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Not long ago, Uber Technologies Inc.’s fast-charging, take-no-prisoners approach to growth and regulation was seen as one of its strengths. But as the ride-hailing company prepares for its much-anticipated initial public offering, the consequences of that reputation continue to cast a long shadow…
Four people were found dead Monday in what police called a “multiple homicide” at a North Dakota property-management business. The bodies of three men and a woman were discovered inside RJR Maintenance and Management in Mandan, a city of about 22,000 just across the Missouri River west of Bismarck,…
India’s richest man just helped his cash-strapped younger brother avoid months in prison by paying off debts worth tens of millions of dollars.
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It took 130 years for the Los Angeles Area Chamber of Commerce to hire a woman and a Latino to fill its top staff job. In August 2018, Maria S. Salinas took over as president and chief executive of the chamber, which has a membership of more than 1,650 businesses with a combined workforce that…
A business owner who runs a media company in Australia and pays employees remotely in the Philippines has given his honest opinion on what it’s like to use the Lightning Network (LN). Jason Smith’s experience of attempting to use LN for payments was filled with frustration. He reports that the fundamental structure of the offchain solution is riddled with problems.
Also Read: Report: Lightning Network Still Way off Being Ready for Commercial Use
Australian Business Owner: ‘I Want to Pay Employees With Bitcoin — But There’s a Problem’
Over the last few years, people have been arguing relentlessly about the Bitcoin scaling debate and proposed solutions. One of the most controversial solutions for BTC’s transaction congestion and rising fees is an offchain mechanism called the Lightning Network. LN has been heralded by many BTC proponents even when it has been criticized for UX unfriendliness, centralization, and routing issues as they believe it is still a work in progress.
Much of the criticism directed towards the LN solution has been because merchants find it difficult to use as connections fail or expire quite often and funds need to be locked into channels. On Feb. 28, business owner Jason Smith explained to his Twitter followers that he runs a media company from Australia and pays people in the Philippines to help with back end programming. Smith detailed that he used BTC to pay them, but in 2017 fees got ridiculously high and he had to “completely write off the idea” of paying his staff with bitcoin during that time.
He then tried to utilize the LN to facilitate payments by using a custodial LN application and Pierre Rochard’s node launcher. After purchasing some stickers with LN he thought the solution might work, but after winning some money on a betting site he hit a snag when he couldn’t withdraw the money. This is because he needed incoming channels connected to his node with funds on the other side.
“I eventually managed to find a service that would open up channels back to me, (for a fee), and was able to receive money again — Then I started trying to close some channels to get money back out of lightning — God what a hassle,” Smith explained. He continued:
Now I’m told some of the Lightning problems will be solved with certain developments but I assure you, the fundamental structure of lightning doesn’t suit me at all for my business — I want to pay my staff each month — Businesses can’t leave money tied up in Lightning channels.
‘Lighting Is Not Easy to Use, Which Any Scaling Solution Needs to Be’
Of course, LN supporters didn’t care for the criticism and claimed that the system would evolve. Lightning Network Labs executive Elizabeth Stark explained that it amazes her that “people think something won’t evolve.” Stark compared Smith’s issues with people using computers back in the 70s. LN supporter ‘Whale Panda’ felt like emphasizing that Smith was “spreading a whole lot of misinformation” and added that the LN is great for small payments and for everything else there are onchain transactions. He further stated that when onchain fees rise again, liquidity will come to LN, but Smith explained to Whale Panda that his post wasn’t about liquidity.
The Australian business operator said he believes one of two things will happen with BTC: everyone is forced to use custodial services or BTC will adopt bigger blocks. “If we go custodial, the game is fucked but if we get big blocks, we can actually use this thing,” Smith remarked. By and large, the statement caused a meaningful discussion about using the LN as a solution to high network fees. Smith says the LN is difficult for the average merchant and consumer and he’s taking a break until something gives.
“I also run bitcoin training seminars about bitcoin and I won’t be running anymore until I can actually see where this thing is heading — This high fee bullshit makes the network unusable for normal people, and lightning is not easy to use, which any scaling solution needs to be,” Smith concluded.
What do you think about Smith’s experiences with the Lightning Network? Do you think LN will evolve enough to help support scaling in the future? Let us know in the comments section below.
Image credits: Shutterstock, Pixabay, and Twitter.
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The post Business Owner’s Seething Critique of the Lightning Network Goes Viral appeared first on Bitcoin News.
Until 2011, NASA relied on a single, versatile design to both ferry astronauts to space and transport enormous scientific instruments. It was known as the space shuttle, but in operation, it was more like a space pickup truck.
Late Friday night, Pacific time, a new generation of astronaut transporters…
A top business school in India is set to offer an advanced blockchain program for professionals. It marks the latest case of global academic institutions trying to answer the demand from students and industry for more education on crypto assets.
Indian Institute of Management Calcutta to Teach Crypto
The Indian Institute of Management Calcutta (IIM Calcutta), a top ranked public business school in Kolkata, West Bengal, plans to start a new cryptocurrency-related education program in May 2019. The Advanced Programme in Fintech and Financial Blockchain (APFFB) is meant to address the giant country’s talent shortage facing the financial technology industry. The program is designed for middle and senior management professionals in organizations that need to develop a digital finance strategy.
“A vast majority of firms in the banking and financial sector believe that the lack of adequate FinTech talent is an existential threat to their future. Our FinTech programme, designed with today’s management and finance professionals in mind, will leverage the deep research and consulting expertise of IIM Calcutta faculty and our state-of-art Finance Lab. We plan to equip and enable 2000 Fintech professionals in the next few years,” the program’s director, Prof. Indranil Bose, explained to Indian media.
Advanced Classes on Crypto Assets and Tokens
According to the school’s website, the duration of the program will be six months and it will cost students about Rs. 3,20,000 ($ 4,500). Course content will include classes on Data Analysis and Interpretation, Financial Markets and Products, Understanding Banks and other Financial Institutions, Foundations of Fintech, Digital Payments, All About Blockchain, Digital Disruptions in Financial Services, Crypto Assets and Tokens, Risk Management for Fintech, and Data Driven Financial Analytics.
Academic institutions all over the world have already been offering classes on cryptocurrencies and related technologies for a couple of years now. This month Shanghai’s Fudan University launched a blockchain R&D center and in January the University of California, Berkeley formed a new blockchain-focused startup accelerator program for its students.
What do you think about this business school offering a program on crypto assets? Share your thoughts in the comments section below.
Images courtesy of Shutterstock.
Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.
The post Top Business School in India to Offer Advanced Blockchain Program for Professionals appeared first on Bitcoin News.
Julian Surall was behind the counter at Ike’s Love & Sandwich Shop in Modesto, California when he saw a suspicious man approach a mom pushing a stroller outside of the restaurant. Minutes later, he heard a frantic call for help.
The Brazilian investment firm burst onto the scene a decade ago with a string of acquisitions, and then cut costs using a hard-nosed budgeting tactic to create efficient production machines. Now, after transforming the American consumer landscape, its strategy appears to be running out of juice.
WSJ.com: US Business