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Bitcoin Is Over $7,200!

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Joe Flacco said:
Who is the lightning team?
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Development team. Basically adding a smart contract to bitcoin network/blockchain.

They have been testing it for a year or so on litecoin (litecoin just scaled down Bitcoin protocol, hence name lite)

Umm, YouTube prob best to explain but if they say 2 parties need to add funds. This is not true.

You have your blockchain as of now. Transactions can only get confirmed every 10 minutes and only ~2,400 transactions in a block. Huge prob.

Lightning uses the block 2 times. 1 time to "open a channel" and a 2nd time to "close" a channel. That's all that matters anyway is end result. Blockchain doesn't need to know the stuff in-between.

So I create a "private channel" with Amazon and want to use 1 of my btc to be in this channel account/block. This goes on the block chain and takes 10 min to confirm. "Nottrav want put 1 btc in a channel" confirmed. Blockchain records and flys by.

Now I have a contract channel outside blockchain. But all the security still in place. I can set a time limit for this channel, 1 hour, 1 day, infinity etc. So I can make 2,000 transactions with AMZN. Say I run out of my 1btc and want to close the channel. I close it.

This goes and hits the blockchain, nortrav is giving 1 btc to AMZN. 10 minutes goes by and blockchain on its way.

So I made 2,000 transactions. But blockchain only cares about 1btc came off, 1 btc went back in. And ownership changed from me to Amazon.

Only 2 transactions hit blockchain and not 2,002.

Not gonna get into security but it's segwit, all secure, multi-sig etc etc.

Still a year out for stable/100% function but it's so close, BTC might actually do it and small amount of folks change the world, again.
 
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So basically they are going to be doing crypto transactions outside of the blockchain?
 
Already had 1 circuit breaker on CBOE.

About to have #2. 20% up.

Edit: And done. That's was fast.
 
Joe Flacco said:
So basically they are going to be doing crypto transactions outside of the blockchain?
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Technically not transactions. 2 party multi-signature permissions but done w/ code so not like a handshake. Once done it's done. To undo other party have to make transaction back.


Sounds way more complicated than it is.

It's permissions that both parties have to sign. Then when want to close channel. Code gathers all those permissions up, sorts, says ok. In sum 1 btc is permitted to go from me to AMZN. That's what is written into the blockchain.

All btc is, is transfer of ownership with signatures and a story behind it. The story has to match up and then match up again thousands of times. Millions of times eventually. They are just doing off the blockchain.
 
"Bitcoin’s biggest problem is not even its massive energy consumption, but that the network is mostly fueled by coal-fired power plants in China. Coal-based electricity is available at very low rates in this country. Even with a conservative emission factor, this results in an extreme carbon footprint for each unique Bitcoin transaction."

"Blockchain is inefficient tech by design, as we create trust by building a system based on distrust. If you only trust yourself and a set of rules (the software), then you have to validate everything that happens against these rules yourself. That is the life of a blockchain node," he said via direct message.

This averages out to a shocking 215 kilowatt-hours (KWh) of juice used by miners for each Bitcoin transaction (there are currently about 300,000 transactions per day). Since the average American household consumes 901 KWh per month, each Bitcoin transfer represents enough energy to run a comfortable house, and everything in it, for nearly a week. On a larger scale, De Vries' index shows that bitcoin miners worldwide could be using enough electricity to at any given time to power about 2.26 million American homes.

Expressing Bitcoin's energy use on a per-transaction basis is a useful abstraction. Bitcoin uses x energy in total, and this energy verifies/secures roughly 300k transactions per day. So this measure shows the value we get for all that electricity, since the verified transaction (and our confidence in it) is ultimately the end product.
 
Elliott said:
"Bitcoin’s biggest problem is not even its massive energy consumption, but that the network is mostly fueled by coal-fired power plants in China. Coal-based electricity is available at very low rates in this country. Even with a conservative emission factor, this results in an extreme carbon footprint for each unique Bitcoin transaction."

"Blockchain is inefficient tech by design, as we create trust by building a system based on distrust. If you only trust yourself and a set of rules (the software), then you have to validate everything that happens against these rules yourself. That is the life of a blockchain node," he said via direct message.

This averages out to a shocking 215 kilowatt-hours (KWh) of juice used by miners for each Bitcoin transaction (there are currently about 300,000 transactions per day). Since the average American household consumes 901 KWh per month, each Bitcoin transfer represents enough energy to run a comfortable house, and everything in it, for nearly a week. On a larger scale, De Vries' index shows that bitcoin miners worldwide could be using enough electricity to at any given time to power about 2.26 million American homes.

Expressing Bitcoin's energy use on a per-transaction basis is a useful abstraction. Bitcoin uses x energy in total, and this energy verifies/secures roughly 300k transactions per day. So this measure shows the value we get for all that electricity, since the verified transaction (and our confidence in it) is ultimately the end product.
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This is true if time stood still. I bet it won't and mining gets very efficient.
 
Maybe someday it will be as efficient as Visa or Paypal and won't have the Cult of Bitcoin-Blockchain.
 
Man, I really missed out on those crypto-kitties. Lite-coin just hit 200 bucks. This is like some kind of galactic shift. Everyday I wake up I got more money in pocket. Like big fat bags. Bitcoin is just the beginning. I've made about 800 bucks a day for the last 4 and a half years. Some government lady said Bitcoin is a big government pysops in order to keep the price of gold down.

Sure glad my world view was flexible enough to get on this boat. Sure beats working.

O' I guess the futures markets are telling us to expect more of the same.

I remember all the pressure I was under to "hit the number" when I was an appraiser.

I never could hit the number cause it was all bs.

Don't worry Elliot, someday soon, blockchain will generate infinite number of transactions per second.

Bitcoin is a freight train.
 
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