Infamous Hacker George Hotz Calls Bitcoin Cash the ‘Real Bitcoin’

Infamous Hacker George Hotz Calls Bitcoin Cash the "Real Bitcoin"

Well-known American hacker George Hotz, also known as Geohot, has been talking extensively about cryptocurrencies lately, and more specifically about bitcoin cash. On Wednesday, Oct. 17, Hotz published a cryptocurrency programming video using bitcoin cash and showed people how to send a BCH transaction from scratch using the Python programming language.

Also read: BCH Devcon Streamlines Bitcoin Innovation in San Francisco

Geohot Hacks With Bitcoin Cash

Infamous Hacker George Hotz Calls Bitcoin Cash the “Real Bitcoin”
George Hotz aka ‘Geohot.’

Popular entrepreneur and hacker George Hotz, aka Geohot, has a reputation for being the first person to unlock the Iphone and jailbreak the iOS software back in 2007. The programmer is also known for his relationship with Elon Musk, which he claims Musk offered him millions to create a better autonomous vehicle system than the current Tesla Mobileye solution. Recently, he attended the BCH Devcon in San Francisco and was interviewed by BCH Youtuber Hayden Otto. Following the event, on Wednesday, Hotz showed people how to generate a BCH private key from scratch using Python.

While most of the five-hour video shows Hotz coding and explaining what he was doing, the programmer emphasized how he would not be talking much about cryptocurrency politics.

“I know we’re doing crypto things today but we’re not going to talk about the politics of crypto — Because politics is for losers,” Hotz explained to the viewers. Before getting started, he also explained how he learned a few things at the BCH Devcon the prior week. “Transaction fees are super low on bitcoin cash,” the hacker detailed before starting the key generation process.

Hotz continued:

[I’m] Using bitcoin cash because it’s the real bitcoin.

Infamous Hacker George Hotz Calls Bitcoin Cash the “Real Bitcoin”

“Lightning Network Too Complicated in a ‘Won’t Work’ Kind of Way”

During his interview at the BCH Devcon, Hotz also talked about the Lightning Network and the Ethereum network’s dapp projects. The programmer said he likes cryptocurrency technology and reads Ethereum code for pleasure. However, Hotz detailed that the Ethereum network is a “bug bounty” because he believes smart contracts open the doors to malicious hackers getting paid without breaking laws.

Hotz further stated that he was irritated with paying high network fees on the BTC network last year. As far as the Lightning Network is concerned, he explained the system is too complicated in a fashion that probably “won’t work.” Bitcoin Cash proponents on forums and social media enjoyed learning Hotz’s opinion about the Bitcoin scaling debate and his informative Python lesson using the protocol’s code.

What do you think of George Hotz (Geohot) and his opinion about the Bitcoin Cash protocol and the Lightning Network? Let us know what you think about this subject in the comments section below.


Images via Pixabay and Youtube.


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Next Bitcoin Bull Run Will See Crypto Market Rise ‘10x’: Pantera CIO

The co-chief investment officer of one the cryptocurrency industry’s largest investment firms said that he expects the next bitcoin bull run to carry the cryptocurrency market cap 1,000 percent above its current valuation. Pantera Capital’s Joey Krug made this prediction during an interview with Bloomberg, forecasting that the next upswing could propel the cryptocurrency market

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Chilean Bitcoin Exchange Buda Adds Lightning Network Support

lightning network bitcoinBuda, one of Chile’s largest cryptocurrency exchanges by trading volume, has recently introduced support for Lightning Network (LN) payments on its platform, to allow its users to experiment with the second layer scaling solution. Bitcoin Exchange Now Accepts Lightning Network Payments According to a recently published blog post, users will be able to pay via … Continued

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Zigzag Platform Provides Cryptocurrency Swaps Over the Lightning Network

Zigzag Platform Provides Cryptocurrency Swaps Over the Lightning Network

There’s a new exchange system under development called Zigzag.io, an app that allows users to swap bitcoin core for other digital assets like bitcoin cash, dash, and ethereum over the Lightning Network. The beta application is currently available to test cryptocurrency trades as the project launched on the main-network during the first week of September.

Also Read: Electron Cash Developer Reveals In-Wallet BCH Fundraiser Prototype

Lightning Network Trading

Zigzag Platform Provides Cryptocurrency Swaps Over the Lightning NetworkOver the last few years, cryptocurrency enthusiasts have been searching for different types of exchange solutions. A new platform launched by Zigzag.io provides a digital currency trading system that utilizes the Lightning Network (LN) for exchanges. The open source project enables users to swap coins by making a payment with any LN wallet to the exchange similarly to the way Shapeshift works. The Zigzag exchange only needs two cryptocurrency addresses to complete the process, and it doesn’t require any KYC data. 

Although, in order to use the Zigzag exchange, users need to send coins with the LN enabled wallets like Zap, Eclair, Lightning, or Htlc.me clients. The beta version only allows a maximum exchange of US$100 per trader for now. Additionally, since the application is in beta if something goes wrong the team has created a refund system. In the future, the team plans on designing a custodial wallet service where people can deposit BTC, BCH, DASH, ETH, and LTC and trade without having any prior LN knowledge.

“We highly appreciate the work of Lightning Network community. But there are still people out there for whom Lightning Network is hard to use, we think to introduce more people to Lightning there has to be a way to try it free of any technical expertise,” the developer’s blog states.

Zigzag Platform Provides Cryptocurrency Swaps Over the Lightning Network
The Zigzag exchange user interface.

Another Lightning Exchange Service on the Horizon

After the software’s first week of launch, the developers said they got a lot of feedback and feature requests from the community. Since then, Zigzag programmers have added reverse exchanges to the application. Two other requests they have not implemented yet was adding new trading assets and lifting the exchange cap of $100.

Zigzag Platform Provides Cryptocurrency Swaps Over the Lightning Network
Zigzag shows the latest swaps.

The team says they do plan to add more coins in the future, but it is not a primary focus. The move to lift the $100 trading cap is a bit trickier due to the maturity of the Lightning Network, the Zigzag team emphasized.

“This is a tricky question as Lightning Network is still in beta, we’re also still in beta, we also need to clarify legal part of our service, so for now we’re keeping limits low,” says the Zigzag team.

There’s been a slew of new trading platforms launching recently and testing out different trading techniques. Moreover, lots of cryptocurrency enthusiasts are in search of trading platforms that don’t use KYC. There’s also another open source Lightning Network exchange called Sparkswap that provides traders with the ability to exchange cryptocurrencies using LN technology and atomic cross-chain swaps. The Zigzag exchange and Sparkswap platform announced their platforms around the same time. Zigzag was developed by Andrey Samokhvalov, and Denis Khvostov and the application’s users can give the exchange operators feedback using the developer Slack channel.

What do you think about the Zigzag Lightning Network trading platform? Let us know what you think about this technology in the comments section below.

Disclaimer: Readers should do their own due diligence before taking any actions related to the mentioned company/product or any of its affiliates or services. The author and Bitcoin.com are not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.  


Images via Shutterstock, and Zigzag.io


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‘Liquid Network’: Blockstream’s Bitcoin Sidechain is Now Live

bitcoin sidechain liquid network blockstreamSamson Mow, chief strategy officer at Blockstream, announced today that the blockchain startup has launched the Liquid Network, a Bitcoin sidechain. Liquid is, as described by the company, “an innovative sidechain built on the Bitcoin network, facilitating faster bitcoin transactions between businesses and individuals, while enabling extended functionality.” The main purpose for the technology is … Continued

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Critical Bug Found in Bitcoin Core Invokes the Multiple Client Argument

Over the last 24 hours, the cryptocurrency community has been discussing a critical vulnerability that was found in the Bitcoin Core (BTC) reference client. A bug introduced in Bitcoin Core version 0.14, that also affects all subsequent versions, could have caused a great majority of current Core nodes to crash. According to the developer’s Optech newsletter, Core contributors released a patch that fixes Core version 0.16.2 and the latest 0.16.3 fix requires an immediate upgrade.

Also read: US Confiscates Millions in Cryptocurrencies in Alphabay Forfeiture Case

An Anonymous Individual Discloses a Critical Bug Found in Bitcoin Core Clients

The whole community is talking about a vulnerable bug that was introduced into the Bitcoin Core reference client two years ago. The issue found in Bitcoin Core software (patched now) versions 0.14 and above has brought about another heated discussion concerning the fallibility of developers, and using a single reference client as opposed to using multiple implementations. The bug in question went unnoticed for two years when it was introduced in November of 2016 and a great majority of Core contributors accepted (ACK) the change without many questions.

Critical Bug Found in Bitcoin Core Invokes the Multiple Client Argument

According to developers, the bugs’ patch release notes, and the Optech newsletter, an anonymous individual reported the bug to Core contributors. Essentially, the vulnerability found in Bitcoin Core software would have allowed a malicious actor with a mere 12.5 BTC to crash roughly 90 percent of Core nodes. The Fast Internet Bitcoin Relay Engine (FIBRE) baked into Core would have made matters worse because of the way FIBRE propagates blocks.

“[CVE-2018-17144] A bug introduced in Bitcoin Core 0.14.0 and affecting all subsequent versions through to 0.16.2 will cause Bitcoin Core to crash when attempting to validate a block containing a transaction that attempts to spend the same input twice,” explains the Optech newsletter.   

Such blocks would be invalid and so can only be created by miners willing to lose the allowed income from having created a block (at least 12.5 XBT or $80,000 USD).

Critical Bug Found in Bitcoin Core Invokes the Multiple Client Argument

Are Bugs and Exploits a Compelling Argument for Multiple Clients?

Of course, the bug started a ferocious debate in regard to the BTC community putting Core developers up high on a pedestal all these years. Further, the bug re-invoked a compelling argument for multiple clients. For example, Bitcoin ABC released a patch for the vulnerability two days ago, but both Bitcoin XT and Bitcoin Unlimited were unaffected by the issue. On Reddit Bitcoin Unlimited’s Peter Rizun has emphasized this is why having multiple implementations is a good idea.    

“Wow, isn’t this one of the most serious consensus bugs ever? It affects all BTC Core nodes and the only thing preventing unbound inflation is the fact that the nodes crash, taking down the entire BTC Core network instead,” Rizun says on September 19.

Maybe multiple implementations aren’t such a bad idea, after all, Greg Maxwell? I think only ABC is affected for Bitcoin Cash.

The issue people have with a majority dependence on one reference client, is because some people say history has shown that alternative clients can be very beneficial when critical bugs are discovered, like the one introduced in Bitcoin Core 0.14. For instance, when over the last couple of years consensus bugs were found in Ethereum’s Geth, the network still had Parity clients to rely on and vice versa.

Critical Bug Found in Bitcoin Core Invokes the Multiple Client Argument
Left: BTC nodes — Right: BCH nodes.

At the time of writing, there are 9628 nodes running on the BTC network and 9135 are Bitcoin Core nodes. That’s 94 percent of the BTC network running one reference client and every node is affected by any issues found within Core’s codebase. This means bugs not only have to be fixed fast, but mandatory upgrades have to be speedy too. In contrast to the BTC network dominated by Core nodes, there are currently 2006 nodes running on the BCH network but only 59 percent are Bitcoin ABC nodes. So much like the ETH network, client diversity gives BCH 738 Bitcoin Unlimited (BU) nodes covering 39 percent of the network.

Additionally, according to a comment on r/bitcoin, Lightning Nodes could also be vulnerable to attacks due to the recent Bitcoin Core bug.

The Reddit user /deafboy_2v1 says, “When your bitcoind is down for longer than the time lock period (usually 24 hours) of your channels, your peers could try to steal from you by publishing an outdated channel state. You have no way of knowing, because your lightning node wouldn’t receive the closing transaction. Luckily, your peers has no way of knowing which bitcoind does your lightning node really talk to, so this attack would be risky (peer trying to cheat could lose all funds if you find out).”

The recent bug confirms to many cryptocurrency proponents that being dependent on one development team’s QA process, as opposed to client diversity and multiple development teams, can be extremely risky — Especially when an exploit like this is found in production and tethered to a $100 billion dollar system.

What do you think about the bug found? Do you think multiple clients is a better way to avoid bugs and exploits? Let us know what you think about this story in the comment section below.


Images via Shutterstock, Twitter, and Coindance nodes.


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On-Chain BCH Used in a Submarine Swap for Off-Chain BTC

On-Chain BCH Used in a Submarine Swap for off-Chain BTC

This week an individual revealed he had completed the first trustless swap by trading on-chain bitcoin cash (BCH) for off-chain bitcoin core (BTC) using Alex Bosworth’s submarine swap protocol.

Also read: Illegal Activity No Longer Dominant Use of Bitcoin: DEA Agent

On-Chain Bitcoin Cash Submarine Swapped for Off-Chain BTC

The decentralized cryptocurrency bitcoin cash (BCH) was traded over the Lightning Network this week for off-chain bitcoin core (BTC). According to an individual on Reddit named u/Darkdeepths, he says he’s been fortunate to see Bosworth’s submarine swap testing and decided to test the protocol himself. The submarine swap protocol is an atomic on-chain and off-chain trading platform created by Bosworth that allows a person to use on-chain funds to pay for an off-chain Lightning invoice. Users can test the protocol with testnet coins and the process was recently used by Jason Wong for an on-chain litecoin (LTC) transaction traded for an off-chain BTC transaction. The Reddit user Darkdeepths decided to utilize bitcoin cash for the experiment two days ago.

On-Chain BCH Used in a Submarine Swap for off-Chain BTC
Darkdeepths BCH for BTC submarine swap.

“I’m trustlessly swapping On-Chain BCH for Off-Chain BTC,” explains Darkdeepths. “I am fortunate enough to get a look at some of the cool submarine swap technology that Alex Bosworth is building — I decided I wanted to test turning some of my on-chain BCH to Lightning Network BTC.”

I created a Lightning wallet on Moneni.com and generated the Lightning invoice there. Alex already had channel capacity, so all I needed to do was enter the invoice and pay the script that he provided. His service also returned a payload with a redeem script and a block height after which I could claim a refund (in case things went south).

On-Chain BCH Used in a Submarine Swap for off-Chain BTC
Concepts like Plasma and Atomic Swaps have become more popular over the last year.

Atomic Swaps and Plasma Trading May Invigorate the Concept of Decentralized Exchanges

A few Bitcoin Cash proponents seemed to like the idea that on-chain BCH was swapped trustlessly for off-chain BTC. Darkdeepths experiment was a top post on the bitcoin-cash focused forum r/btc on August 9. Furthermore, Darkdeepths said he may try to reverse the process during his next test.   

“It was pretty exciting executing the swap with real assets,” Darkdeepths says.   

Thinking of trying the reverse soon (requesting BCH-on-chain for my BTC-on-LN). should work when the swap is initiated from either side of the trade.

Ideas like these make it possible for people to realize the possibilities of trustless trading and truly decentralized exchanges. Ideas like atomic swaps, and plasma are making it possible for traders to swap cryptocurrencies without a third party involved and many decentralized exchanges are basing their models on some form of cross-chain swaps.

What do you think about the individual who successfully swapped an on-chain BCH transaction for some off-chain BTC? Do you think concepts like these will be helpful for decentralized exchanges? Let us know your thoughts on this subject in the comment section below.


Images via Shutterstock, Pixabay, and Alex Bosworth’s Submarine Swap site. 


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Bitcoin Price Must Hit $213,000 to Become Viable USD Replacement: UBS

Even after weathering a bear market that wiped out more than 60 percent of the flagship cryptocurrency’s value, the bitcoin price continues to trade at a mark far above what its critics thought it could ever reach. Nevertheless, it still has a long way to go if it hopes to supplant the U.S. dollar or

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Litecoin Price ‘Massively Discounted’: Cryptocurrency Analyst

Supporters of litecoin often tout the sixth-largest cryptocurrency as “silver to bitcoin’s digital gold,” but one cryptocurrency says it’s also a diamond in the rough. Writing in an eight-page report published on Tuesday, eToro senior market analyst Mati Greenspan argues that the litecoin price is trading at a “massive discount to what it should be … Continued

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HTC ‘Exodus’ Blockchain Phone To Support LTC, Lee to Advise Project

HTC 'Exodus' Blockchain Phone To Support LTC, Lee to Advise Project

Charlie Lee, the creator of Litecoin (LTC), has been announced as an adviser to the development of HTC’s “Exodus” blockchain phone following Mr. Lee’s recent tweet that stated he had met with the HTC team and that the Exodus phone will natively support LTC.

Also Read: Football Team in Gibraltar to Pay Its Players in Cryptocurrency

Charlie Lee Announces that HTC’s Blockchain Phone Will Support LTC

HTC 'Exodus' Blockchain Phone To Support LTC, Lee to Advise ProjectOn the 30th of July, Litecoin’s creator, Charlie Lee, took to Twitter to announce that HTC’s upcoming blockchain phone, Exodus, will feature native support for LTC. First announced in May, HTC claims that the Exodus will be “the world’s first native blockchain phone dedicated to decentralized applications and security.”

Mr. Lee posted: “Met the HTC Exodus team last week and was really excited to hear the phone will support LTC and Lightning Network on Litecoin natively! I will be an advisor as I see having a secure crypto phone that makes LN simple is needed for mass adoption.”

The official Twitter account of the HTC Exodus confirmed Mr. Lee’s claims, replying to the Tweet with “One small step for @SatoshiLite. One giant leap for blockchain. Team @HTCExodus, @philchen913 @htc are honored to have Charlie Lee to join as our advisor.”

HTC Bullish on Blockchain and Crypto

HTC 'Exodus' Blockchain Phone To Support LTC, Lee to Advise ProjectEarlier this month, HTC indicated that the Exodus would be made available during Q3 of 2018. Phil Chen, the chief crypto officer at HTC, claimed that the company has already received “tens of thousands” of reservations globally.

Mr. Chen also shared his optimism regarding the outlook for the virtual currency and distributed ledger technology industries, stating: “Every 10 years, we see shifts [in technology],” he said. “We think that crypto and blockchain will be the next shift.”

“At some point, we’ll do our own utility token,” Mr. Chen added.

Distributed Ledger Technology Expected to Reshape Telecommunications Industry

HTC 'Exodus' Blockchain Phone To Support LTC, Lee to Advise ProjectAt the start of the month, a report published by Research and Markets claimed that distributed ledger technology will add nearly $1 billion to the global telecommunications industry within the next five years.

HTC is not the only company preparing to launch a blockchain phone in coming months, with Sirin Labs’ “Finney” expected to arrive in November. The Swiss firm raised $157.8 through an initial coin offering (ICO) – at the time comprising the fourth largest to ever take place.

The third largest handset maker in the world, Huawei Technologies, has also expressed interest in entering the blockchain phone industry – with reports from March indicating that the company was in discussions with Sirin regarding the licensing of the company’s SIRIN OS operating system.

Do you think that so-called blockchain phones will have a significant impact on the telecommunications industry? Share your thoughts in the comments section below!


Images courtesy of Shutterstock


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A Look at What It Was Like to Operate the Lightning Network’s Largest Node

A Look at What It Was Like to Operate the Lightning Network's Largest Node

About two weeks ago news.Bitcoin.com reported on one guy who controlled the Lightning Network’s (LN) biggest node when he commanded 49 percent of the total funds held within the network. Since then, Andreas Brekken, the owner of the blockchain review website Shitcoin.com, wrote four reviews about his node that held 35.24 BTC and his daily experiences using the LN protocol.

Also Read: Market Caps for Privacy-Centric Currencies Have Dropped Significantly

Compiling a Lightning Network Node

The Lightning Network is a second layer payment protocol that many people believe can solve Bitcoin Core’s (BTC) scalability problem. The reason for this is because the LN system works on top of the BTC chain and because of this factor there would be fewer on-chain transactions. Essentially the system comprises a great number of participating nodes that can send transactions through bidirectional payment channels. Alongside this, there’s been a ferocious debate over the years because people have touted LN as the solution for BTC’s congested mempool, even though the network is very much in its infancy.

Just recently we reported on the owner of Shitcoin.com, Andreas Brekken, when he initially freaked everyone out with a couple hundred grand worth of BTC sitting within his LN node. Both the BTC and Bitcoin Cash (BCH) communities had discussed the subject heavily during the first few days, and Brekken’s story made headlines in multiple news publications and podcasts. Since then Brekken wrote four reviews about his experience being the largest node on the Lightning Network. In Brekken’s first review “Lightning Network #1 Can I Compile and Run a Node,” the review gives some comprehensive insight to successfully installing and configuring the ‘lnd’ protocol. The author notes that the ‘autopilot’ feature helps establish a connection and provides funding to the payment channels.

A Look at What Its Like to Operate the Lightning Network's Largest Node
Brekken compiling lnd, bitcoind, and bitcoin core.

A Look at What Its Like to Operate the Lightning Network's Largest Node

Brekken explains there are a few reviews online that detail the Lightning Network’s probability of finding routes, but people who experience issues may be making a simple error. Furthermore, even though the installation process took a lot of time because it requires compiling a BTC full node installation, Brekken details the process was fairly simple to configure.

“Writers critical of Lightning Network claim the probability of finding routes between two random nodes is very low for amounts over $10. I suspect this is because they are choosing random nodes and not peering properly,” Brekken explains.

Compiling, installing, and running Lightning Network Daemon, lnd, was straight forward. I look forward to using payment channels for sending and receiving bitcoin.  

A Look at What Its Like to Operate the Lightning Network's Largest Node
Brekken makes headlines for being the largest LN node.

Shitcoin.com Becomes the Lightning Network

In part two of Brekken’s review, he says maintaining a payment hub is becoming stressful and routing doesn’t make that much money. “When I started writing the review the total capacity of the Lightning Network was slightly over 20 BTC (around $130,000) — I decide to shake things up,” Brekken notes. “Reactions to my experiment on social media are mixed. The increase in capacity of the Lightning Network is celebrated by some.”

A Look at What Its Like to Operate the Lightning Network's Largest Node
Brekken’s Shitcoin.com node held 35.24 BTC.

“My Lightning Network node has established over 200 payment channels with 250 peers. The node capacity is exceeding 40 bitcoin. The month_fee_sum comes to 4289 satoshis, or 0.00004289 bitcoin ($0.31). I also wonder how any payments have been routed,” he adds.

The node has routed 260 payments for other users, averaging a profit of $0.0012 USD per transaction. I doubt that this will cover the costs of running the node, but leave the node running for now.

LN Impractical Even for Highly Technical Users

Brekken’s third review, called “Lightning Network #3 Paying for Goods and Services,” shows his experiences sending payments through the network. First Brekken heads over to a website called Satoshitweet to pay a small microtransaction for a posted tweet on the platform. However, after clicking the ‘Pay 2020 satoshis’ to tweet button he gets an error. “I click the button a few more times — The error remains the same — I look in the Google Chrome network inspector and SatoshiTweet is returning a generic 500 Internal Server Error response.”

The review then discusses trying to use an LN-based dice game called ‘Lightning Spin’ but Brekken has issues with the site glitching and invoices changing rapidly. After resetting his browser and getting a stable invoice Brekken sends some funds. “The payment will be sent through two hops and pay 1800 msats (0.00000002 BTC or 0.000135 USD). Back in the web browser the spin has been detected and I have won 400,000 sats (0.004 BTC or $30 USD).”

A Look at What Its Like to Operate the Lightning Network's Largest Node
Brekken wins $30 bucks on Lightning Spin.

After playing around with Lightning Spin, Brekken tests out various other LN web portals like the Blockstream store, Bitrefill and Satoshi’s Place while experimenting with both the Eclair and Zap wallets. Minus an order for Reddit Gold on the website Bitrefill and Brekken’s win on Lightning Spin, most of the attempts had errors. Brekken concludes in his third review:

Sending payments using the Lightning Network is cheaper than the regular Bitcoin network, but suffers from routing errors and wallet bugs that make it impractical even for highly technical users.

A Look at What Its Like to Operate the Lightning Network's Largest Node
Shitcoin.com makes its mark on the pixel site Satoshi’s Place.

Stressing Out About a Possible Lightning Network Exploit

Brekken wraps up his final review in his Medium article called, “Lightning Network #4 What Happens When You Close Down Half of the Lightning Network Capacity?” Brekken says operating the largest nodes within LN was fun, but also “terrifying” at times. Brekken’s node has routed 389 payments in total which added up to a profit of USD$0.34 cents. But a portion of the funds didn’t come from routing as Brekken notes, “I suspect the increase is mostly from the recent increase in bitcoin’s price.” Brekken also tries to close the connected channels manually but ran into some more errors making some channels unable to close.

A Look at What Its Like to Operate the Lightning Network's Largest Node

So Brekken ‘force closed’ all his channels unilaterally which locks up his funds until a predetermined amount of time ends. “The amount of time the funds are locked up depends on the channel policy — This policy is negotiated when the channel opens. Most channels will release the funds to me in between 1440 and 20180 minutes,” Brekken emphasizes.

The Shitcoin.com owner concludes his fourth review by saying he looks forward to trying LN when it matures more and says that leaving funds on the network can be trying.   

“Running a large Lightning Network node has been quite stressful — An exploit such as we saw with heartbleed could allow an attacker to drain all funds from the node while I’m sleeping. It’s time to end the experiment,” Brekken concludes.   

Operating the largest node on the Bitcoin Lightning Network has been educational, frustrating, fun, and at times terrifying. I look forward to trying it again once the technology matures.

What do you think about Brekken’s reviews of the Lightning Network? Do you think the technology will help scaling issues? Or do you think the technology will be centralized and not efficient enough to help with scaling? Let us know what you think about Brekken’s reviews in the comment section below.


Images via Shutterstock, Pixabay, Bitcoin Exchange Guide, Twitter, Shitcoin.com, and Andreas Brekken. 


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One Guy Controls the Lightning Network’s Biggest Node

One Guy Controls the Lightning Network's Biggest Node

BTC supporters were elated to discover recently that the Lightning Network’s (LN) capacity had spiked by 216 percent in just one day. Some individuals suspected the Build on Bitcoin conference had sparked more LN interest. However, onlookers have found the spike was due to a single node created by the owner of Shitcoin.com. According to LN explorers, the node holds more than 49 percent of the Lightning Network’s total funds.

Also read: Study Finds Cryptocurrency Rebalance Portfolios Outperform ‘Hodling’

Everyone is Talking About One Node That Holds More Funds Than 49% of the Entire Lightning network

One Guy Controls the Lightning Network's Biggest Node

There’s a new Lightning Network node on the block that has BTC supporters in a frenzy trying to figure out why one person has so much money on this nascent network. At the time of writing the so-called “≡ƒÆ⌐LN.SHITCOIN.COM≡ƒÆ⌐” holds 35.24 BTC or $220,000 USD at the time of writing. The node is operated by Andreas Brekken, the owner of Shitcoin.com who has detailed he plans on doing a review of the Lightning Network. Brekken’s Shitcoin.com reviews a wide variety of cryptocurrencies like IOTA, Tron, EOS, and Dash.

Brekken’s node is massive compared to the rest of the nodes across LN and on July 14 the node operator stated to his Twitter followers:

To make the Lightning Network truly decentralized, we must first become the Lightning Network.

One Guy Controls the Lightning Network's Biggest Node One Guy Controls the Lightning Network's Biggest Node

Supporters Afraid the Node May “Reduce People’s Trust in the Lightning Network”, While Some Are Using the Node for Routing, Even Though They “Don’t Trust the Guy” Operating It

Of course, LN supporters had a lot to say about Brekken’s node as some believed it was just an expensive marketing attempt for his review website. Some users even argued that Brekken might try to attempt some sort of “attack”.

One Guy Controls the Lightning Network's Biggest Node

“If he could somehow crash or reduce people’s trust in the Lightning Network, that would be a plus for his side,” explains one Reddit user. Oddly enough, one user explained that even though he didn’t trust Brekken, he’s been using the node for liquidity.

“I opened a channel with this node — it routes payments very well (loads of liquidity),” reveals another Reddit user.

I will not be receiving (only spending) via this channel as I don’t trust this guy — If you spend only — there is no need for watchtowers, or zero risk to your money.

All Eyes on One Node

Brekken hasn’t disclosed when his official LN review will be published or what type of testing he has been doing. Just recently he revealed how much money he’s made so far from routing, which turned out to be around $0.028 USD worth of BTC. It’s likely Brekken will follow through with a detailed review, but in the meantime, it’s safe to say many bitcoiners will be watching this node closely.

What do you think about the Shitcoin.com node on the Lightning Network? Let us know your thoughts on this subject in the comment section below.


Images via Shutterstock, Twitter, Recksplorer, and Shitcoin.com.


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