount can be used to send other lightning network transactions. You only need to settle onchain if your goal is to move the funds to cold storage.
@JoeKazemi6 ай бұрын
This is very helpful
@julesl20873 жыл бұрын
Who calculate the cheapest path between two peer ?
@baltakatei3 жыл бұрын
Your lightning node based on a graph it constructs by gossip from other nodes.
@julesl20873 жыл бұрын
@@baltakatei thx
@Harry-ig9tv Жыл бұрын
If you need two signatures to spend the money, and the other party refuses to sign, how do you get the money out? That second party can always stop you from utilising the money?
@SAL-fs1mr2 ай бұрын
yes, that is a risk, but ultimately, you don't lose your money because you can unilaterally close the channel and open a new one with a different party.
@raymondromero53872 жыл бұрын
wonderful, absolutely wonderful explanation of how it works
@dharmeshmistry1042 жыл бұрын
Few questions. I'm still not clear about the logistics of how all this works and potential fees that the consumer will incur. 1) How does one use lightening network? I keep hearing about lightening work but have no idea how to sign up or where to go to use it. I feel like I'm missing something here. 2) What's the fiat onramp for the lightening network? Is it linked to your bank? 3) What will be the transaction fee for consumer to purchase something with Bitcoin? Even if the transaction fee is small to purchase the Bitcoin why as a consumer will I pay a transaction fee to buy something when I pay zero fees using my credit card? I can see the benefit from a merchant's standpoint of saving fees but as a consumer I don't see the point of using Bitcoin if it's going to be associated with a transaction fee to purchase something. Everytime I buy Bitcoin as an investment I have to pay a transaction fee. Same goes true if I sell it. 4) I feel like I'm really missing something here. For a consumer what's the real benefit of using bitcoin versus using a credit card? I don't see any.
@bensteele20202 жыл бұрын
Currently, some businesses offer discounts if you pay with cash. They do this because credit cards charge them a ~2% fee per transaction, so they can just pass that 2% on to customers if they pay cash. I could see a similar situation for Lightning transactions. The discount they give you could easily cover the cost of the transaction. The cash discount probably isn't vary common because it is less convenient to handle cash than to transact with credit cards. In the case of lightning, It could be implemented to be just as convenient as credit cards, so there is even more incentive for businesses to offer the discount. In the end, businesses will pay fewer fees and therefore make more money if they get customers to pay with lightning, so they will probably find a way.
@SAL-fs1mr2 жыл бұрын
Step one, get Bitcoin. Step two, send the Bitcoin to a lightning wallet, such as muun. Then you can send Bitcoin transactions over the lightning network that are instant with negligible fees. Credit cards do have fees, the merchant pays them, and they end up raising prices as a result.
@lori96763 жыл бұрын
We are still early, here before Million views.
@waynelau1492 Жыл бұрын
This tech is so smart and your vid is great
@DonMungia Жыл бұрын
0:44 It cost you more in transaction fee than the transaction you actually sent. Hmm... Bad example of lightning being affordable.
@CuriousInventor Жыл бұрын
$.05 sent, cost $.0006
@Diewux2 жыл бұрын
I don't really understand the Lightning Network, but how does it solve anything fundamentally? The first and only reason why blockchain (+p2p network) has emerged as a technology with the idea of solving one major problem is centralised entities that can be corrupt. Now looking at what we have here is that we are adding another centralised layer on top of the decentralised assets of Bitcoin. This just adds another problem that we were trying to solve in the first place. Or I'm missing something here?
@theopantamis9184 Жыл бұрын
This layer is not centralized. You don't need special authorization of someone to open LN channels and publish them for others to use them to route payments. In practice big hubs makes routing much easier so yeah you may find some but they are not required and they can't claim your funds safely.
@trubleSum1 Жыл бұрын
Thank you for this! It's excellent.
@blast2427 Жыл бұрын
A quick question: when transactions are recorded in the Lightning network (Alice pays bob $5) does bob actually receive $5 in his wallet or it is just credited to his wallet in the smart contract and when they close the payment channel the $5 is sent to his wallet?
@johannesebster5764 Жыл бұрын
It‘s the latter, the $5 will not be in his wallet until the channel is closed.
@mattiapennacchietti57602 жыл бұрын
Wow, what a quality material. Thank you thank you thank you.
@pradyumnarahul3 жыл бұрын
Question: When buying beers on the same payment channel, does each transaction create another multisig? Because when a revocation secret is created, it built around the previous transaction meaning a new multisig would have to be used given that the inputs this time are different.
@theopantamis91842 жыл бұрын
Nope, all the transactions always spend the funds from the same UTXO. The revocation secret is only used in the public locking script of one of the outputs of the transactions that each party can unilateraly publish on the blockchain. If they need to change the state of the channel, they create a new transaction spending the same funds but they change the locking script to replace the revocation secret that must be revealed to claim the funds by a new one. Then they reveal the previous secret to each other so that if the other peer publish an old transaction that spend the funds later, the other will be able to claim all of them using the revocation secret that the other peer shared before.
@KamalSharma-ep7mj2 жыл бұрын
2:50 Did you just wrote (Bitcoin Transaction), Is every state is a transaction on the network? Then how does it saves fees?
@theopantamis91842 жыл бұрын
Every state can be a transaction but only the first and the last will be visible and published in the chain. You can have almost an number of states between the two for which you pay no transaction fee to miners.
@muskymetal32772 жыл бұрын
Great explanation, really helps a lot! Much appreciated. I have a few questions.. So each person has their own payment channel? As in, I have my own payment channel with BTC deposited in it, and I'm sending my BTC to someone else's payment channel for it to be done on the Lightning network? When saying that a payment channel is “opened” or “closed”, this essentially refers to either depositing BTC to that channel from a standard BTC address or withdrawing from the channel back to a BTC address right? If I want to declare my BTC back on the main blockchain, can I validate *some* of the BTC on my Lightning channel or does it have to be all? Thanks for your time!
@CuriousInventor2 жыл бұрын
A channel has two people (at least for now). Simplest case is Alice and Bob setup a channel, but only one of them deposits funds into this. Under the hood, this is just like any other bitcoin transaction, except it requires signatures from both Bob and Alice to spend the money, instead of just one signature to spend. a "channel" is a bitcoin address just like any other address, it just has different spending requirements. Opening a channel means sending money to a lightning contract address. Closing a channel means spending it out of that special address and back to some other address, which could be a regular bitcoin address. right now it's all or nothing: all the money is in the channel or spent out of it and the channel is closed. This is a pain because you want to keep channels open for a long time, but that requires committing funds to the channel.
@JuanTirado2 жыл бұрын
Thanks, this explanation was very helpful
@jaronpirtle55082 жыл бұрын
A Gentlemen of Crypto reference. Nice!!!
@remittdao Жыл бұрын
Lightning is a game-changer
@pablom6953 жыл бұрын
Super good, thanks for the awesome work
@andywub Жыл бұрын
how is the payment channel's security backed by the main chain? miners are on the main chain right
@theopantamis9184 Жыл бұрын
You don't need to get miners confirmation for the transactions that require your own signature to be valid. Here, given everything is shared multisig between senders and receivers, the only confirmation needed are for channel openning and closure.
@domkaz16693 жыл бұрын
Wow! Thank you so much!!!
@shmirdonkin2 жыл бұрын
Um... so where is your bitcoin while this is going on? What if I have a hardware wallet? I could start a transaction, move my bitcoin to another wallet and then walk out on the bill???? How does the lightning network know what's in my wallet? This means that a central authority has to have control over my bitcoin. It means that I have to have it on a "coinbase" account that is linked to the lightning network. We're back where we started with centralized banking.
@m0o0n0i0r2 жыл бұрын
I belive your BTC is held in the payment channel. The issue I forsea is Alice and Bob need to trust each other as they are pretty much using somthing thats similar to a joint bank account. I also believe originally many users lost ther BTC when payment channels were abrubptly closed (happy to be corrected on this). Last time I looked at this I didnt think it would work, and this video doesnt give me confidence that it would. Better off converting BTC in to fiat IMO, of one wants to use payments locally.
@theopantamis91842 жыл бұрын
They are locked in an address that you and a untrusted peer control and you always have a transaction fully signed that allow you to claim them to an address you fully control if you want to. The point is that because your signature is required to claim the coins in a channel, your channel peer cannot double spend you so you can decide to not broadcast the transaction and replace it by a new one if your channel peer agrees. Only you and your channel peer know how much each of you have in the channel until you decide to close the channel. There is no global ledger in the lightning network. If you are not happy by one of your channel peer, you can always ask him to cooperate to close the channel cleanly with the last amounts you agreed on or publish the last signed transaction he gave you to claim the same amount of coins (force close case). The counterparty never controls the funds in this process, you always have the possibility to broadcast the last transaction to claim all your money even if the other party don't want you to do it. There is no trust here.
@Harry-ig9tv Жыл бұрын
Hard to understand
@teqexe5 ай бұрын
What exactly?
@user-vk5bl4eh4z4 ай бұрын
cry about it
@alissonagroo5061 Жыл бұрын
, I want to ask a question? Does this system need updates or improvements I see many people say it's perfect?
@theopantamis9184 Жыл бұрын
Nothing is perfect. However this protocol is much easier to upgrade than Bitcoin.
@numkim2 жыл бұрын
how can you efficiently find a path in multichannel scenario?
@theopantamis91842 жыл бұрын
There is a network of publicly annonced channels you can use.
@harshitpatel1352 жыл бұрын
Hello sir,🙏 It would be good if you can share, after lightning network create funding for the both sender and receiver parties then this funding transection or settlement transection how to push in any miner pool because without any miner pool how to miner would get this funding and settlement transection and mine this two block in blockchain network..? and so how to connect lightning network with miner pool ...? so please suggest related any document….
@theopantamis9184 Жыл бұрын
The protocol includes a fee negociation. And now there is something called anchor output that allow you to bump fees of the commitment transaction if needed.
@janschmid281 Жыл бұрын
One question, alice transmits a correct transaction. Now bob want to cheat, what keeps him from revoking the correct transaction and claim the output ?
@theopantamis9184 Жыл бұрын
Well ... I am not sure to understand what you mean but when it's Alice who sign a tx for Bob, it means it's Alice who wanted to send money to Bob so he doesn't have incentive to not accept it. However next time Bob will sign a tx to Alice to send her money, he will send the private key that allow Alice to take his funds if he ever broadcasts this old tx, that's what "revoking" means in LN.
@yotubecreators472 жыл бұрын
you're the best thanks
@bombusbeetc36732 жыл бұрын
Hi. Can I translate your vídeo tô portuguese (pt-br)?
@Shizzymynizzy Жыл бұрын
Seriously how did you learn all this?
@PRepublicOfChina2 жыл бұрын
This is excessively complicated. I think it would be better if they just used a fast and cheap altcoin to do the transactions. For example, solana. Let's say sender wants to send 10 bitcoin transactions to recevier. The sender could convert the bitcoin to solana. Send the equivalent amount of solana in 10 solana transactions to the recevier. Then once the 10 solana transactions are done, the recevier can then convert that solana into bitcoin. Then in total you have done 2 bitcoin transactions and 10 solana transactions. Which is cheaper than just doing 10 bitcoin transactions. Basically lightning could just use solana instead of trying to create their own lightning ledger. There are already tons of altcoins with fast and cheap ledgers. Solana, dogecoin, etc. Why make a new ledger?
@jameswistle24222 жыл бұрын
What'sapp✙13236478874 More updates on XRP, NFT’s, BTC📊 What'sapp✙13236478874 More updates on XRP, NFT’s, BTC📊.Frank's..
@SAL-fs1mr2 жыл бұрын
So if I want to do 10 Bitcoin transactions over the course of a year, I need to keep my money in some random altcoin instead of Bitcoin? Then I risk losing money if the altcoin price falls against Bitcoin, thus not being cheap at all. From what I can tell, lightning is pretty straightforward.
@jackkitchen7372 жыл бұрын
The problem is, if you buy any amount of bitcoin, you have to let the IRS know you bought bitcoin, on your tax return. So there are tax ramifications. Right?
@CuriousInventor2 жыл бұрын
In the US, i believe only when you sell, but you have to keep track of what you paid originally and use a consistent method of linking buys to sells (first in first out, etc). Pretty annoying, and potentially terrible if you’re executing millions of micro transactions. Not an accountant!
@VipulVaibhaw2 жыл бұрын
This is amazing. Thanks
@sabertoothwallaby29372 жыл бұрын
How to broadcast to layer 1 chain?
@theopantamis91842 жыл бұрын
You close a channel or use a swap service: send LN BTC to get back BTC on the chain.
@heitorb24602 жыл бұрын
Although this explains well the "bar tab" and more complex use cases, I still don't understand the most attractive feature of the Lightning Network... how is this faster than a straight forward transaction between Alice and Bob without using Lightning? It looks like a simple, single transaction between Alice pays X to Bob would take the same time using Lightning, since at the end of such transaction, it must be recorded on the blockchain just like a normal transaction. Does Lightning only improves speeds on the bar tab or other complex examples, but not in a straight forward simple A pays X to B transaction?
@CuriousInventor2 жыл бұрын
If you don't already have a channel set up, you're right, it's worse to use lightning. But ideally everyone already has several channels set up and never closes them. Then as long as a path can be found between Alice and Bob, lightning doesn't require any on-chain transactions. Now if it's a large amount of money, it will still be cheaper to use an on-chain transaction.
@heitorb24602 жыл бұрын
@@CuriousInventor thank you for the reply. So basically if A send B 0.1BTC and they both have channels, instant transaction. But when B wants to send that 0.1 to C, and C is not on Lightning, then the transaction between A and B would need to be written in the blockchain, before B can send C the 0.1, correct? Assuming B only has 0.1 BTC to send
@CuriousInventor2 жыл бұрын
That’s right, the .1 is locked in a payment channel until another txn onchain is made. And since we’re talking about a relatively large amount, A and B might also run into channel balance issues. Lightning doesnt magically solve all the problems by any means.
@craigsneeden57062 жыл бұрын
Thanks really good explanation. I suppose the only downside is to get your funds into a Lightning Network wallet you will need to pay a CEX on the base level to do the transfer. On the positive side once it is there it's possible to pay small amounts with very little fees.
@EmilGhiurau7 ай бұрын
While this is awesome, and cheap, security is of concern!
@OmkarPangarkar2 жыл бұрын
Beautiful!
@yanesjose65812 жыл бұрын
good video
@toptube6824 Жыл бұрын
LBTC is a future hidden GEM🎉
@sambhavjain49772 жыл бұрын
Can't send on your LN address
3 ай бұрын
Same....
@user-es7ob7mg8r2 жыл бұрын
супер праграма народныи доходы 👍👍👍👌👌👌👌👌🙏🙏🙏🙏🙏🙏
@scottallen8950 Жыл бұрын
This is too confusing for most people when you can just whip out your credit card and pay for things. Additionally even though credit cards charge interest, at least if you're overcharged or have a problem you can call them and get it taken care of. What if you wake up the next day and realized that when you were drunk the bartender overcharged you? Now what do you do? At least with a centralized platform like credit cards you have options.
@CuriousInventor Жыл бұрын
fair points! A lot of benefits are for the merchant (lower fees, no charge-back risk). Maybe merchants could give a discount. Apps will have to be as seamless as credit cards for end users.
@novice0242 жыл бұрын
Lightning seems expensive and complicated.
@theopantamis91842 жыл бұрын
Did you used it ? Wallet software can handle lot of complexity for you if needed.
@treywaka24443 жыл бұрын
Great video. But there's one thing I don't understand, since your node always has to be online monitoring for fraud, how are non-custodial mobile wallets like Phoenix supposed to work? Since it's very likely that you sometimes won't use the app for more than 24 hours or even weeks, isn't the risk of your peer broadcasting an old state transaction quite high?
@CuriousInventor3 жыл бұрын
Great question. I'm not 100% sure on this one. Their faq mentions several privacy trade-offs, but I believe you're still in complete control even if Acinq disappeared. You only ever connect to Acinq peers, but that doesn't mean that they wouldn't necessarily try to spend a revoked transaction... it doesn't make sense that you would want to rely on them running a watchtower to protect you from them. medium.com/@ACINQ/introducing-phoenix-5c5cc76c7f9e#b94c
@gusgalvanini2 жыл бұрын
Bitcoin isn't a currency, its digital property & digital energy.
@briankizer35937 ай бұрын
Well satoshi made it to be a digital currency payments system but obviously that has failed.
@mathijs93653 жыл бұрын
Why not use a simple solution as only possible to broadcast the latest balance?
@semir-29413 жыл бұрын
Cause you don't know which one is the latest.
@theopantamis91842 жыл бұрын
You cannot prevent someone to broadcast a valid Bitcoin transaction, that's the whole point of Bitcoin. However with eltoo update it is possible to "unilateraly correct" the published state by a more recent one before a time period (it will spend the funds of the wrong state and force them to be spend with the more recent state). This allows to only store the very last state (for which there is no more recent state) to be safe. But the transactions are build very differently (.... and it requires eltoo softfork)
@iamiraaj3 ай бұрын
nyc
@sayandcode7 ай бұрын
Went over my head
@ivecadit Жыл бұрын
Alice might have a drinking problem!
@mamoran62 жыл бұрын
The regulators are going to have a field day with this...After using Algorand, this doesn't even come close to the functionality Algo has. All these extra steps just to make a simple transaction cheaper for general use is kind of ridiculous and if "Bob" isn't reporting transactions this could definitely bite someone in the ass come tax season, unless I'm missing something here...but I guess it briefs well lol
@therealestmc852 жыл бұрын
Of course not, Algo is a full fledged L1 network meant for both individual and Enterprise use. BTC is old news. Only name recognition and whales keeping it alive.
@swamivivekananda-cyclonicm8781 Жыл бұрын
Drink for 10K sats ?. Someone watching this in year 2088 will get mental stroke as even sats would be expensive let alone Bitcoin
@Alexander.s.arreola Жыл бұрын
Buy Bitcoin!
@shawtyrelax2 жыл бұрын
this is the future
@btccricket142 жыл бұрын
yeah umm, this aint gonna work how you explained it. people want to swipe a card , not learn their money. best case store of value. Sorry, lightning wont work for day to day single transactions. I realize that this is how money works in the digital world, but, it aint gonna functionally work in the real world. Sorry, it just wont.
@CuriousInventor2 жыл бұрын
The hope is that all the complexity will be hidden in a wallet app, and lightning will just work like venmo. Still a ways to go.
@btccricket142 жыл бұрын
@@CuriousInventor I'd say thats gonna be the only way the masses do it, and then the people that care about self custody will take action. Thats the beauty of it. It gives the basest form of privacy without compromising security, then allows layer 2's to branch in wide arrays of "maximalism to afk brain dead cashapp." Which is a good thing. If this is utilized, it encourages a new class of bankers, but with a check to balance it by being able to remove bitcoin from the liquidity pool.
@sbef4 ай бұрын
That's a silly comment: it's like going on a video about computer programming and claiming computers won't ever work because most people are not programmers. None of this information is required for people to spend money through Lightning. No one has to "learn about their money" to spend it.
@PouchMaster8 ай бұрын
Man am I ever stupid. This is way beyond my limited sense of comprehension. I can't even figure out how to cast a movie to the TV, let alone this.
@CuriousInventor8 ай бұрын
Lol, this is def only for programmer level understanding. On the other hand, it's so complex compared to the original bitcoin it makes you wonder if it will survive in the end.
@ali2009tube2 жыл бұрын
That is a hack in Bitcoin network Funding and closing transaction so no full truth is recorded on chain
@nextleader75432 жыл бұрын
Oh My God! Just use a different blockchain that can actually be used for micropayments! Ever heard of Doge or Solana? Polkadot or Cardano? Bitcoin and Ethereum are not the only Cryptos in this world.
@CuriousInventor2 жыл бұрын
That's a fair point, and competition for better money is good... but this is a great upgrade for bitcoin if the complexities can be hidden by apps.
@darkgalaxy5548 Жыл бұрын
@@CuriousInventorOr just increase the blocksize & make bitcoin usable in P2P transactions
@yogiyoda2 жыл бұрын
Bitcoin sucks.
@w00sah2 жыл бұрын
Spoken like a true shitcoiner.
@TreverSwelland2 жыл бұрын
OK. But why not just use a more functional, 1 layer protocol like XRP. Faster, more secure, and with none of the problems that this entire video is based on.
@SAL-fs1mr2 жыл бұрын
Because xrp relies on trusting a central coordinator for the network.
@TreverSwelland2 жыл бұрын
@@SAL-fs1mr Who/What is that central coordinator? Can you be more specific?
@SAL-fs1mr2 жыл бұрын
@@TreverSwelland the Ripple company. They manage the primary UNL, which is the list of trusted validator nodes the network follows.
@TreverSwelland2 жыл бұрын
80% of the total nodes are run by third party entities. So even if ripple stopped operating thier nodes, the XRPL would continue to function normally.
@SAL-fs1mr2 жыл бұрын
@@TreverSwelland you've just highlighted how it's a federated system of trusted nodes. The idea of Bitcoin and lightning is that there are no trusted nodes.
@spyware99832 жыл бұрын
Too much jargon. Stop using any form of technical terminology . Ur mixing high level technical terminology with stupid condescending examples using "Bob and Alice" . When are the fees incurred? What is a funding transaction? How would a regular 100 IQ person interact with and set such a thing up to begin with? with A phone? What app? How much will that cost ?tell them what the green will say... What will they see ? Are the things you are referring to in the computer logic all happening without my input? Does the contract run and update itself without me remembering anything? What is my responsibility when using the network, what do I need to write down? if anything?... I hope u understand what I am saying. Like... don't say "decentralization" say " without the influence of a government or bank" . That's what it means to the average person . Talk like a regular person or you will always be a shit teacher. I understand you but regular people definitely don't and that's why ur video has 15k views.
@SimplePrize2 жыл бұрын
What will fishing rods, skis, skates throw away? Что отбросят удочки, лыжи, коньки? kzfaq.info/get/bejne/Zqp0pbSq3JPdZWw.html