2018 Clusterfuck Forecast

Steven Schear schear.steve at gmail.com
Sun Jan 7 19:34:02 PST 2018


Also, it's been shown, by the Tether USD caper, that most cryptocoin users
could care less if there is no proven backing for the fiat they use at
exchanges.

On Jan 7, 2018 7:27 PM, "Steven Schear" <schear.steve at gmail.com> wrote:

> Yes, it's a rather open secret that LN channel abuse, esp. using Hub
> architecture,  can do FR just link banks.
>
> https://www.reddit.com/r/Bitcoin/comments/56ehi1/fractional_reserve_on_
> lightning_network/
>
> By never closing channels it difficult to detect what's going on.
>
> On Jan 7, 2018 6:41 PM, "juan" <juan.g71 at gmail.com> wrote:
>
>> On Sun, 7 Jan 2018 18:32:19 -0800
>> Steven Schear <schear.steve at gmail.com> wrote:
>>
>> > The way payment channels can be reasonably used enables fractional
>> > reserve abuses.
>>
>>
>>         Are you sure? As far as I know,  one of the main selling points
>>         of the LN is that it uses...bitcoins. So it's impossible to
>>         open a channel/make a payment except by starting with an on
>>         chain transaction. In other words, LN transactions are backed
>>         1:1 with real bitcoins.
>>
>>
>>
>> >
>> > On Jan 7, 2018 6:24 PM, "juan" <juan.g71 at gmail.com> wrote:
>> >
>> > > On Sun, 7 Jan 2018 17:38:02 -0800
>> > > Steven Schear <schear.steve at gmail.com> wrote:
>> > >
>> > > > Off-chain, once solid tech that isn't a
>> > > > backdoor for CBs and WS (as LN appears to be), should easily
>> > > > compete with VISA.
>> > >
>> > >
>> > >         how is lightning network a backdoor for central banks?
>> > >
>> > >
>> > >
>>
>>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: not available
Type: text/html
Size: 2709 bytes
Desc: not available
URL: <http://lists.cpunks.org/pipermail/cypherpunks/attachments/20180107/11f34931/attachment.txt>


More information about the cypherpunks mailing list