2018 Clusterfuck Forecast

[juan]

On Sun, 7 Jan 2018 19:27:55 -0800
Steven Schear <schear.steve at gmail.com> wrote:

> Yes, it's a rather open secret that LN channel abuse,

	abuse, exactly how? 

	I'm not seeing any open secret. LN works like I described it. 

	
> esp. using Hub
> architecture,  can do FR just link banks.
> 

	No it can't.


> https://www.reddit.com/r/Bitcoin/comments/56ehi1/fractional_reserve_on_lightning_network/

	from your own link 
	
	Q: "could this lead to a form of fractional reserve bitcoin?"


	A: "It's not possible with Lightning. For each satoshi on the
	Lightning network, at least one satoshi on the Bitcoin network
	is tied up and unspendable. "


> By never closing channels it difficult to detect what's going on.

	It doesn't matter if you close the channel or not. What matters
	is that in order to open it you need actual bitcoins.



> 
> 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?
> > > >
> > > >
> > > >
> >
> >