RE: Bitcoin is sliding, again. What's causing the drop?
blockchain is here to stay, its just bitcoin im starting to fall out of love with. unless bitcoin figures out a way other than the LN I see it falling.
From my understanding the way that LN works is that there are two sides both sides have to open up a private channel and send bitcoins back and forth (outside of the blockchain), in order to open the channel, one or both have to deposite bitcoins into a special bitcoin address. From there they can have as many transactions as they want inside the channel until either party decides to close it which the final balences will be paid out.
But lets say you want to add an additional person to the channel say 3 people, with the middle guy connected to both sides of the table.
Then the person on the left could indirectly send money to the person on the right: the middle guy would first have to pay the left side and then the right side would have to reimburse the middle to reverse the transaction.
It all just seems like a mess and Idk if it will be there scaling solution that everyone is dreaming off.
Well, there is hashgraph as a possible contender to blockchain. I think that now that there is so much focus on blockchain, there will definitely be computer scientists trying to come up with something better, faster, and more reliable than blockchain. But, there is also the problem of getting it widely adopted, which is more of a marketing problem, and not a computer science problem.