You’re conflating the comments from myself @iamnotback at that Reddit with the other guy I was debating. He was making the allegation of IOUs in the hashed time locked contracts and I was refuting him. But what you don’t seem to understand is that for Lightning Networks to scale it will involve essentially what are large exchanges such as Coinbase wherein the users hold only IOUs and not actually on chain BTC. Also settlement on chain by these large aggregators is defeats the Nash equilibrium. Craig Wright has some blogs about this over a nChain and although he often makes mistakes (I caught him a probability error and he had to pull the entire research paper), he does make some worthwhile points about LN. I will not go into further detail here, because you’re not an expert and thus you’re wasting my time.
this is not the case because BTC is a debtless system
Now I have confirmed you’re an idiot, sycophant fanboy. Dude what is an exchange if it is not an IOU system? Are exchanges not part of the BTC system?
IOUs and Derivatives don't exist within the BTC Core functions
You’re even incorrect about this. Do you not even understand that Core added a SegWit feature which is “pay to anyone” which a 51% cartel of miners can steal back at any time with a chain reorganization. The username @Hyperme.sh was me.
Stating that nothing has changed, when entire industries are being disrupted is quite vain and is an understatement.
Obviously I meant nothing has changed w.r.t. to the fact that the reserve currency will still be controlled by the powers-that-be. I didn’t say nothing has changed in the world due to distributed ledger technology. Apparently you have no clue that I am also working on a decentralized ledger and a totally new consensus algorithm and trying to also change the world. So why would I assert that nothing is changing in the wider scope. My comments were obviously about a specific issue.
Mistakes like these two instances of conflation indicate to me your IQ is below 120 and thus you’re wasting my time.
Sure, Banking Cartels invest in everything that comes into existence. But they can't seem to understand the weight of all of their investments
Dude you’re conflating the disposable, compartmentalized entities such as major banks with the actual powers-that-be behind the curtain. The banks are just dumb institutions. They are not the powers-that-be which are the actual banksters behind the curtain.
the fabs were loaned to under the guise of Cloud Computing which turned out to be Blockchain automation
You’re not inside the minds of the powers-that-be. You have no idea what their long-range plans are. You’re just pulling more shit out of your ass again like the above misstatements and your erroneous accusation that I was lying.
How is allowing for off-chain atomic swaps and consolidating micro-payments into blocks spread across decentralized nodes a bad thing?
Do some research and you will find out. I will write white papers on this after my project is launched.
You don’t seem to understand that there are landmines lurking in the holistic game theory of these hashed timelock contracts. The username @TPTB_need_war was me.
Simpletons like yourself also believe Core’s side-chains are secure, but I explained that they’re not. They’re also not secure in Cosmos.
but the fact that you get permabanhammered because you troll so fucking hard.
So you claim our debate means I am trolling and deserved to be banned but you’re not trolling me by erroneously claiming I am lying and then continuing your nonsense attacks on me?
Lol. Just goes to show why bitcointalk.org is a clusterfuck because idiots shills like yourself can complain to a moderator and cause an expert to be banned for refuting your nonsense drooling.
An exchange involving Fiat systems that are controlled by The P-T-B is debt based sure, I can agree. But Crypto is not zero sum, therefore is not IOU based. Coinbase is not involved in the delegation of Nodes.(outside of the node.js within the CoinbaseConnect API function)Coinbase is a centralized exchange in which users do not hold their private keys, until withdrawn. I recommend you take a look into the Process and the Channels in which the lightning network operations, you will see that the Public Keys of users are finite and transparent and there are legitimate BTC holdings for the Nodes. Sorry I called you a liar, no need to go to extremes to prove a point by insulting my intelligence like you claim others where doing to you on bitcointalk.org (obvious hypocrisy from some "120-IQ Ego super genius".) I stand incorrect on many grounds but I've learned a lot from this interaction. As for your project, I wish you the best of luck. hopefully you can create something far superior to satoshi's short-sighted vision and Hederas Far sighted Hashgraph project.
Hopefully it is not winner-take-all. And my comments were not about what other innovations can do, but specifically about the impacts on Bitcoin and problems with proof-of-work. Proof-of-work just like proof-of-stake are both winner-take-all systems.
And the ability to fork and vote for new forks is like democracy a winner-take-all power vacuum.
We must instead invert the paradigm and turn it on its head. That is what my technology attempts to do.
But that is not looking at the system holistically. In order to have liquidity, you need to join a Mt. Box because moving funds through the network in LN requires scale of coordination.
LN has never been a design that could actually work decentralized. Even the routing algorithms don’t scale decentralized.
To understand all this stuff you need to go very deep on the research. The simpleton soundbites that we see passed around do not actually represent the reality about these technologies.
I will write deeper analysis of all this later. And hire some very smart guys to help me. Right now I am too much time pressured trying to get my alternative coded and launched.
I believe I looked at this in the past and found it to be fundamentally flawed, but I cannot remember off-hand what the specific issue I had with it. I think it might have about the fact that trust can’t be scaled up because of the Dunbar limit to our cognitive load. I will have to renew all my analysis of the various technologies being developed at a future time.
Im not sure if you have ever mined before, because PPS(pay per share) is a direct deterrent to Winner Take all in Proof of Work. Please look up protocols of the SHA-256 platform within the BTC network. There is a sharing cooperative effort within the infrastructure. Also, Hashgraph isn't limited to the Dunbar Limit due to its Merkel Tree infrastructure. Lightning Network is designed to be a community effort to run nodes based on regular ASIC systems, anyone can deposit BTC to create a share into the Lightning Network. P.S stop diminishing the public by using the word. "Simpleton" it makes you seem naive.