Andreas Antonopoulos Rebuttal of Lightning Network Banking Conspiracy
I’ve already addressed some inaccuracies in the video below, but Andreas Antonopoulos addresses even more points about how routing packets are onion routed through lightning nodes. First you should watch the video below to understand the accusations that are being made…
source
The irony of the above video is that it makes the claim that your KYC info is passed along a network that follows onion routing protocols similar to TOR which has a reputation for being the safest way for users to browse the dark web anonymously. User @olsm makes the following statement to the above video:
(Screen Shot from Ivan Liljeqvist’s Steemit blog)
Here’s the video by Andreas Antnonpoulos about how Lightning Network actually works…
(credit - Andreas Antonopoulos)
I have yet to receive a response from anyone pointing out the KYC code. @olsm claims to have some programming experience. While I have been a full time programmer for over 2 decades now running my own IT company, I have yet to see any such code in the bitcoin core that I’ve been studying for the past year. If this claim was accurate, I would have thought that some cypherpunks would have pointed it out by now explaining in exact proofs to achieve online fame. I'm still waiting...
I’m also enrolled in Ivan OnTech’s Blockchain Academy. I haven’t gotten to the section on Lightning Network yet so I don’t know what I’ll find, but Ivan hasn’t addressed the above complaint either.
I would like very much to get to the bottom of this issue one way or another. At the moment, I do have a bias against the claims in the top video because I know that some of what is said there is inaccurate which I explained in the link at the top paragraph. If anyone can explain how KYC info is passed along please give a technical explanation with the relevant code which is open source below…
As I write this, bitcoin has surpassed 11K and rising...
BTW, if you use Coinbase, you should be aware that if you made a purchase from them recently, it might have been replayed. I was among one of the victims that got double charged and the issue is being sorted out with my bank. You might find a charge to your credit card used at Coinbase if you use this service.
The reason I use a credit card is because 7 days is too long to wait for ACH which brings tax consequences when you send your crypto off the exchange. I don't keep mine on an exchange and use a hardware wallet. Exchanges are notorious for losing funds because of the lack of regulation and the fact that they are centralized and on the frontier of the interface of this technology. It carries high risks...
Donations (public bitcoin address):
3FwxQsa7gmQ7c1GXJyvDTqmT6CM3mMEgcv
Lighting has to much FUD around it because people don't understand it and it's not easy to understand.
This is the latest video from Jimmy Song talking about Lightning:
man, that coinbase screwup really hit a lot of people.
how high do you think BTC will go this time around before a correction hits us? I personally hope it won't fly too high before a correction like last time.
thanks for the article :)
Who is going to open several channels and leave bitcoin in each channel permanently and continually keep watch to ensure fraud is not happening? If I have the only propose of creating more routes, would it be possible to run Lightning Network nodes without any bitcoin on them?
I'm looking into it because it's based upon the same theory as mining, except it's "mining off chain". You don't have to watch for cheaters. The game theoretical algorithms in place prevent the same kind of things that it prevents miners from doing, such as erasing a transaction to double spend.
The incentive is that you can make a small amount of bitcoin in fees. The danger is if you have too much in a channel, it can become a target for hackers. So keep your amounts small. This will also help to decentralize mining because now users with a very small amount of bitcoin can commit to LN and earn. Earning bitcoin is no longer just for the big mining players any more.
Lightning will bring the advantage the assets need which is faster and cheaper processing which will also increase adoption. Adoption will decentralize the money supply for those using it. If something shows that is otherwise, the community will step back and not adopt.
Let's break that 11k btc down - next test will be 11.3k - 11.9k. break that, and we'll fly
I dont really get it
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