Question about Lightning and number of confirmations

Bitcoin's massive hash rate should prevent deep blockchain reorgs with more than a couple of blocks replaced.

In the last 2 years a couple of shitcoins got 51% attacked and coins got sold on exchanges for Bitcoin before their blockchain was rewritten.

There is also the scenario that 2 miners find a block at almost the same time and it takes another additional block or two until it's clear what is the longest chain.

With the lightning networks success and growth, it's going to be possible to send larger and larger amounts of ₿ over the network. First exchanges are already accepting deposits over the lightning network.

Is the following scenario possible, or how is it prevented: Open a lightning channel, spend the funds out of that channel, chain gets reorganised and the channel opening transaction did never happen.

With Bitcoin we say 6 confirmations gives finality, is there something in place for channel opening transactions?

submitted by /u/cloudgorilla
[link] [comments]

from Bitcoin - The Currency of the Internet https://ift.tt/2GGZSBn

Comments

Post a Comment

Popular posts from this blog

Eyewear Round Up for Summer 2020

Image
Here’s a small round up of some cool shades and brands you might like for this summer 2020: 1. FutureMood Sunglasses: “The world’s first sunglasses proven to alter your state of mind.? Conjured in California. $175 at futuremood.com // @FUTUREMOODSTUDIOS 2. The ‘MONEY’ Shade by Mont Boudoir The ‘MONEY’ Shade by Clermont Twins – Former U.S. TV personalities turned full-time models (Yeezy amongst others) and founders of The Clermont Foundation, Launched digitally last week, their first ever eyewear design for their brand Mont Boudoir . The silhouette is composed of a futuristic, exaggerated and oversized square frame. $295 at montboudoir.com // @montboudoir 3.Port Tanger Port Tanger has partnered with Browns to release a new collection of sunglasses inspired by the city of Tangiers. The eyewear label is heavily influenced by the Moroccan city, celebrating its vibrancy and culture through the range of frames. Port Tanger styles available now at the Browns web store — approxi
Read more

Not ready to go public? That’s the perfect time to think about going public

Image
The disastrous failure of WeWork’s non-IPO provided not just a dramatic crash-and-burn spectacle, but also a valuable cautionary tale about how not to do an IPO.  Even if your company is not ready to go public at the moment, if there may be an IPO in your future, things go more smoothly for companies that begin the work well in advance.  As a financial manager who consults for public and soon-to-be-public companies, I’ve worked with organizations traveling along a well-planned path, and those with an IPO date looming and management panicking. Here’s what I’ve learned in the process.  Have a business plan that demonstrates a path to profitability The first tech boom clearly demonstrated the folly of having an IPO with nothing more than “a good idea.”  Now, especially after several high-profile IPO failures, investor sentiment has swung to favor companies that demonstrate a solid growth history and a clear path to profitability. Go disciplined or go home Venture capitalists fr
Read more

Uber & Robinhood Angel Investor: 99% of Crypto Projects Are Garbage

Image
In 2017 and 2018, thousands of entrepreneurs were attempting to launch their own crypto project to capitalize on the bubble-like conditions. Due to the mania, there are now over 5,000 digital assets listed on CoinMarketCap — and there are likely thousands of others that failed to make the cut. Unsurprisingly, not everyone is convinced that all players in such a saturated market have value. One prominent venture capitalist, in fact, went as far as to say that 99% of crypto projects are simply “garbage.” Related Reading: DeFi Effect: Scaling Debate Begins as Ethereum Fees Reach Two-Year Highs Most Crypto Projects Are “Garbage”  Jason Calacanis is a prominent entrepreneur, author, and angel investor. If you’ve heard of him, it’s likely because of his angel investments in Robinhood, Uber, and Trello. He’s also interested in the crypto space. In 2019, he was bearish, postulating that Bitcoin could fall to $500. Yet, the investor has recently begun to change his mind, telling Morgan
Read more