Have any of you used the Lightning network? Do you think it could help Bitcoin scale? Let me know! Don't forget that you can follow me on my socials for the content that I don't put on TH-cam 👉 guy.coinbureau.com/socials/
Centralization doesn't really have any effect on the lightning network. The big hubs would have no advantage over smaller hubs, since they can't see the transaction info routing through. Also people can choose nodes to connect to, and thus it is much more likely that many medium sized hubs will be created because people will connect to multiple different hubs in case one is down for some reason.
Hello Guy, thanks for covering the Lightning network.. do you also happen to have a Vid on best way to setting up a Lightning network ? If not do you plan on doing it ?
Honestly I think the lightning network is cumbersome and confusing. I don't know how these eggheads didn't come up with anything better. I had an idea back in 2014 that would easily solve the trilemma in a way better fashion, but then again I don't have anyone with weight in the Crypto circle on my contacts list that would pitch my idea to devs, and I don't want to be that crazy dude screaming at the clouds, and maximalists probably wouldn't like it so it's probably dead from the start. Lightning wouldn't even have to die though, it can be made compatible with this idea, leading to not just scaling, but hyperscaling. They're smart fellas, maybe they'll get it eventually.
Well played mate it’s hard for a 29 year old to get my head around some of it so props to you, my older family members don’t care or care to even listen. You gotta evolve at any age 👏🤝
Yeah, i didn't quite understand it til now. Now i understand why deCRED has it too. since deCRED is the final version of btc, i guess it was natural to have it.
I'm sure that everyone in our instant gratification society is going to take the time to pre-fund their accounts, breaking the first rule of crypto which is to not store your coins in a hot wallet. Forget it! Third generation blockchains offer high speed transactions at low costs, without the hassle. This tech is DOA.
Great explanation Guy! I'm 71 and have been in crypto for about 2 years. Legacy financial services was my entire career. I know the problems of legacy systems BUT they are easy for consumers to use. Crypto systems need to be consumer friendly! Lightening appears to have a big "consumer friendly" hurdle to reach global adoption. I'm invested in and committed to crypto and know the world's population will eventually benefit from it.
Centralization doesn't really have any effect on the lightning network. The big hubs would have no advantage over smaller hubs, since they can't see the transaction info routing through. Also people can choose nodes to connect to, and thus it is much more likely that many medium sized hubs will be created because people will connect to multiple different hubs in case one is down for some reason.
Is there any topic Guy that you uncover that does not have me asking myself "how come I never looked into this before"? Unbelievably good content yet again!
Jason the BTC Maxi. The "Lightning" Network is the slowest attempt to build a solution to a problem already solved by many other blockchains. To polish a turd.
That's for the video. I have been wanting a good video to explain the Lighting Network. I've heard about it years ago, but never fully understand Alice and Bob example (until now).
Guy, as a student of crypto, I wanted you to know I really really really appreciate you. The content, delivery and entertainment factor sprinkled in as always A+. Bravo to you, Sir. God bless.
Wow, this video is so accurate! I have just done the biggest REAL WORLD TEST of Lightning Network wallets on my own channel and it was absolutely mind blowing!!!!
Lightning Network is a gamechanger Guy and if it can get even more adoption, it can create further waves in many nations, especially those with truly decimated centralised national Fiat currencies. Excellent content 🙂
The more people who run lightning nodes the stronger the network becomes, the more competitive we can be with fees, and you enable transactions on your own channel if other channels start censoring transactions. If you arent making money off a node at first its because the network is not super active. The more people using BTC the more the lightning node providers will be able to make. This incentivizes growing the network further. Even if the block size was increased to 1gig the lightning network still has many benefits.
Thanks Guy, this is the best description of the Lightning Network that I've heard so far. I now have a much better understanding of how it all works so thank you, much appreciated!
The only thing that Bitcoin is bad at, is that the value is always fluctuating. But the video did mention that it can connect to other blockchains. I think that some type of stablecoin with privacy are the future, as long as the transaction cost are very low. But one day, Bitcoin will reach it's saturating point and the value will only changed by small margins. And maybe by then, stores will have fix bitcoin prices, instead of adjusting base on the dollar. Or we just use some type of privacy stablecoin with the option of using Bitcoin. However, we have to get rid or reduce the capital gain taxes or no one is going to want to use Bitcoin to buy or sell. It be a nightmare for any average person to do their taxes. And the tax preparer would charge even more to figure it out for you.
I agree. For true use, it will need to be anonymous. Im hoping that sort of anonymity is built into the lightning network eventually and then it would be more like you giving an overall bank account interest statement to the IRS at the end of the year instead of having to share each transaction.
I don't understand : 21:30 the lightning network offers the same level of privacy than Monero, on the other hand : 20:19 there are watchtower-nodes that track users operations ... perhaps I'm mixing things, but to me this level of privacy means nothing if companies continue to exploit our data (fantastic video as usual btw !!)
@@xCyal the point here is : regardless of the level of privacy of the LN (better or worse than Monero ? I don't care) it is offset by those nodes that, by design, might disclose confidential data.
@@Alex-df1jx True. But this is exactly the point I'm making: LN is not realy private. You can still be tracked. It is not as straigt forward as on layer 1 but possible.
Great Video again. Thanks for getting these all information(*complex but important), as well to cover it in a short video. It helps to stay in the loop. Appreciate and Like it. Plz keep it up.
Wow, great analysis thanks! Now is the time to take a closer look at Lightning. Today there are two good news at once. NEAR grew up and i made a good profit and now I know where to invest it)
The lightning network is meant to be isolated from the blockchain for security. Every update to Bitcoin was pre determined decades ago by the intelligenc e agencies that made it. The goal is to get the world on one monetary system. Satoshi is just a pass through to make it look like some guy just came up with it.
Instead of pumping centralized altcoin like cardano, Ethereum or solana, go and pump the lightning network for true decentralization. It is helping to spread BTC around the world.
Doesn’t concern anyone that the guy who developed Lightning Network is helping the government with CBDCs? Bitcoin is not Proof-of-Stake and I feel the Lightning Network makes it that. I get scalability, but bitcoin becomes more centralized by the day. In the end, I get it you keep your keys safe, it doesn’t matter but lightning network concerns me for some reason.
Lightning (core) is actually an ON-CHAIN L1 solution. It's basically smart wallets forming channel networks on the Bitcoin network. LNURL on the other hand is a L2 solution requiring a webserver.
Sorted! Absolutely brilliant commentary here Guy. This is bananas - I am reminded of every other technology that wasn't supposed to scale. And by that I mean every single one ;)
Fantastic video as always, Guy! This is some thing I have been looking at more closely in recent days so I am really glad to see you make a video on it.
Thanks for the clear explanation. But if if the Lighting network were to be adopted by a significant portion of the population wouldn't it simply run away from from the blockchain, which would never be able to catch up? People transacting in BTC want BTC, not an IOU. It wouldn't be able to cope if too many people suddenly want to close their payment channels and take the BTC surely? The equivalent on a bank run for fiat.
BTC for $75K by end of this year& Control of The Currency is already Decentralised And now the China disruption would simply Decentralise the Mining setup for the better
DBA officially on pre sale for $0.64. This is the last batch guys. Last month price was $0.32 today its $0.64. Meaning who bought in last last are at 100% in profits already. Public listing is on next month $1,buy now
Have any of you used the Lightning network? Do you think it could help Bitcoin scale? Let me know! Don't forget that you can follow me on my socials for the content that I don't put on TH-cam 👉 guy.coinbureau.com/socials/
Centralization doesn't really have any effect on the lightning network. The big hubs would have no advantage over smaller hubs, since they can't see the transaction info routing through. Also people can choose nodes to connect to, and thus it is much more likely that many medium sized hubs will be created because people will connect to multiple different hubs in case one is down for some reason.
⚡⚡⚡Get your own lightning node for ~200 eur with raspiblitz or umbrel. Be part of the future! ⚡⚡⚡
Hello Guy, thanks for covering the Lightning network.. do you also happen to have a Vid on best way to setting up a Lightning network ? If not do you plan on doing it ?
Honestly I think the lightning network is cumbersome and confusing. I don't know how these eggheads didn't come up with anything better. I had an idea back in 2014 that would easily solve the trilemma in a way better fashion, but then again I don't have anyone with weight in the Crypto circle on my contacts list that would pitch my idea to devs, and I don't want to be that crazy dude screaming at the clouds, and maximalists probably wouldn't like it so it's probably dead from the start. Lightning wouldn't even have to die though, it can be made compatible with this idea, leading to not just scaling, but hyperscaling. They're smart fellas, maybe they'll get it eventually.
Wow, thanks for the precise explanation of the Lightning Network!!
Excellent analysis, Guy. I'm a 74 year old simpleton and understood about 80% of your presentation. Cheers, Bob
It's great to see people of all ages being interested in crypto. Cheers!
✌️
Well played mate it’s hard for a 29 year old to get my head around some of it so props to you, my older family members don’t care or care to even listen. You gotta evolve at any age 👏🤝
74 and in crypto? Thats badass sir
All power to you Bob!
I think this is the best most comprehensive video on Lightning that is currently available so far. Extremely well done.
Yeah, i didn't quite understand it til now. Now i understand why deCRED has it too.
since deCRED is the final version of btc, i guess it was natural to have it.
I'm sure that everyone in our instant gratification society is going to take the time to pre-fund their accounts, breaking the first rule of crypto which is to not store your coins in a hot wallet. Forget it! Third generation blockchains offer high speed transactions at low costs, without the hassle. This tech is DOA.
DM 👆👆👆 for more profitable Investment
Great explanation Guy! I'm 71 and have been in crypto for about 2 years. Legacy financial services was my entire career. I know the problems of legacy systems BUT they are easy for consumers to use. Crypto systems need to be consumer friendly! Lightening appears to have a big "consumer friendly" hurdle to reach global adoption. I'm invested in and committed to crypto and know the world's population will eventually benefit from it.
I find it ingenious that this network gets faster the more people that use it, instead of getting slower like almost every other system. Crazy
Centralization doesn't really have any effect on the lightning network. The big hubs would have no advantage over smaller hubs, since they can't see the transaction info routing through. Also people can choose nodes to connect to, and thus it is much more likely that many medium sized hubs will be created because people will connect to multiple different hubs in case one is down for some reason.
That is until the medium sized hubs and small hubs get bought out by the big ones
Is there any topic Guy that you uncover that does not have me asking myself "how come I never looked into this before"?
Unbelievably good content yet again!
Amazing, looking forward to freeing mankind from the control of Fiat and the masters ❤️🌎🙏🧘
And Strong Node is here to lose the control of fiat on people, it is just making the mining more easier and secure
.....while banks and institutional money is assimilating crypto as we speak...
"fully operational"
Last words of the death Star commander.
Actually I believe his last words were “You may fire when ready”
My man with the clutch video, was thinking of this the other day. Thank you!
Nice. Timing was good as well as I needed to find out about Lightning.
Epic analysis on the LN! Thank you, Guy!
Thanks Jason! My pleasure. Glad you found it helpful 🙏
Hi Jason!! 2 of my 3 favorite Crypto youtubers in the same place! Where is @BenjaminCowen?? Keep up the great work guys!
Can you do an episode on why BCH is failing. So confused.
Jason the BTC Maxi.
The "Lightning" Network is the slowest attempt to build a solution to a problem already solved by many other blockchains.
To polish a turd.
Lightning Network and lightning labs are same ?
Stakenet XSN is the future, a lightning network project
That's for the video. I have been wanting a good video to explain the Lighting Network. I've heard about it years ago, but never fully understand Alice and Bob example (until now).
I say, Coin Bureau is ALWAYS the best source for all things Cryptocurrency! Always!
Guy, as a student of crypto, I wanted you to know I really really really appreciate you. The content, delivery and entertainment factor sprinkled in as always A+. Bravo to you, Sir. God bless.
Your studying crypto finance in uni?
congratulations on becoming the biggest crypto channel! thank you for your work sir
Was looking at lighting network information and there you have a fully detailed but simple explanation. Great content 👍
Guy is one of the 10-Best now....so, learning here is a must on anything Crypto.
Wow, this video is so accurate! I have just done the biggest REAL WORLD TEST of Lightning Network wallets on my own channel and it was absolutely mind blowing!!!!
Lightning Network is a gamechanger Guy and if it can get even more adoption, it can create further waves in many nations, especially those with truly decimated centralised national Fiat currencies. Excellent content 🙂
Amen
By January of 2022 Bitcoin will be at 150.000$ and Ethereum at 25.000$, in my opinion there is no doubt about it!
Good and to the point, as always! You also changed my skeptic opinion on Lightning .. Bring it on and let's regain some privacy! Thank you!
Thanks for the hard work and for making things easier. There's a lot to study everyday.
Guy, the consistency of the quality of your work is truly inspirational.
The way of explaination is so goooooooood
As is usual for me, by the time I end this video, I have 2 more of his videos queued up! Great content!
I just love this process! In my imagination this all worked, but now you showed how it actually works. Thanks Guy !
I love how in depth you go on the important details of the project and utility instead of superfluous stuff. Great video, I learned a lot
Seems like Monero/Lighting vs cash for the IRS, is respectively like a known unknown and an unknown unknown.
Thanks Guy! Great Master class about lightning. Congratulations, you are an excellent communicator!
When something is so good that you struggle to find the correct adjective to describe it. Guy, thank you for your work!
The more people who run lightning nodes the stronger the network becomes, the more competitive we can be with fees, and you enable transactions on your own channel if other channels start censoring transactions. If you arent making money off a node at first its because the network is not super active. The more people using BTC the more the lightning node providers will be able to make. This incentivizes growing the network further. Even if the block size was increased to 1gig the lightning network still has many benefits.
By far the best explanation I've seen on the topic! Thank you so much! I was really confused about how exactly this worked until watching this.
Thank you for always breaking it down in an easy to understand and fun format. Cheers!
Thanks Guy, this is the best description of the Lightning Network that I've heard so far. I now have a much better understanding of how it all works so thank you, much appreciated!
Compliments of the season DM 👆👆 for more profitable Investment
Legitimately the top crypto content in the world.
You’re the best but such a buzz killer.as soon as I hear your voice I feel my portfolio drop Lolol keep up the good work ! Thank you!!!!
Love how you explain blockchain technology; it's such an important topic.
I have to really watch this carefully to try to understand it, but appreciate you trying to instruct us Guy.
I don't think there will ever be an ATH for the quality of your videos. Thank you very much for the best quality videos.
The only thing that Bitcoin is bad at, is that the value is always fluctuating. But the video did mention that it can connect to other blockchains. I think that some type of stablecoin with privacy are the future, as long as the transaction cost are very low. But one day, Bitcoin will reach it's saturating point and the value will only changed by small margins.
And maybe by then, stores will have fix bitcoin prices, instead of adjusting base on the dollar. Or we just use some type of privacy stablecoin with the option of using Bitcoin. However, we have to get rid or reduce the capital gain taxes or no one is going to want to use Bitcoin to buy or sell. It be a nightmare for any average person to do their taxes. And the tax preparer would charge even more to figure it out for you.
I agree. For true use, it will need to be anonymous. Im hoping that sort of anonymity is built into the lightning network eventually and then it would be more like you giving an overall bank account interest statement to the IRS at the end of the year instead of having to share each transaction.
Thanks for the great video. This helped me understand the lightning network much easier than trying to decipher various articles.
Just ordered myself some nice crypto gear.
Thanks guy for making me much the wiser!!!
AN update on where we are in 2023 would be insightful. thanks again
Altcoins are made for buying and selling.
Whatever you do, keep at least 1 BTC!
I say 1 to 2 BTC plus 2 ETH 3 to 5k of Cardano or Algorand plus 500 Solano and you’re in very good shape.
This was just the video I needed. Thanks so much for making me understand this.
I don't understand : 21:30 the lightning network offers the same level of privacy than Monero, on the other hand : 20:19 there are watchtower-nodes that track users operations ... perhaps I'm mixing things, but to me this level of privacy means nothing if companies continue to exploit our data (fantastic video as usual btw !!)
Just use siege weapons to take down the watch towers and then move ur units in for attack
LN doesn't even come close to the privacy Monero offers and if you think otherwise you don't understand Monero.
@@xCyal the point here is : regardless of the level of privacy of the LN (better or worse than Monero ? I don't care) it is offset by those nodes that, by design, might disclose confidential data.
@@Alex-df1jx True. But this is exactly the point I'm making: LN is not realy private. You can still be tracked. It is not as straigt forward as on layer 1 but possible.
Thanks Guy, I've only recently discovered LBTC in 2022.
One of the best descriptions of the lightening network that I’ve seen
I learned more from this than I'd learned anywhere else. Thanks!
Great Video again. Thanks for getting these all information(*complex but important), as well to cover it in a short video. It helps to stay in the loop. Appreciate and Like it. Plz keep it up.
Wow, great analysis thanks! Now is the time to take a closer look at Lightning. Today there are two good news at once. NEAR grew up and i made a good profit and now I know where to invest it)
Thank you Guy!
I would like to ask if Bitcoin Lightning Network is LBTC, as I have some difficulty in verifying this info.
The lightning network is meant to be isolated from the blockchain for security. Every update to Bitcoin was pre determined decades ago by the intelligenc e agencies that made it. The goal is to get the world on one monetary system. Satoshi is just a pass through to make it look like some guy just came up with it.
Instead of pumping centralized altcoin like cardano, Ethereum or solana, go and pump the lightning network for true decentralization. It is helping to spread BTC around the world.
Doesn’t concern anyone that the guy who developed Lightning Network is helping the government with CBDCs?
Bitcoin is not Proof-of-Stake and I feel the Lightning Network makes it that. I get scalability, but bitcoin becomes more centralized by the day.
In the end, I get it you keep your keys safe, it doesn’t matter but lightning network concerns me for some reason.
This is the best explanation, by example, of the Lightening Network! Thank you.
Lightning (core) is actually an ON-CHAIN L1 solution. It's basically smart wallets forming channel networks on the Bitcoin network.
LNURL on the other hand is a L2 solution requiring a webserver.
Thank you for this really great explanation! This video is pure gold!
I Enjoy Your Channel GREATLY!
Cheers from Across the Pond.
Number One crypto channel , I repeat # 1
Really god vid bro....very well explained, educational and....loved it!
great video man!!
You sir, are the Shakespear of Crypto
Sorted! Absolutely brilliant commentary here Guy. This is bananas - I am reminded of every other technology that wasn't supposed to scale. And by that I mean every single one ;)
17:09
Reminds me of being a kid and the tv shutting off cus we had no more coins to put in the box, no thanks.
Thank you for a clear and informative analyze, I see now the reason for BTC going to 80 - 200K in 6-12 month!
7 months later 40k btc lets hope you're still right, another 5 months to go
Simply marvelous! Can't wait to try it! Thank you for your rich content as always!
OK, i finally understood something in that Lighting fame.
Guy is a reference.
Ur content is very easy to understand. If there is bureau coin I will buy for sure. Make it fundamentally strong
Fantastic video as always, Guy! This is some thing I have been looking at more closely in recent days so I am really glad to see you make a video on it.
Thanks for the clear explanation. But if if the Lighting network were to be adopted by a significant portion of the population wouldn't it simply run away from from the blockchain, which would never be able to catch up? People transacting in BTC want BTC, not an IOU. It wouldn't be able to cope if too many people suddenly want to close their payment channels and take the BTC surely? The equivalent on a bank run for fiat.
He said you need to put in the Bitcoin first. Meaning their is always enough liquid in the network to get it out. Like a casino, you pay up front.
I smashed the like button, you surely deserve it.
Thank you
Clear, concise with a touch of cool. Nice work Guy!
2700 transactions per block divided by 600 seconds (10 mins) is 4.5 tps, not 7.
YOU ARE SIMPLY THE BEST. KINDLY DO A VIDEO COMPARING DEXES ON CARDANO.
BTC for $75K by end of this year& Control
of The Currency is already Decentralised And now the China disruption would simply
Decentralise the Mining setup for the better
High quality video, explanation and clarity. Tnx Guy.
Thank you, lightning deserves more attention
Fantastic!
Hey, Great work my friend!
Thanks a lot for all the info and making it so easy to understand, very grateful.
DBA officially on pre sale for $0.64. This is the last batch guys. Last month price was $0.32 today its $0.64. Meaning who bought in last last are at 100% in profits already. Public listing is on next month $1,buy now
My first understanding a crypto network works. Thanks
Satoshi, The legend!!! BULLISH!!!
But here is the Craig Sellar, the next legend advising Strong Node, the future gem
I'm pretty sure this guy can make another 100 videos weekly about Bitcoin, info about it seems like an infinity.
6 degrees of separation...used in a way to help the world run more smoothly...amazing!
Guy is the best at simple accurate explanation
privacy segment was really interesting
We are all SATOSHI!!!
It’s much better to live to track it on Commonwealth, while enjoying the discussion and debating sections!
can you compare the lighting network with the XRPL to better understand the difference? BTW great video
Thats why XRP is much more superior as a payment method or money transfer
yeah wait until Bradley Garlinghouse dumps his massive shares of coins on you.
Bitcoin all the way xrp is an attraction
This is one of the best crypto videos I have ever seen! No wonder only big players have been stacking huge amounts of BTC
Huge fan! Would love to see a video on why gas costs on etherium for defi are hundreds of usd?
Audio to the moon 🚀 🚀 🚀
I learn so much from you, THANK YOU!!!
I always love how your shirt is always crypto related. Great video as always!
Thank you for another great video. Your explanations are always simple to understand. Great work.
Guy's the Charles Boyle of crypto. Excellent video, thanks!