Square CEO Jack Dorsey Says Bitcoin's Lightning Is Coming To Cash App

An anonymous reader shares a report: A bitcoin scaling solution called the lightning network may soon come to Square's Cash App for mobile payments. Twitter and Square CEO Jack Dorsey, an investor in the bitcoin-oriented startup Lightning Labs, recently announced during an interview with podcaster Stephan Livera that there are plans to integrate the scaling technology with Square's mobile app. "It's not an 'if,' it's more of a 'when,' and how do we make sure that we're getting the speed that we need and the efficiency," Dorsey told Livera, adding: "We don't think it stops at buying and selling [bitcoin]. We do want to help make happen the currency aspect."

Twiiter? Square? Bitcoin? Sign me up!

[DogDude]

Boy, if there's anything that says "privacy, reliability, efficiency, and security", it's "Twitter", "Square", and "Bitcoin". Sign me up! I've got money to waste!

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[Anonymous Coward]

We just need paypal in there so they can hold your funds for 18 years while they investigate your account only to find nothing is wrong.

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[DontBeAMoran]

Bitcoin is all of those. Unfortunately, there's humans involved in the transactions, which is where the flaws reside.

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[DogDude]

Did you mean that Bitcoin is "none" of those? Because it is exactly none of those things.

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[DontBeAMoran]

Bitcoin is private, in the sense that all you know is that address A sent X bitcoins to address B. You don't know who is associated with the addresses.
Bitcoin is reliable and secure, because once the transactions are in the blockchain, nobody can block or revert them*.
Bitcoin is efficient... well, at least it used to be, but it turns out proof-of-work is a terrible idea once you get past the proof-of-concept phase.

* There's always the danger of a 51% attack, but anyone stupid enough to attempt that would de

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[DontBeAMoran]

But that's not the fault of the Bitcoin protocol, that's the exchanges themselves.

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[codebonobo]

Taproot, Dandelion, and lightning all make Bitcoin far more fungible and private. Wallets like https://wasabiwallet.io/ [wasabiwallet.io] automatically use chaumian coinjoin with an anonymity set of 100 for every Bitcoin transaction to make privacy much simpler than traditional coinjoin. There is even some work on making a mimblewimble sidechain that lightning transactions can automatically perform cross atomic swaps to as well.

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[codebonobo]

Just like with US dollars all currency with sufficient velocity are "tainted". AML/KYC exchanges either have to start banning all their clients(Not going to happen as big investors already bought into these companies) or change their policies to only restrict BTC from addresses that are directly tainted.

Screw Dorsey

[Chas]

He and his buttinsky payment processor can burn in Hell.

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[drinkypoo]

Square is cheaper than other CC processors, and collects no more information. AFAIK they are cheaper and less sleazy than Paypal. So what's to hate about Square?

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[Chas]

Their willingness to boot people for wrongthink?

You think Dorsey saying "We can't afford to be neutral." extends ONLY to Twitter?

If so, I've got a bridge to sell you...

I have exactly ONE job I need a payment processor to perform.

PROCESSING PAYMENTS.

I do NOT need, nor do I want, them pushing an ideology on me or interfering with transactions between myself and my clientele!

If that's "Too Hhhhharrrd" for them, they can fuck right the hell off, and I'll take my business elsewhere. All the while hoping they cr

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[drinkypoo]

Their willingness to boot people for wrongthink?

Every CC processor will do that. Literally.

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[Chas]

Every?

Citation necessary.

Sure, MC has decided to be stupid and dickish about this.

I have yet to see Visa, Discover, Amex operate in this fashion.

Also, if EVERY payment processor will, how did SubscribeStar manage to drum up another payment processor?

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[RedK]

If itâ(TM)s not illegal, itâ(TM)s not their business. Payment processing is not an endorsement. Payment processors getting into the business of partisan politics and ideological enforcement is actually downright scary and Orwellian.

A conference to watch on that matter.

[slashways]

We have a lot of noise in this space; And so many useless/doubtful projects. Bitcoin is censorship resistant, and lightning is the second layer allowing real scalability. A conference to watch: https://youtu.be/16T5CUNGX2Q [youtu.be]

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[codebonobo]

https://1ml.com/

6,207 nodes

24,932 channels

Since some lightning wallets are custodial the amount of users exceed 10k using lightning today.

Due to the way lightning works, a user must stay connected to the network (or risk losing their coins),

This is completely false for many reasons. First of all , this only might apply to merchants receiving lightning transactions if fraud is attempted(same problem with credit cards BTW) where they need to have their node check online for a second at least once a 24 hour period to prevent fraud. If you are spending your lightning on a wallet like eclair or many others y

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[codebonobo]

Sure . A single payment processor opened up lightning to over 4k of their merchants https://blog.coingate.com/2018... [coingate.com]

Here are other payment processors that provide lightning to all their clients bringing the numbers much higher-

https://strike.acinq.co/ [acinq.co]

https://opennode.co/ [opennode.co]

https://globee.com/ [globee.com]

https://btcpayjungle.com/ [btcpayjungle.com]

Also all merchants that use self hosted BTCpay software or casanodes -

Here are some directories (incomplete):

http://lightningnetworkstores.... [lightningn...stores.com]

https://lightninglist.co/ [lightninglist.co]

I

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[inking]

You got to love the cryptocurrency guys.

2009: The Times 03/Jan/2009 Chancellor on brink of second bailout for banks
2019: Here is a list of totally-not-banking institutions that you can send your money to to buy things. Why do we need them? Oh, it is because the technology behind crypto is so inefficient that once you apply even a modest load to it you suddenly need banking institutions or central authorities to keep the system running.

It is pretty great how you guys managed to go through the evoluti