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Lightning Network - The Good and The Bad, Explained by a Bitcoin Maximalish Programmer

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We have always been trying to understand the Lightning Network and the solution it provides. At the Bloconomic 2018 Conference in Malaysia,, we met with Ryan Milbourne who is not a Bitcoin Maximalist but a Maximalish, and the founder of Norsta who explained us simply about the lightning network and scalability solutions it offers for bitcoin and other cryptocurrencies. He explains why the Lightning Network is so exciting and the limitations it has at the moment. How you enjoy, do leave a comment in the discriotion of you want more info on the Lightning Network. DISCLAIMER The information discussed on the Altcoin Buzz YouTube, Altcoin Buzz Ladies YouTube, Altcoin Buzz Podcast or other social media channels including but not limited to Twitter, Telegram chats, Instagram, facebook, website etc is not financial advice. This information is for educational, informational and entertainment purposes only. Any information and advice or investment strategies are thoughts and opinions only, relevant to accepted levels of risk tolerance of the writer, reviewer or narrator and their risk tolerance maybe different than yours. We are not responsible for your losses. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence and consult the financial advisor before acting on any information provided. Copyright Altcoin Buzz Pte Ltd. All rights reserved.
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Text Comments (46)
James Dean (29 days ago)
why the noisy background for this?
Conor (1 month ago)
Why the hell is there a distracting green screen in the background with people talking and shit. I came here to learn about lightning network and you seem to have fantastic and useful information. I'm having a hard time paying attention to what you're saying.
Shashwat Gupta (10 days ago)
It's not a green screen. This was shot at an event in Malaysia.
Vena Marissa (1 month ago)
If blockstream fail to make lightning network as promised, can they be sued?
Susanne Godbee (1 month ago)
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ANP AccountIng (1 month ago)
Hes either tiered or high lol
BackToConstitution (1 month ago)
If the Lightning Network doesn't track transactions, this invites the regulators in and so each node will have to follow KYC and AML laws, even though we all know who the drug dealers (CIA) are and the money launderers (HSBC). Why don't we all just insist that this drug business be closed down so there is no longer $5 trillion annually to be laundered and then we can do OUR business while those in the CIA rot in prison?
A3 Skywarrior (1 month ago)
Let Litecoin be the high scaling currency for the masses and let Bitcoin be the ultimate in security for large nation states to transfer payments.
Michael Piotrowski (1 month ago)
Great video! Check out Actinium ACM Lightning Network project! https://actinium.org
When Moon (1 month ago)
Why does any of this instant transaction bull crap mean anything When coin base takes a 20$ fee when i put in 400$ and a 10$ fee when i wanna take it off coin base and another 20$ fee saying I didn't lose any money trading to convert back to fiat???
BlueMoonBrightStar (1 month ago)
How do they track the amount of total quantifiable bitcoin on the lightning network? Seem to me to have a missing link here???
BlueMoonBrightStar (1 month ago)
What's a raspberry pie? Lol
Man Aap (1 month ago)
When bitcoin on lightning going live.?? One year talk but no action.
Jim Big (1 month ago)
It went live back in like April. I've been using it ever since. Where have you been?
fsadfasdfsd fadfsdfsfa (1 month ago)
Get urself mike idiot, and dont shoot at public spaces , asshol
jojo padlan (1 month ago)
Hi, can some links be provided on how to learn, how to get involve in Lightning Network ? Thanks in advance..
jojo padlan (1 month ago)
Thanks Michael.. Appreciate it so much.. Cheers..
Michael Piotrowski (1 month ago)
jojo padlan https://steemit.com/cryptocurrency/@caphook/introducing-lightning-network-s-newest-arrival-actinium-acm and discord link https://discord.gg/Cr9Rs2C
Michael Piotrowski (1 month ago)
jojo padlan https://actinium.org Check out Discord. Really interesting project being developed and looking to add developers. Cheaper to play around with than risking any bitcoin or litecoin
Brian Pfeiffer (1 month ago)
Good information thanks
CryptoChris (1 month ago)
Ummm....did anyonre bother to watch the very END few seconds of the video....Hmmmm...Something tells me that when a Bitcoin Maximalist says something like that, it should be considered a "clue"...Just sayin'...LTC is where it will be at...
Matt Bird (1 month ago)
CryptoChris especially when he's says " I've said to much"😜
James Lardakis (1 month ago)
fatBoy (1 month ago)
a decent video on here for once. btw when jeff live stream ?
B Prop (1 month ago)
DGB IS THE COIN NOT LITECOIN !!! AN OFF CHAIN FIX WITH THE LIGHTNING NETWORK IS NOT THE ANSWER BUT ASKING FOR MORE TROUBLE. ((((DGB)))) is the answer please read my 5 page article it will change your life!!! ENJOY AND PARTICIPATE!! T.J. DIGIBYTE (DGB) This will be the bulldozer of Cryptos that will never be listed as a (SECURITY) because it never had an ICO. Has a speed of 560 transactions per second. Used in over 86 countries as of 2017 and all DGB can be transferred to a debit card. DGB’s true value is 1/1000 of a BTC, all you have to do is divide 1,000 into whatever the price of Bitcoin is and it sure is amazing how undervalued this coin is. DGB has the longest and proven, most secure blockchain of all the cryptos combined at over 5 million blocks with 15 second block times, DGB has 5 algorithms that make it the fastest proven coin over all and prevents centralization and protects against a 51% attack. Audits itself every 15 seconds so it is completely in sync. Meaning a complete auditing of all knowledge on the Digibyte blockchain. Digibyte can do 10 times the number of transactions per second than all of the top 50 coins combined on CoinMarketCap and that’s just today, it will be much faster in the future, Digibyte was built to handle massive amounts of transactions. DigiByte has introduced special code that doubles block size every two years to scale to the amount of transactions the network will handle. Has partnerships with Point of sale companies worldwide, is set, tested and ready for worldwide adoption. Digibyte was forked from Bitcoin with a total number of coins at 21 Billion Coins mined by 2035. This week alone UTRUST integration, XRP-DGB pairing, listed on Yahoo, Abra and more, listed on Exodus, Atomic, Jaxx, Ledger, Trezor, Blockfolio, Guarda, Satowallet, Coinomi, also paired on Bittrex with Tether and now accepted for Amazon card purchases and (OVERSTOCK.COM). By the way when you send DGB anywhere on earth its done in about a second NO JOKE and the cost is about 1 thousandths of a penny no matter how much you send, (THIS IS WHAT BITCOIN SHOULD HAVE BEEN) and it is totally private and 100% DECENTRALIZED. totally ASIC resistant and equally distributed throughout the network. DGB is 5 times more decentralized than most any Coin or Token on coin market cap. DGB has over 230,000 nodes and growing, DGB pioneered Digishield which is used to protect more than 25 alt coins from malicious attack. Digibyte is now used for arbitrage and transfers on exchanges and remittances with lightning fast processing. Abra founder interviewed Jared Tate, the founder of Digibyte on Aug. 9 2018 (video Interview) https://www.youtube.com/watch?v=bz5AEhhotDQ Apple just approved Digibytes IOS wallet which is a true SPV wallet (Simplified Payment Verification) Aug. 9 2018 If you took all the Bitcoin mining power and threw it at Digibyte, you would only get 20% of the blocks. Digishield and Multishield will allow for real time difficulty adjustment every 15 seconds, which is more than 65 times faster than Bitcoin. So the hardware arms race is mitigated. It’s Incredible!!! Digibyte is everything to everyone on the blockchain, its not just the fastest spendable money on the earth its the fastest way to move and record data about anything, person, place or thing and it’s immutable. You cannot cheat or lie on the blockchain. Finance (https://finance.yahoo.com/quote/DGB-USD?p=DGB-USD). Notice that Digibyte is “paired” with 10 different currencies. I personally think that this is a huge positive and will attract the attention of mainstream investors. DGB will become self-sufficient, self-sustaining, and absolutely independent of the rise and fall of Bitcoin. This is why it is imperative that DGB be paired directly with the USD as soon as possible. Digibyte was the first digital asset to activate (SEGWIT) which will allow for atomic swaps. And, we did so without a contentious hard fork with full support of our community members. DGB has an incredible following on most all of the social media platforms, they have mining software that is easy to use and it works fantastic. They are also talking about STAKING for everyone. But, they will not go that way if it effects the security of the blockchain in any way. This Coin and blockchain has been tried, proven and true for 5 years and is now helping to feed the poor in Venezuela at this time. Please listen to Jared Tate and what a generous founder he is. There were 25 coins on coin market cap that have had major problems in the past and were repaired and kept alive because of the DGB software protocol. developers have proactively enhanced the original code by solving some of the most important problems that plague Bitcoin and other digital assets. DGB will be the bulldozer of the crypto world!!!!!! TJ, your friend in the Crypto World!!! Digibyte is the fastest digital asset on the market! If you don't believe that, then put Digibyte to the test and try it for yourself. After 5 years of consistent, committed development, rapid community growth, and new use cases, the DigiByte Blockchain has become the world's longest, fastest and most secure UTXO blockchain in existence. What is DigiByte? DigiByte is a public, rapidly growing and highly decentralized blockchain. DigiBytes are digital assets that cannot be destroyed, counterfeited or hacked, making them ideal for protecting objects of value like currency, information, property or important digital data. DigiBytes can be sent over the DigiByte Blockchain and forever recorded on an immutable public ledger that is decentralized on thousands of computers across the earth. Decentralization is one thing that Digibyte is not willing to compromise on. Because without a single central point of control, no group, people, or miners are in charge, making all Digibyte holders in control of the network and untethered by government intervention. We believe in an internet that is by the people and for the people. Digibyte puts power back into the hands of a free people where it belongs. Advanced Difficulty Stability Difficulty adjustments protect a blockchain from several forms of malicious attacks. DigiByte created DigiShield & MultiShield implementing the most advanced difficulty stability of any blockchain in the world today. 5 Mining Algorithms DigiByte uses five secure and advanced cryptographic mining algorithms to prevent mining centralization compared to single algorithm blockchains. What makes DigiByte Faster? 15 Second Blocks DigiByte has the fastest block speed of any public UTXO blockchain in the world today with 15 second block timings. Early SegWit Implementation Segregated witness allows for several innovations to occur on top of the DigiByte blockchain such as cross chain transactions and single confirmation transactions. Blockchain Rigidity DigiByte transactions, unlike other transactions on other blockchains, are limited in size and scope to increase speed, efficiency, and throughput. Most importantly this maintains security. What makes DigiByte Forward Thinking? Cybersecurity DigiByte Blockchain technology can be leveraged and applied to applications, fixing 90% of the most common vulnerabilities affecting the internet today. IOT Devices The future of DigiByte includes the focus of applying DigiByte security to IOT devices and services that require robust communications. Artificial Inteligence By combining advancements in DigiByte Blockchain technology with artificial intelligence, we are exploring new innovations in automation and data analysis. The History of DigiByte DigiByte has been focused on cyber security from the start. Officially launched in 2014 on January 10th, the genesis block included a hash headline of: "USA Today: 10/Jan/2014, Target: Data stolen from up to 110M customers" The problem with the Lightning Network is that it is an off-chain (meaning outside the blockchain) "solution". This is no solution at all, for if off-chain solutions are okay, we might as well stick with Visa/Mastercard because they're already digital and lightning fast. Some basic knowledge I will share with you about Digibyte ROI This date of July 22nd 2018 1 week 33% 1 month 97% 3 months 33% 1 year 139% 3 years from its inception 60,503%
Ant C (1 month ago)
There was no need to change what the white paper was set out to do Lightning Network may not need BTC in the future 10 yrs btc may be dead but that's just reality have sum bch handy
Vincent Breslin (1 month ago)
Off chain layers already exist, it's called BANKS
Dave Dawson (1 month ago)
Nostra = basically BTC binary option? A futures equivalent?
dee nixon (1 month ago)
What is PHX? Its not on coinmarket cap but it is on Binance.. more shit
Craig Candor (1 month ago)
DigiByte anticipated the scalability issues that would plague Bitcoin adoption, so DGB designed it's blockchain to handle Visa/Mastercard levels of volume, all while keeping transactions on the blockchain. The problem with the Lightning Network is that it is an off-chain (meaning outside the blockchain) "solution". This is no solution at all, for if off-chain solutions are okay, we might as well stick with Visa/Mastercard because they're already digital and lightning quick. Also, LN risks centralization because it'll have centralized hubs. If you believe in the true spirit of crypto, you should reconsider the merits of Lightning Network. BTC is awesome, but I think it's going to act more as a very lucrative store of value (gold). When it comes to day-to-day cheap transactions, DigiByte will dominate.
Eplemos4Life (1 month ago)
Craig Candor dgb shillers are reborn ripple fanboys after coinbase executed them. I guess their dream still lives of a coinbase listing.
InvestorHawk (1 month ago)
"if off-chain solutions are okay, we might as well stick with Visa/Mastercard" Oh boy, there's so much wrong with this sentence
Vincent Breslin (1 month ago)
Craig Candor that's what happened you you pay for an operating system, it costs You, Now the software is open source for anyone in the space to use at the costs of EOS Investers, you're welcome
Craig Candor (1 month ago)
DGB, similar to Satoshi's wallet, had a very minuscule 0.05% pre-mine that was given in Jan 2014 as an incentive to developers. That's nothing compared to the 100% pre-mined coin you're referring to. Pre-mines are dangerous because it makes the initial developers rich. They print a bunch of coins and then hold several in their wallets until the coin pumps. The only DGB that Jared Tate (DGB creator) has, he has gained through mining, not through a premine. BIG DIFFERENCE.
Vincent Breslin (1 month ago)
Craig Candor just a little 105 million coin premine of a pow chain, LOL
Hashoshi (1 month ago)
This channel is fantastic! I would love to get feedback on my crypto channel and see what I can improve!
Lightning network should be called moon network that would make it better
MichihiroHonda (1 month ago)
Bittruth-bitcoin, cryptocurrency, mining, and news dumb comment.
Jim Big (1 month ago)
It's not going to have any affect on the bitcoin market until people can receive lightning by just downloading an app and not having to have bitcoin or a lightning channel first.
Shashwat Gupta (1 month ago)
I believe the Lightning Network is more important for Bitcoin than ETFs. I met with Ryan, founder of Nostra, at Bloconomic Conference in Malaysia who explained to me more about the Lightning Network. It was very interesting so decided to share with you all. 0:11 - WHAT IS THE LIGHTNING NETWORK? 1:03 - LIGHTNING NETWORK VS MINING 1:43 - HOW DOES IT ACTUALLY WORK? 2:45 - CURRENT DEVELOPMENTS 3:45 - HOW DOES ONE GET INVOLVED WITH THE LIGHTNING NETWORK? 4:00 - PRIVACY FEATURES 4:33 - LIMITATIONS 5:30 - WHAT STAGE IS THE LIGHTNING NETWORK AT AS OF NOW? 6:28 - WHY ARE YOU A BITCOIN MAXIMAL-ISH? 7:34 - 20 PITCH ON NOSTRA

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