📅 Original date posted:2015-08-11
📝 Original message:There's also an interesting question posted over at Reddit - will
Lightning payment hubs be treated as money transmitters in the US?
https://www.reddit.com/r/bitcoin_uncensored/comments/3gjnmd/lightning_may_not_be_a_scaling_solution/
A payment hub operator working with brand name merchants like Disney and
Gap would most likely adopt any licensing and AML/KYC regulations.
Some folk might thus find themselves forced to use anonymous hubs with
strict routing requirements to avoid commercial hubs. Given the reduced
number of available channels, this could drive up lightning network fees
for those folk.
Of course, two parties can avoid any intermediary by using a regular
on-chain transaction, but it might not be feasible if Bitcoin is
operating as a settlement network with high transaction fees.
On 08/11/2015 02:01 AM, Hector Chu via bitcoin-dev wrote:
> Lightning will never catch on as it basically demands that everyone who
> uses it to become a speculator. Payment hubs and merchants will be at
> the mercy of the bitcoin price while their funds stay locked up in
> payment channels. This idea is a dead-end.
>
> On 10 August 2015 at 22:43, Adam Back via bitcoin-dev
> <bitcoin-dev at lists.linuxfoundation.org
> <mailto:bitcoin-dev at lists.linuxfoundation.org>> wrote:
>
> In terms of usage I think you'd more imagine a wallet that basically
> parks Bitcoins onto channels at all times, so long as they are
> routable there is no loss, and the scalability achieved thereby is
> strongly advantageous, and there is even the potential for users to
> earn fees by having their wallets participate in channel rebalancing
> (where hubs pay users to rebalance channels - end up with the same net
> position but move funds from one user-owned channel to another.)
> Exchange deposit, withdrawal, payments, even in-exchange trades can
> usefully happen in lightning for faster, cheaper more scalable
> transactions.
>
> Adam
> _______________________________________________
> bitcoin-dev mailing list
> bitcoin-dev at lists.linuxfoundation.org
> <mailto:bitcoin-dev at lists.linuxfoundation.org>
> https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev
>
>
>
>
> _______________________________________________
> bitcoin-dev mailing list
> bitcoin-dev at lists.linuxfoundation.org
> https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev
>
Simon Liu [ARCHIVE] /
npub1a3…r6s85
2023-06-07 17:33:12
in reply to nevent1q…kxpf
Author Public Key
npub1a3zpmn53lhv8jv7vjg3daletu2e6e9ce88737ga2r7dkr7yc7dss7r6s85Published at
2023-06-07 17:33:12Event JSON
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"content": "📅 Original date posted:2015-08-11\n📝 Original message:There's also an interesting question posted over at Reddit - will\nLightning payment hubs be treated as money transmitters in the US?\n\nhttps://www.reddit.com/r/bitcoin_uncensored/comments/3gjnmd/lightning_may_not_be_a_scaling_solution/\n\nA payment hub operator working with brand name merchants like Disney and\nGap would most likely adopt any licensing and AML/KYC regulations.\n\nSome folk might thus find themselves forced to use anonymous hubs with\nstrict routing requirements to avoid commercial hubs. Given the reduced\nnumber of available channels, this could drive up lightning network fees\nfor those folk.\n\nOf course, two parties can avoid any intermediary by using a regular\non-chain transaction, but it might not be feasible if Bitcoin is\noperating as a settlement network with high transaction fees.\n\n\nOn 08/11/2015 02:01 AM, Hector Chu via bitcoin-dev wrote:\n\u003e Lightning will never catch on as it basically demands that everyone who\n\u003e uses it to become a speculator. Payment hubs and merchants will be at\n\u003e the mercy of the bitcoin price while their funds stay locked up in\n\u003e payment channels. This idea is a dead-end.\n\u003e \n\u003e On 10 August 2015 at 22:43, Adam Back via bitcoin-dev\n\u003e \u003cbitcoin-dev at lists.linuxfoundation.org\n\u003e \u003cmailto:bitcoin-dev at lists.linuxfoundation.org\u003e\u003e wrote:\n\u003e \n\u003e In terms of usage I think you'd more imagine a wallet that basically\n\u003e parks Bitcoins onto channels at all times, so long as they are\n\u003e routable there is no loss, and the scalability achieved thereby is\n\u003e strongly advantageous, and there is even the potential for users to\n\u003e earn fees by having their wallets participate in channel rebalancing\n\u003e (where hubs pay users to rebalance channels - end up with the same net\n\u003e position but move funds from one user-owned channel to another.)\n\u003e Exchange deposit, withdrawal, payments, even in-exchange trades can\n\u003e usefully happen in lightning for faster, cheaper more scalable\n\u003e transactions.\n\u003e \n\u003e Adam\n\u003e _______________________________________________\n\u003e bitcoin-dev mailing list\n\u003e bitcoin-dev at lists.linuxfoundation.org\n\u003e \u003cmailto:bitcoin-dev at lists.linuxfoundation.org\u003e\n\u003e https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev\n\u003e \n\u003e \n\u003e \n\u003e \n\u003e _______________________________________________\n\u003e bitcoin-dev mailing list\n\u003e bitcoin-dev at lists.linuxfoundation.org\n\u003e https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev\n\u003e",
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