Wow, this was very informative. It clearly explains why altcoins are not needed for scalable day to day payments that are instant and extremely cheap, because it's already available on Bitcoin's lightning network.
One of the most beneficial episodes/talks in entire Bitcoinsphere in the last halfyear. Unlike many others, who just repeat primers for(against) Bitcoin, it’s potential etc., this one does educate some of more advanced concepts. Great! Thank You! Andreas- great as always. Rene - love to listen, but usually, he is too technical for me... here together with Andreas- bomb combo. ... Peter : thank You for putting that together :-)
I think revisiting the fundamentals of bitcoin is always a good thing for newer listeners in the audience💯💯💯Great show as always, Pete👍👍And congrats on the new listers! I think you have the best bitcoin show on the planet. You have the best guests and your skills as an interviewer are hands down the best. I always look forward to your shows, brother. Cheers🍻
To pay my rent in Peru I had to 1. Withdraw 5x 100 USD at the ATM costing me $3 (local) + $5 (my bank) + Exchange Fee each time or 2. Go to the same bank, once a month, withdraw $500 USD, wait for 1-2h so they call my bank, bring my passport so they can identify me each time and pay $5. I wish Lightning existed at that time
Best video i've seen so far on the lightning network, very clear and simple to understand, on the behind the scenes technicals and the upfront user experience.
Fantastic show and the in interview funding k o .. Peter you do have a great interview voice and approach to get the simple questions asked too .. very cool thanks 👏👏✌️🍻
Brilliant drop of the xckd "someone is wrong on the internet" comic. 2 years later we got a new math solution for routing that'll be implement on the money network of the future.
The moment when Peter tried to get the both experts back to reality. Andreas, Rene, great stuff. Awesome that you solved the challenges. Get this in an easy to use eco system (such as TWINT) and the mass adoption will come in no time. Go Go go
Can some one please answer me this. If I buy bitcoin on the exchange and it costs 30 bucks to move to my wallet. How and where can I use the lightening network ?? Or do you have to buy BTC on lightening network first and then move ?
Optimizing for probability of success, flooding the network. We also need optimizing for probability of privacy. Each wallet should calculate the likelihood that a node in the path is being monitored. If we trust our friend, and we open a channel with them, we can mark their node as a privacy node. Conversely, if we open a channel with the big box store, we can label it as fairly public. The big corporation is likely required to monitor (or show to the government) their transactions. A global blacklist, global whitelist, and a local whitelist. Probability of privacy.
Andreas has a nice look, amazing podcast great content ⚡ I'm running mynode on a raspberry pi, it's cool to have your own BTC and LND node. Still need more deep dive into LND, the RTL UX makes LND much more user friendly!
I still can't get the LN to work for me: When I try to send from Nicehash to the BlueWallet, it fails, NiceHash to Strike fails. Strike to BlueWallet fails. I am missing something here but I can't figure it out what. Any ideas?
I hadn't even realized large payments were a substantial problem for lightning. I had just assumed it was a matter of more people opening channels, which would grow naturally with adoption, and we would eventually have a ton of channels with large capacities. I guess it was a bit more than that, though I still don't understand the exact problem, or why it can't just be handled automatically by just trying over and over with different paths. Perhaps that's what this is, basically, just a more efficient way of doing that with probabilistic analysis. Anyway, great to see progress happening. I wonder if this problem was a major obstacle for exchanges adoption of lightning.
Great chat. Thanks. Peter, good mic NT1 but you don't speak into the end of it. There is a dot on the side. it should face you... at right angles rather than into the end. sound will be sharper
@@mannysingh4715 why? From techical point it sounds understandable and Logic in my opinion even if i dont understand the technical parts like multisig itself
When my buddy Charlie Munger listens to the explanation of how the Lightning Network works, I think he will be a little confused. Maybe Lighting is only for people under the age of 95.
Great episode. Two people I truly admire in this space talking about a technology that is nothing short of revolutionary.
i’m a software developer and I must say, the lightning network is a very revolutionary and amazing project. kudos to all the folks working on it.
Wow, this was very informative. It clearly explains why altcoins are not needed for scalable day to day payments that are instant and extremely cheap, because it's already available on Bitcoin's lightning network.
Peter, thank you for putting this week together. Can you add into this education about how Strike works as an application using the lightning network.
Two top class guests and genuine good people, thanks once again Peter.
Sincerely appreciate the authors’ philanthropy! You guys are the best!!
I heard, read and saw many negative comments about the LN in the past. I am glad to see Andreas and René talking so positively about it.
One of the most beneficial episodes/talks in entire Bitcoinsphere in the last halfyear. Unlike many others, who just repeat primers for(against) Bitcoin, it’s potential etc., this one does educate some of more advanced concepts. Great! Thank You!
Andreas- great as always.
Rene - love to listen, but usually, he is too technical for me... here together with Andreas- bomb combo.
... Peter : thank You for putting that together :-)
zero point 420 :D Such legends. Great stuff, love the commitment to open source and the passion for this tech. Thanks for another great podcast.
Please bring them back!
This was absolutely brilliant. Really helped me understand lightning better.
Brilliant men all on the same channel! This is a gift.
Love these two. No babbling around, just facts & logic, efficiently presented.
Cool beard, Andreas!
Impressive Role play by all of you and it was very informative!!Great job guys, thanks for all your contribution to the community!!
I see Andreas... i press like. And you should too :)
If lightning is off chain and run by a third party doesn’t that go against the argument how decentralized btc is?
This was fantastic. Loved the role playing style of explaining the Lightning basics.
Thank you guys, such an amazing show. I've enjoyed and learned a lot on this episode.
great episode! the world needs to know about lightning, great work peter 👍
Well René, you just earned my Patreon! 100x more than I've given to anyone else! ;)
What a great episode, so excited for what lightning will bring to the Bitcoin network
this is what happens when inspired and talented people meet. Thank you so much!
I think revisiting the fundamentals of bitcoin is always a good thing for newer listeners in the audience💯💯💯Great show as always, Pete👍👍And congrats on the new listers! I think you have the best bitcoin show on the planet. You have the best guests and your skills as an interviewer are hands down the best. I always look forward to your shows, brother. Cheers🍻
To pay my rent in Peru I had to
1. Withdraw 5x 100 USD at the ATM costing me $3 (local) + $5 (my bank) + Exchange Fee each time or
2. Go to the same bank, once a month, withdraw $500 USD, wait for 1-2h so they call my bank, bring my passport so they can identify me each time and pay $5.
I wish Lightning existed at that time
Best video i've seen so far on the lightning network, very clear and simple to understand, on the behind the scenes technicals and the upfront user experience.
Cccccx
You lucky Bastard Pete... Andreas would defo be on my dinner table of 6 ... Superb Episode
Well done any day where I learn something new about bitcoin is a good day.
LN rules 🤘. Another great interview by Peter. Thanks.
I wasn't expecting lightning to get used by people so quickly...
Haha
it took a lot longer than i expected. especially exchanges should have adopted it a long time.
Great episode! I hadn't realized how important taproot was for privacy.
Fantastic show and the in interview funding k o ..
Peter you do have a great interview voice and approach to get the simple questions asked too .. very cool thanks 👏👏✌️🍻
Way over my head, and still enjoyed it.
Finally, you brought the king on!
Love the Peter Schiff photo in the background!
So exciting to hear the story of El Salvador and BTC/LN ease of transactions. Looking Medieval Andreas. nice!
Love the new look, Andreas. You look fabulous!
I loved the role played explaining
Great one as ever Peter.
Great episode, I learnt a lot, cheers
the enactment of the payment sounds like a monty python sketch, love it
Enlightening, thank you for this discussion.
Pun intended????
Very informative and helpful video, thank you.
Brilliant drop of the xckd "someone is wrong on the internet" comic. 2 years later we got a new math solution for routing that'll be implement on the money network of the future.
Bravo gentlemen!
Great friggen channel man!
Thanks Peter!
Very, very good show. The more stuff for ordinary mass the better. Loved the RolePlay thing. Keep it up, we know you will 👍
Touche Pickhardt, Antonoploulos and Mc Cormack.🌍🌎🌏
57:50 Respect Rene for refusing for greater good. Respect!
Great show and will be well worth getting these funds to Rene!
Thanks, in crypto since 2017, not understanding everything yet, or forgetting so this was helpful😊
Andreas looks like he's trying to hide his identity with the facial hair and glasses
Couldn't recognize him at first.
Laser eyes impaired his eyesight. Now he lets grow his beard till 100k.
lol
Interested in this one! Will listen as soon as I can!
Andreas looking good with the mustache
The moment when Peter tried to get the both experts back to reality. Andreas, Rene, great stuff. Awesome that you solved the challenges. Get this in an easy to use eco system (such as TWINT) and the mass adoption will come in no time. Go Go go
The role play👍
Thank you!
Can some one please answer me this. If I buy bitcoin on the exchange and it costs 30 bucks to move to my wallet. How and where can I use the lightening network ?? Or do you have to buy BTC on lightening network first and then move ?
It took me some time to recognize Andreas🤣🤣
can you prove transaction happened to 3rd party if you want to (for audit or to contest)?
Optimizing for probability of success, flooding the network.
We also need optimizing for probability of privacy.
Each wallet should calculate the likelihood that a node in the path is being monitored.
If we trust our friend, and we open a channel with them, we can mark their node as a privacy node. Conversely, if we open a channel with the big box store, we can label it as fairly public. The big corporation is likely required to monitor (or show to the government) their transactions.
A global blacklist, global whitelist, and a local whitelist.
Probability of privacy.
bonus...THANX ......well done Pete
Andreas is the best 👌
Andreas has a nice look, amazing podcast great content ⚡
I'm running mynode on a raspberry pi, it's cool to have your own BTC and LND node. Still need more deep dive into LND, the RTL UX makes LND much more user friendly!
Best episode!
Is that a picture of Peter shciff one the bookshelf?
I still can't get the LN to work for me: When I try to send from Nicehash to the BlueWallet, it fails, NiceHash to Strike fails. Strike to BlueWallet fails. I am missing something here but I can't figure it out what. Any ideas?
Thank you.
I will be looking much harder at bitcoin now i have attended this lesson and downloaded the principles into my tiny brain.
I hadn't even realized large payments were a substantial problem for lightning. I had just assumed it was a matter of more people opening channels, which would grow naturally with adoption, and we would eventually have a ton of channels with large capacities. I guess it was a bit more than that, though I still don't understand the exact problem, or why it can't just be handled automatically by just trying over and over with different paths. Perhaps that's what this is, basically, just a more efficient way of doing that with probabilistic analysis. Anyway, great to see progress happening. I wonder if this problem was a major obstacle for exchanges adoption of lightning.
Thanks Peter. Is there a sponsorship link for René ..>?
What exactly lightning network app/tool you used?
waiting for the book... Mastering Bitcoin helped me learn Bitcoin... Mastering Lightning Network should do the same for me.
You like it? Didn’t go Into it yet.
Great look Andreas!! The Che Guevara of the blockchain revolution!!!
Great chat. Thanks. Peter, good mic NT1 but you don't speak into the end of it. There is a dot on the side. it should face you... at right angles rather than into the end. sound will be sharper
Thanks 🚀
WOAAAAAH!!!!!!!!! Go lightning!
I hope LN will get easier.... Based on the way they're explaining the hypothetical transactions it sounds complex. *" Role play" scenario..
Lightning network is like Proof of staking?
Guys, would it be a good idea to have a fullnode running on testnet ?
(I have an old raspi3 an HD doing nothing)
26:00 It would be so much more understandable if all of this was explained with the wallet's open showing the UI and flow.
It is easier to fool someone than to convince them they have been fooled.
- Mark Twain.
when does the thunderstorm start? theyve been saying it was going to lightning for a long time now.
I understood the concept until everyone started role playing, then I lost it
lol
role play made me realize..oh it's actually not that good of solution. which is what dryja who invented it is saying
@@mannysingh4715 why? From techical point it sounds understandable and Logic in my opinion even if i dont understand the technical parts like multisig itself
I love the Laurel and Hardy back and forth
Made as a realtime experience, rather than a lecture
Actually, more like Abbot & Costello: Who's on First?
Any Lightning wallet to recommend?
I like phoenix wallet.
Most advanced one currently seems to be "Muun Wallet". I personally use "Blue Wallet"
so if you don't run your own node you don't have full control of your own bitcoin?
You can run a light client and retain full control of your coins.
wooo nice flavor saver, the womb broom , snatch scratcher I AM Frist
New to this show, so don't know if he's mentioned it... But is that Peter Schiff framed on the shelf there? 😁
Yes
Epic!
When my buddy Charlie Munger listens to the explanation of how the Lightning Network works, I think he will be a little confused. Maybe Lighting is only for people under the age of 95.
OG's
Amazing
Open Source
You said in your show that you would put details of how to donate to René Pickhardt in the show notes... Don't see them anywhere bro
@René Pickhardt , your Name will be written with golden ink in the book of history of bitcoin .
Got mobile app?
Guests I won't insult ;)
Andreas new look :)
Yessssss!!
this Lighting thing is what I was waiting for... I have no idea if it is going ok.
Do we have this Lighting Network in Mexico??
I'm new here and I don't know anyone's names in the video, you should have written your and the guests names at the beginning.