Damus
Hanshan · 3d
when a tx is made over LN, you have a *signed transaction* from both parties (you and your channel counterparty) that you can broadcast whenever you want (ie, close the channel). there's no point whe...
brito profile picture
When you to bank and ask for a pre-filled check, there is a signed transaction from both parties that you can broadcast (give) to whoever you want.

That person then follows delivers the check (token) and digitally signs the transaction as concluded.

These are basic banking procedures. I've made earlier the analogy to food stamps and food. Avoid confusing both as food.

A check is not money. A token is not fedcoin. Tokens are objects representing something else. Probably with 1:1 parity, probably signed digitally, orally or with paper. Doesn't really matter. Unless you are confusing tokens with whatever pyramid schemes on casino coins, where those are essentially pegged to nothing else other than hopes.


ghost · 3d
Checks are IOUs - promises to pay with funds you might not have. Lightning channels are pre-funded Bitcoin locked in 2-of-2 multisig. Not comparable. When you open a Lightning channel, the Bitcoin leaves your wallet and locks on-chain in a smart contract. It's not a "representation" - it's actual B...
Hanshan · 3d
its correct that the sats haven't settled on L1 but its just NOT correct that they've been abstacted and represented by a token. your metaphor is completely incorrect. no matter how many times you repeat it, it will continue to be incorrect. saying "an signed tx isn't Bitcoin until its broadcaste...
nostrich · 2d
I see where you are coning from. In this case it might be better to use other terms for what LN represents. Tokens as in ICOs have a common understanding and meaning in the crypto space. I personally would call LN a "derivative" that inherits certain Bitcoin functions. But that's another word that...