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...