Bitcoins/Litecoins/Virtual Currencies
- Thread starter Tripamang
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Guest, it's time once again for the massively important and exciting FoH Asshat Tournament!
Go here and give us your nominations!Who's been the biggest Asshat in the last year? Give us your worst ones!
Flobee
Vyemm Raider
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Mallers just disrupted the Credit Card networks with Lightning. Partnership w/ retailer point of sales systems. I'll attach video once its uploaded, watching it live. Below is a handful of merchants that will accept payments from whatever platform you want on consumer end, any fiat on any consumer app that supports lightning (Cashapp, Strike, etc). Can pay with any fiat or BTC, merchant can accept payment in any currency they wish. Merchant does not need to accept BTC.
1 out of 6 Point of sales systems in US will support this immediately. This is bigger than just "lol pay with crypto". Lightning transactions fees are fractions of a penny, there is no middle man between the consumer and the merchant, no 3% transaction fee. You could conceivable mine BTC in your basement, send it to the lightning node in your house, and pay for your Big Mac with that mined BTC... and at no point does any government or censorship capable entity have visibility into that. Potential to bring back private payments.
Living Bitcoin only is now possible (perhaps not advisable, but doable)
1 out of 6 Point of sales systems in US will support this immediately. This is bigger than just "lol pay with crypto". Lightning transactions fees are fractions of a penny, there is no middle man between the consumer and the merchant, no 3% transaction fee. You could conceivable mine BTC in your basement, send it to the lightning node in your house, and pay for your Big Mac with that mined BTC... and at no point does any government or censorship capable entity have visibility into that. Potential to bring back private payments.
Living Bitcoin only is now possible (perhaps not advisable, but doable)
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Flobee
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I run a Lightning node in my house. I create channels to other nodes via TOR. If I make a purchase (pay an invoice) that invoice and transaction is transmitted via the TOR network. You can do transactions over clearnet, but most people dont. The transaction is as simple as the receiver (merchant in this case) creating an invoice (as a QR code generally) and me scanning it with a wallet app on my phone connected to my node (again, via TOR). He also demonstrates the sender creating the payment invoice and the merchant scanning it, but that would be less common.
Not sure how technical you are, but can learn all you need to know from the LND Github. LND is not the only client, but it has the best documentation
GitHub - lightningnetwork/lnd: Lightning Network Daemon ⚡️
Lightning Network Daemon ⚡️. Contribute to lightningnetwork/lnd development by creating an account on GitHub.
github.com
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Khane
Got something right about marriage
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I run a Lightning node in my house. I create channels to other nodes via TOR. If I make a purchase (pay an invoice) that invoice and transaction is transmitted via the TOR network. You can do transactions over clearnet, but most people dont.
Not sure how technical you are, but can learn all you need to know from the LND Github. LND is not the only client, but it has the best documentation
GitHub - lightningnetwork/lnd: Lightning Network Daemon ⚡️
Lightning Network Daemon ⚡️. Contribute to lightningnetwork/lnd development by creating an account on GitHub.
This is basically the technical version of Lesbians and Beatnicks having a Sylvia Plath poetry slam
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Flobee
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I don't know what that means, so you're probably right
Also to clarify the above, you don't need to run a node or understand TOR or any of that to use this. Use an app like Cashapp, Strike, or anything that supports Lightning, and you can use this system. USD -> USD, BTC -> USD USD -> BTC, BTC -> BTC, they would all work identically. Neither party needs to know or care about the Bitcoin network. You can replace USD with any fiat currency, its all gunna work the same way. You need to understand the Bitcoin network as well as you understand the Credit card network
Tmac
Adventurer
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But he's making the point that you can use TOR for anonymous transactions, but you literally give Strike your drivers license and ssn, so how can it be anonymous?
Tmac
Adventurer
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Flobee
Vyemm Raider
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if I'm paying via my own Lightning node I'm in no way giving my data to Strike. The merchant has the relationship with their point-of-sales company, who has the relationship with Strike, who accepts the Lightning payment. This is not a consumer level product, its for merchants (payment recipients). I'll attach the entire presentation below if you want to see him fully explain it since perhaps that clip didn't give enough context.
Payments from my own node via TOR are anonymous. Each hop on the route between sender and receiver only has the onion address for the next hop, and doesn't know if the node they received from is the original sender. If you're using Strike, Cashapp, etc as your Lightning node then yes, you've obviously KYC'd that account and it is not anonymous. When he talks about using TOR he explains that he is connecting to his node at home, not Strike.
What? EDIT: Looks like channel got banned temporarily due to a Youtube 'mistake'. Back now though
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Caliane
Avatar of War Slayer
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Suspicion of insider trading by someone at Coinbase.
r/cryptocurrency link
tl/dr, Coinbase announces upcoming support of various scam/shit coins... review of blockchain shows account having purchased quantities of said shitcoins, prior to the announcement.
r/cryptocurrency link
tl/dr, Coinbase announces upcoming support of various scam/shit coins... review of blockchain shows account having purchased quantities of said shitcoins, prior to the announcement.
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Mist
REEEEeyore
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Arden
Blackwing Lair Raider
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It was bound to happen. It's super easy to do, you can make a ton of money off of it, and there is very little regulation in this field, so it would seem the risks are small. I'm sure this has been done by employees of various crypto exchanges numerous times previously and there are now a lot of very wealthy people because of it that will likely get away with it.
Some VP (Head of Product I think?) at OpenSea did the exact same as well with NFTs in Autumn last year.
swayze22
Elite
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Arden
Blackwing Lair Raider
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100% chance he either got rich from crypto and retired from public life or he called the wrong person a retard and they killed him. No other explanation is possible
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Kiroy
Marine Biologist
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Flobee
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First step to people doing it is it being possible to do. Never know what could change about the monetary system. Things are unstable.
