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The guy who bought pizza for 10k BTC now buys pizza using the Lightning Network

Neil Kumar



Pizza bought again by Lightning Bitcoin
Source: Pixabay || Representational image only. Not the same Pizza eaten by Laszlo Hanyecz

Laszlo Hanyecz, the guy who bought 2 pizzas for 10,000 Bitcoins in 2010 has now bought pizzas again using the “lightning” Bitcoin network. The 10,000 Bitcoins as of today would have been worth 96 million.

Laszlo was keen on trying out real trade using the lightning network. His friend from London agreed to make transactions using the lighting network and in turn made arrangements to get the pizza delivered by a local pizza shop.

The transaction and delivery turned out to be easy-peezy. Laszlo was supposed to show the hash pre-image to the delivery boy. And only when the first 4 and last 4 characters of the hash pre-image matched to the one with the delivery boy would the pizza be delivered to him. The transaction happened immediately and Laszlo was able to devour the pizza with his family.

Laszlo described his deal on his blog, which says,

“I wanted to two pizzas and to try to do it as close to automatically as possible. I didn’t want to prepay and end up with no pizza. As far as I know, we don’t have pizza/ bitcoin atomic swap software but we improvised and decided that I would need to provide the payment hash pre-image to the delivery driver in order to claim my pizza. If I can’t provide the pre-image, providing that I paid, then the pizza would not be handed over and it would be destroyed. ”

Arun Pratap, a crypto-investor says,

“Even I want to do this. Someone find me a dealer from London. Damn!!! The world is actually moving ahead way too fast.”

John Hank, a pizza and crypto enthusiast says,

“Soon, very soon, all the pizza shops all around the world will use Bitcoin Lighting Network. The future is here bois.”

Liza Kurk, a blockchain developer says,

“The main point guys? Bitcoin wasn’t created on this vision or was it? Good PR for Bitcoin though.”

Will the Bitcoin Lighting Network turn out to be useful? Some market observers have felt the gaping disconnect in Bitcoin’s philosophy if this Lightning network is implemented. A few others feel it will resolve Bitcoin’s recent scaling problems with fees and transaction times.

Laszlo concluded his experience on his blog which says,

“So it there any point to do this instead of an on chain transaction? For what I described here, probably not. The goal was just to play around with the c-lighting and do something more than shuffling a few santoshi back and fort. Maybe eventually pizza shops will have their own lighting nodes and I can open channels to them directly.”

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Neil Kumar has been working as a full-time reporter for AMBCrypto from January 2018. He has eight years of experience in day trading markets and a three year experience working for a blockchain company. Neil writes about blockchain and technology is a strong advocate of privacy. He had a few Litecoins and Ripple tokens months before joining AMBCrypto; he currently does not have any value in cryptocurrencies or projects.

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HitBTC responds to allegations of insolvency, refutes claims made by Redditors




HitBTC responds to allegations of insolvency
Source: Unsplash

HitBTC, a Hong Kong-based exchange has been the center of accusations among users on Reddit, Twitter, and other forums. HitBTC users started complaining about issues regarding withdrawal and extensive procedures after one particular user @ProofofReserach put out a thread alleging insolvency of HitBTC.

To put an end to all the accusations, HitBTC has broken its silence with a blog post explaining their side of the story. According to HitBTC, their systems performed well during the winter of 2017-18, however, HitBTC mentioned that due to overwhelming demand for the services, they experienced bottlenecks at an operational level.

Referring to the BitcoinExchangeGuide article, HitBTC responded:

“A widely quoted article, in its entirety, is based on only 2 AML cases. One of them was initiated as part of the investigation into the December, 2018 BTCP security breach, at the request of the coin’s core team. Unfortunately, there is no clear indication of the nature of the second case that can be discerned from the article. The author of the article failed to track the deposit/withdrawal dynamics that did not uncover any irregularities. A simple block explorer or our public System Monitor would suffice for these purposes”

Additionally, referring to the altcoins being added and removed from the platform, the exchange said that they were honored to work with a diverse range of projects, however, since the crypto sphere was still nascent, there were lapses in their judgment in assessing the integration partners. With the above-mentioned prominent cases, HitBTC also addressed other topics.

@ProofofResearch replied to HitBTC’s blog:

“Is there a reason why you’re unable to tell people us where your Bitcoin storage is at? If what I published is as untrue as you claim it is, then providing a wallet address where your Bitcoin funds are stored will go a long way in *proving that*.”

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