
Twitter CEO Says Its a Matter of Time for Lightning Network to Come to Cash App - diken1
https://mybitcoinnews.co/blockchain-news/twitter-ceo-its-not-an-if-its-a-when-squares-cash-app-integrating-lightning-network/
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asynchrony
Last year Alexis O’hanion predicted BTC would be 20k and ETH 1.5k by this time
too. Many executives seem over enthusiastic about cryptocurrencies to me.

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api
Maybe they are bag holders.

I am still long term somewhat bullish on the tech but I can't see any of the
current generation working beyond niche use. Its not just efficiency but also
economics. They are significantly more deflationary than gold, meaning there
is never any incentive to do anything but speculate on them. If they gain any
utility they will "moon" again and the resulting price instability will once
again drive off everyone except speculators.

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ucha
Bitcoin has plenty of issues but being deflationary isn't one of them. Real
estate is deflationary and people do not refuse to trade land.

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calciphus
Lots of people refuse to trade land because they think it will be worth more
in the future. Look at the housing markets of major cities. And that is when
you have a highly localized set of potential buyers.

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mprev
Is anyone else having trouble parsing that title?

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StavrosK
Yeah, they should have said "Square CEO", "Twitter CEO" seems irrelevant in
that context unless you know it's the same person.

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hd4
He's way more recognisable as Twitter's CEO

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stevehawk
but I don't know what cash app Twitter makes so the title makes zero sense to
me.

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api
Does LN still have that crazy design where if you lose connectivity your
deposit could be lost?

Also doesn't it make Bitcoin even more hyper-deflationary by forcing money to
be locked up in LN nodes?

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exit
_> if you lose connectivity your deposit could be lost_

i haven't heard of that. if you aren't monitoring on-chain transactions the
other channel party may commit an out of date state, and you may not manage to
issue a justice transaction in response.

"watchtowers" are currently in development, to which this burden can be
outsourced.

 _> doesn't it make Bitcoin even more hyper-deflationary by forcing money to
be locked up in LN nodes_

lightning channels do not permanently lockup bitcoin, no. the channels have a
timelock based maximum age, but cooperative peers can agree to finalise and
close the channel at any time.

in any case, value can circulate via the lightning network.

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dmitriid
> We have this massive seller network of small and medium, and large
> businesses

What are the expected transaction fees?

I remember Steam dropping bitcoin when transaction fees started costing more
than actual games.

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ncallaway
That's the main difference of the lightning network. It's a secondary later,
ultimately backed by the Bitcoin ledger, but is capable of performing many
transactions that are all backed by a single transaction on the primary
ledger.

This drops transaction fees by a massive amount, and allows for much quicker
transactions.

Edit to add: I think Lightening is a really interesting tech, and I'm really
curious to see how it handles scaling out in the real world. All that said, I
think it's far too early to say how effective lighting will actually be for
storefronts like Steam.

The promise is that it will help, but we have to see if that promise bears out
in the real world.

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sschueller
Why would you need the cash app if BTC with LN works without it?

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ncallaway
If Cash app will offer an option to receive BTC and automatically convert it
to USD, then suddenly thousands of businesses have a zero-cost, zero-risk
(assuming square takes the risk) of accepting BTC for their store-front.

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pastor_elm
what's the difference between this and venmo?

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ncallaway
There's not a big conceptual difference.

I like the cash app slightly more, since it doesn't publish transactions to a
friend network by default. The network effects are still in Venmo's favor,
though, so I definitely carry both.

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elektor
I have a similar experience. I prefer the Cash App because it's visually more
pleasant to use and I don't have to publish to the whole world that I paid my
roommate $5.76 for lunch. That said, everyone in my circle of friends uses
Venmo and I've turned off all of the social aspects so it works just fine.

