Re: The ridiculous complexity of the Lightning Network
Posted: Sat Apr 14, 2018 7:10 am
shyrwall wrote:shyrwall wrote:People are currently mining on your pool. After getting rewards in lets say LTC they can choose to be paid in Bitcoin instead. Right here you are a currency exchange and a transmitter. You are accepting deposits between you and exchanges since you somehow exchange these coins. And then you are transmitting them to people.
If you think you would require a license to run a Lightning node you would certainly need it for what you are doing already..
As per FinCEN , "any business that exchanges fiat currency for bitcoins – or even one kind of digital currency for another – is a money transmitter."
So your pool. If run in the U.S is currently illegal unless you stop offering to exchange coin A to coin B.
I think you're mistaken. There is no "deposit" button anywhere on the site. We currently rent hashrate from miners and pay them for their hashrate, and there are several agency papers stating that the rental of computing services is not money transmission. If we started accepting deposits of money like a Lightning node does, however, that would indeed introduce the necessity of licensing, which is why we aren't doing that.