Andreas can always explain complexity in concise and clear manner.
@Allender1g
4 жыл бұрын
You are a very smart man wish I understood coding but until then I’ll just buy bitcoin
@Topsnap_Podcast
4 жыл бұрын
The TopSnapPodcast is All About Bitcoin.. Meaning.. we are noobs and we are in BALLZ DEEP to Learn. THIS MAN A. Antonopoulos is a HIGH LEVEL TEACHER of BITCOIN. CLASS IN SESSION!
@medouneineneine991
4 жыл бұрын
Thanks for what you doing for the btc space
@Miguel.RodriguesDosSantos
4 жыл бұрын
Been waiting for this! Thanks Andreas
@2horizonsSG
4 жыл бұрын
Impressive. I knew basics about the underlying development but this is really eye opening - and hard to understand for someone without coding skills
@olamideolanrewaju4005
3 жыл бұрын
I largely understood it. And I don't have coding skills.
@spaghettibit
3 жыл бұрын
@@olamideolanrewaju4005 I’m guessing what you tried to say is “that was eye opening for you as well!” 😛😌🙃 you’re so humble.
@peterezeoke9031
6 ай бұрын
He's already great. Tech is taking up finance. Thanks for the flight ✈️ 🙌
@PeterAdiSaputro
Жыл бұрын
I think I understand the basic concept, but I need to rewatch this video to fully understand its details.
@sayandcode
8 ай бұрын
Loved it! Finally understood lightning basics
@Kathypeer
2 жыл бұрын
The best video ever created on this topic. Satoshi watch out, you have a contender.
@holonmundi5320
4 жыл бұрын
Thanks, it's the clearest picture of LN I've had so far. Would it be possible to find enough transaction data to negate privacy by spamming the network with users under your control that all report?
@hermannschmidt9788
4 жыл бұрын
And once again, a fundamental question left unaddressed: what happens if a channel's balance gets exhausted while watching a streaming video? This situation gets amplified if the payment is routed through other channels, which all can exhaust independently. If this use case is the poster child of payment channels, this needs to be explained. It's basic user experience. Who wants to stand up and reconfigure/renew/whatever payment channels while watching a movie?
@justonemorevideo27
3 жыл бұрын
I received your Book today and I am excited to read it
@jamespeterson7979
3 жыл бұрын
I am a step closer to understand this now.
@elixir9013
4 жыл бұрын
Andreas' accent is starting to change! He's getting more yankee :)
@Dotexe245
3 жыл бұрын
This is very dense and very interesting but probably like most, I'm definitely a bit lost lol. So if I'm understanding this correctly, the timelock security feature keeps people from being able to settle prematurely/with a previous commitment transaction (IOU) and prevents MITM? Also what keeps people from being able to steal/sniff for secret R's that aren't theirs? If I was a bad actor, I would just find a way to steal R's and just collect fees for transactions that I'm not a part of. I'm assuming this is EXTREMELY difficult if not impossible with the timelock.
@Lee-gb5t
3 жыл бұрын
The lightning network is a network of routed payments which I understand, but I don't understand the incentive to pay a routing fee when I can just open up a channel directly with the recipient and avoid those routing fees. I feel like I'm missing an important concept here.
@reimugota8181
3 жыл бұрын
Opening a channel requires you to broadcast a 2-of-2 multisig address to the blockchain, which, in theory, costs significantly more money than just making some transactions thru the lightning network. If you plan on doing a large amount of transactions with someone, then yes, it is probably ideal to pay the blockchain fee and open a channel directly with them. Otherwise, if you are doing say, a one time transaction with a complete stranger, then it's probably better to go thru the lightning network instead.
@immutablecantrip
4 жыл бұрын
What if I want to just have an open channel and not have to worry about on-network fees related to closing it? Do I have to select someone that hosts a lightning node that promises to keep it open? Is the person that closes the channel the one that has to pay the on-chain fees for both parties? Who sets what fees the settlement transaction are sent with? I would be annoyed if I opened a channel with someone, only for them to close it, and incur network fees twice, in return for nothing.
@FreedomIsNotGoingToBeFree
4 жыл бұрын
I think the only option in this case to use a custudian walllet (like BlueWallet). In that case you don't have to worry about the fees (besides the initial transfer). You could worry though about your coins...
@RoulDukeGonzo
4 жыл бұрын
30:32 you explain the construct but not what it does... Is this asymmetry matched by the incentives of each party? I don't get it.
@cryptdom3350
4 жыл бұрын
Bravo! Articulately pleasant presentation as usual.
@MikeYeah
4 жыл бұрын
Your eyebrows are on point sir!
@w-hisky
2 жыл бұрын
Wow, ok, this sounds complex. What are the privacy implications of that system? Is it save and preserves privacy of the participants? Do the nodes/routers know stuff? I can not oversee this ...
@JinKee
4 жыл бұрын
Payment channels - pay as you go. I always liked paying for my drinks as I ordered them. Bar tabs made me get into trouble. Buying in bulk was worse. Payment channels will reduce waste and create a more enjoyable UX.
@JeremyHelm
Жыл бұрын
19:12 coupling the lightning account with data transmission, also encrypted with the same account keys?
@volvo09
4 жыл бұрын
Set your reminders!
@Topsnap_Podcast
4 жыл бұрын
Buckle in and grab note pad.. popcorn and Headphones.. this is going to be great!
@mulllhausen
4 жыл бұрын
excellent video andreas. i've been waiting for this a long time!
@RealGFastlaner
5 ай бұрын
Kind curious how routes works, how they charge the fee?
@optionbelfort4857
2 жыл бұрын
im trying to understand how the actual mechanism works, when the penalty is applied and a good actor acquires all the bad actors funds.
@OviedoJuanca
Жыл бұрын
Amazing work!
@entropyfu
4 жыл бұрын
This is awesome! Thanks for the free education.
@YuriPetrovich
3 жыл бұрын
Brilliant! Thanks
@fallingxshadow
3 жыл бұрын
So, could the Lightning Network handle the amount of data being processed daily such as KZitem? It seems as though it would be more of a utility/streaming service such as Netflix instead of a free platform like YT.
@noctavel
4 жыл бұрын
Very good ! Thanks !!
@nathanpaulclark6583
4 жыл бұрын
Thanks for your work aantonop! I have a question, how significant is Stakenet development of their Lightning Network cross chain DEX for the broader Lightning ecosystem?
@barscanvural9385
3 жыл бұрын
Can someone explain: Until the transaction is settled on the btc network, the money is not ransferred right? Don't we still need to wait for the block to be mined, therefore it would still be very slow?
@user-or7ji5hv8y
3 жыл бұрын
Given how high the interest rates are in crypto, why would people want to tie their bitcoins in Lightning layer 2 and earn no interest income? Isn’t the opportunity cost expensive?
@davecorley5514
10 ай бұрын
The Lightning protocol is designed a “payment” protocol only, not as a protocol that generates yield. There will be other higher layer apps built for that. But there are no useful ones now. There are some unuseful ones: Grayscale Bitcoin Trust (GBTC) comes to mind. But GBTC does not allow self-custody for its purchasers. And it’s Net Asset Value is heavily discounted below par. Basically, those with GBTC are screwed in three ways - 1) 2% annual asset management fees, 2) NAV well below 0% yield, and 3) If GBTC fails, you’ll be lucky ly to get ten cents on your invested dollar because the Bitcoin you thought was yours was really either “paper” or somebody else’s. Think of the amount of bitcoin you add to your lightning multisig wallet as the paper cash/physical coins you’d put in your physical wallet before you went shopping at a mall. It’s your source of ready cash, even though you don’t know yet what you’ll spend it on. Backing away from this paper cash example to put the example in bitcoin context: let’s say you want to buy something worth $500 using bitcoin today. At today’s fee rates, you’ll likely pay a $10 transaction fee. It’s a lot, but the 2% fee is better than the shadow cost of 2-1/2 to 3-1/2 percent using a credit card. So, I’d make that purchase and accept that fee. Now buy a cup of $5 coffee using bitcoin today. The transaction fee will be (again) about $10. Yikes! That’s 2x more than the cup of coffee costs. The idea behind Lightning is that you fill your multisig Lightning wallet with spending “cash” at a $10 fee such that the fee cost is spread across the full amount that you filled the wallet up with. Say you filled the wallet with $250 in bitcoin. The fee for that now is $10. Then you purchase fifty cups of coffee over the course of the month. The fee cost per cup of coffee, instead of $10 per cup is 4 cents per cup. Lightning is not designed to yield. But the bitcoin remains a store of value as long as the bitcoin on the lightning wallet remains unspent. As the price goes up, the value of your sats on that wallet goes up. But it’s not “yield” in the sense you describe - as a “dependable” source of income. There’s no “yield” using Lightning wallet because you’re not buying a yielding instrument. To do that today, take the dollars you would put into bitcoin and, instead, purchase a 30 year US Treasury irate buy shares of GBTC. But realize that once you purchase a those, your purchase includes interest rate risk and credit default (counter-party) risk. And, of course, that implies its own opportunity risk while you wait for the term to expire. As bitcoin matures, bitcoin app developers will respond as the market indicates to build yield-bearing products. But, as technology itself matures and expands exponentially, product and service prices will trend towards deflationary. So, any store of value wealth that you have will effectively provide a “yield” that allows you a better purchasing power as time progresses. Our collective consciousness “demands” yield products today because of central bank inflationary policies. “Cash is trash” in our financial and fiscal consciousness. Prices go up, our wages/other income don’t go up enough to compensate, so we purchase yield-bearing or cap-gains bearing products that hopefully compensate. That works for maybe 5% of the world’s population in an inflationary world. The other 95% live hand to mouth, financially enslaved by inflationary policies of central banks. Their hope of digging out of that kind of life is non-zero, but tiny. As AI and robotics become a natural part of the world economy, prices of everything will rapidly trend to the marginal cost of production… and that trend will always be downward - deflationary. How will central banks cope with a deflationary world economy? They can’t. Existing tools don’t allow them to cope. The market (you, me and our kids and grandkids) will cope by moving inexorably towards an individual monetary policy that is aligned with price deflation. That policy is Bitcoin. Those who self-custody bitcoin will receive the initial benefit. The ultimate benefit will be to the 95%.
@sethmiller4818
2 жыл бұрын
Can you also explain about Layer 3 DEX? Recently, I heard Stakenet XMS combines Lightning Network and Connext to allow faster transactions. I'd appreciate it if you could make a video about it.
@oluwatoyiniranloye7524
4 жыл бұрын
Hi there. How may I reach you for a possible collaboration? Thank you.
@MegaPeterlustig123
2 жыл бұрын
Amazing!
4 жыл бұрын
How route discovery will work and routing information/tables are going to be distributed? These two questions are still remain open after years of publishing the whitepaper. It is pretty disappointing tbh.
@adelebuznowa4342
4 жыл бұрын
BSV is Bitcoin.
3 жыл бұрын
@dorts bakaria indeed scaling was never the plan with Bitcoin, although it's position and value (as a solution for the monetary system) are yet to be challenged. For daily usage something else must be created, for that Bitcoin is going to be downright useless.
@ecavero1
3 жыл бұрын
Source routing.
@AlecWantoch
4 жыл бұрын
Incredible overview!
@omoruyinirvana5708
3 жыл бұрын
how can i send you some sats Andreas to thank you for teaching and continuing to teach me what Bitcoin and Lightning is
@sneggron
3 жыл бұрын
Im sure he has more than enough. If you have some to spare consider a charity mabye?
@stebansb
3 жыл бұрын
.... or we could increase the blocksize and have fast and reliable peer to peer electronic cash payments!
@user-or7ji5hv8y
3 жыл бұрын
Kind of like fiat backed by gold with Lightning moving fiat around till settled for gold on the blockchain. But here you have to trust the codebase and the algorithms.
@javierbitcoin677
4 жыл бұрын
Great information.
@JordanStambaugh1
2 жыл бұрын
Does anyone know a way to issue invoices to clients via lightning network?
@bandlover4life472
Жыл бұрын
How does lightning network protect against attack from a government to regulate intermediaries as money transmitters?
@SAL-fs1mr
4 ай бұрын
you can just open lightning channels with other nodes outside of the government that tries to implement such controls.
@sterlingwu7222
3 жыл бұрын
So what happens when a payment channel is closed prior to thr propagation of the secret R for a routed payment?
@ecavero1
3 жыл бұрын
Alice would need to construct another path to pay Erick.
@davidc9355
4 жыл бұрын
I'm finding that even among people who hold Bitcoin. By Hold I mean from numerous whole Bitcoin to just portions of a single Bitcoin. Most, the majority do not have a clue about lightning
@FreedomIsNotGoingToBeFree
4 жыл бұрын
I agree. Great video with understandable (I think) depth. Using it won't be this difficult as soon the wallets "get there". You won't have to understand it (when/if wallets get there). Most people don't understand cash or banks or credit card POS terminals yet they can still use it.
@vincenzopalazzo173
4 жыл бұрын
Thanks for this work!
@lynch8888
3 жыл бұрын
That timelock solution seems pretty crap.
@Tesseramous
3 жыл бұрын
I dont think this will work at scale of the whole world using it for microtransactions. Just the funding transactions will probably be too much, and then if some big providers or networks shut down and masses of people claim their refunds on chain, it would be disastrous. It could clog the chain so long that it causes a snowball where all lightning networks fail and there are so many transactions that the chain is clogged forever with an amount of people who were never supposed to be on chain.
@DivineAtheistWannabe
3 жыл бұрын
20:13 when you've seen the money shot already, so you turn off the stream
@kevalan1042
3 жыл бұрын
More frequently it's Fabian paying for Emma's video stream
@akagamishanks6504
4 жыл бұрын
why u stole my vegeta
@kolawole7727
4 жыл бұрын
Who
@ChiefEngineeringOfficer
4 жыл бұрын
Logistically it sounds pretty complex why not just use a faster currency?
@picadosinferno
3 жыл бұрын
because Bitcoin is the final settlement layer for true monetary freedom.
@karstenholland1255
4 жыл бұрын
the two multi sig users have the same private key?
@plasticman2011
4 жыл бұрын
They have different private keys.
@victormerino1316
3 жыл бұрын
As far as I know, their private keys generate a common private key. But they do not know the common key, they just obtain this one in the process of signing both with their particular keys. Correct me if I am wrong.
@beergrin4311
4 жыл бұрын
How about Grin?
@entropyfu
4 жыл бұрын
fresh garbage
@norbertlegion9402
4 жыл бұрын
I am so happy Monero does exist. So you guys can do whatever bullshit you want - without affecting me. Just like Gnu/Linux + unix philosophy - Monero gives me so much power back and I can sleep really good. No bloatware - love it. Now I crawl back into my nerd hackerspace.
@SAL-fs1mr
4 жыл бұрын
Auditing the entire bitcoin supply is a process of simple addition. Monero makes a trade-off in this area to offer privacy, but the lack of simple auditability supply of xmr supply would definitely keep me awake at night, always wondering if my holdings are being diluted out by an undetectable inflation bug.
@@norbertlegion9402 that part makes sense, but how do we know there is no bug in the implementation of this? Fluffy pony wrote about a way a monero inflation bug could have been exploited at one point in time.
@norbertlegion9402
4 жыл бұрын
@@SAL-fs1mr Fluffy pony verifed the blockchain and could rule out abuse of the bug. But he had to know the exploit to do this. It's a legitimate fear though. But It is always a race for security and that is true for Bitcoin and Monero.
@SAL-fs1mr
4 жыл бұрын
@@norbertlegion9402 security is always a race, true. The key difference though is that if an inflation bug occurred on bitcoin, it can be noticed instantly and fixed quickly. On monero, it could go undetected for a long time (since transaction amounts are obfuscated), resulting in questions on how to fix a bug that may have been continuously exploited for over a year, for example.
@benjohnson1938
4 жыл бұрын
It makes more sense to just use nano
@plasticman2011
4 жыл бұрын
Nah, people don't want to (and shouldn't have to) be exposed to further altcoin volatility.
@entropyfu
4 жыл бұрын
lightning makes nano irrelevant
@rene78
4 жыл бұрын
Nano isn't decentralized as far as I know.
@freddieleaf2620
4 жыл бұрын
LN sucks. Worldwide crypto use is pitiful. LN killed BTC.
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