📅 Original date posted:2015-08-11
📝 Original message:On 8/11/2015 2:23 PM, Adam Back via bitcoin-dev wrote:
> I dont think Bitcoin being cheaper is the main characteristic of
> Bitcoin. I think the interesting thing is trustlessness - being able
> to transact without relying on third parties.
>
That rules out Lightning Network.
Lightning relies on third parties all over the place. Many things must
be done right, and on-time by N intermediate third parties (subject to
business pressures and regulation) or your payment will not work.
Lightning hubs can't steal your money. Yay! But banks stealing your
payment money is not a problem with today's payment systems. Some real
problems with those systems are:
- Limited ACCESS to payment systems
- High FEES
- Transaction AMOUNT restrictions
- FRAUD due to weak technology
- CURRENCY conversions
Plain old bitcoin solves all of these problems.
Bitcoin does have challenges. THROUGHPUT and TIME-TO-RELIABILITY are
critical ones. DECENTRALIZATION and PRIVACY must not be degraded.
These challenges can be met and exceeded.
Tom Harding [ARCHIVE] /
npub1ms…pmwjy
2023-06-07 15:45:58
in reply to nevent1q…wdxp
Author Public Key
npub1msef5qkfwz4t7qacwxz775wgdtlytph78g2g2z903x90874u263sypmwjyPublished at
2023-06-07 15:45:58Event JSON
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"content": "📅 Original date posted:2015-08-11\n📝 Original message:On 8/11/2015 2:23 PM, Adam Back via bitcoin-dev wrote:\n\u003e I dont think Bitcoin being cheaper is the main characteristic of\n\u003e Bitcoin. I think the interesting thing is trustlessness - being able\n\u003e to transact without relying on third parties.\n\u003e\n\nThat rules out Lightning Network.\n\nLightning relies on third parties all over the place. Many things must \nbe done right, and on-time by N intermediate third parties (subject to \nbusiness pressures and regulation) or your payment will not work.\n\nLightning hubs can't steal your money. Yay! But banks stealing your \npayment money is not a problem with today's payment systems. Some real \nproblems with those systems are:\n\n - Limited ACCESS to payment systems\n - High FEES\n - Transaction AMOUNT restrictions\n - FRAUD due to weak technology\n - CURRENCY conversions\n\nPlain old bitcoin solves all of these problems.\n\nBitcoin does have challenges. THROUGHPUT and TIME-TO-RELIABILITY are \ncritical ones. DECENTRALIZATION and PRIVACY must not be degraded. \nThese challenges can be met and exceeded.",
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