• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
Bitcoinist.com
No Result
View All Result
Bitcoin Lightning Torch #2 Has Been Stolen 4 Times Already
Nexo

Bitcoin Lightning Torch #2 Has Been Stolen 4 Times Already

Ricardo Martinez by Ricardo Martinez
2 years ago
in Bitcoin, News, News teaser
0

The second iteration of the famous Bitcoin Lightning Torch has not been as successful as its first go-around last year. In just 8 days, the torch has already been stolen 4 times by dishonest participants.


Your Bitcoin can easily be taken if you send it to a thief

Bitcoin’s second Lightning Torch has been stolen 4 times by various pseudonymous Twitter members with an interest in Bitcoin. The Lightning Torch is a game where a participant sends a Lightning Network transaction to other participants around the globe. The participant then adds some Satoshis to the original transaction amount and passes it on to another participant. The game was originally devised as a way to test Lightning Network viability and channel transaction limits.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

#LNTrustChain2 is fast becoming a meme with all these thefts. It's clear that a lot of people are following it with intent to steal.
Can it redeem itself? Maybe, if torch bearers adapt their trust model to this new situation?@Crypto49ers is waiting for invoices for 1.44M sats. https://t.co/pwShay03FX

— hodlonaut🌮⚡🔑 (@hodlonaut) January 27, 2020

This time around, the torch has been stolen by less trustworthy participants several times. In order to keep it going, the participants who passed it to the thieves have replaced the funds out of their own pockets, and then resent it to another more trustworthy participant. This theft has almost achieved meme status, as Hodlonaut points out, with the subsequent thefts almost certainly being copycats.

The thefts do highlight the weakness of trust-based systems, and the short-comings of using a trust-minimized technology like Bitcoin in a manner which still requires trust in a third-party. The community of Lightning Network enthusiasts spoke out against the thieves and thanked the participants who replaced the stolen funds out of pocket, in various posts within the thread. 

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

The #LNTrustChain2 torch just got stolen for the fourth time… And for the fourth time the person that sent to the thief has decided to keep it going out of his own pocket. Big ❤️ to @Crypto49ers
The torch is hard to extinguish, but more due diligence is needed on recipients. https://t.co/3ry3341NbU

— hodlonaut🌮⚡🔑 (@hodlonaut) January 27, 2020

The first Lightning Torch attracted a lot of attention

The first time around, the Lightning Torch attracted a lot of attention. Many well-known Bitcoiners participated, including Jack Dorsey, the founder of Twitter and Square, along with Miss Universe Rosa-MariaRyyti, Andreas Antonopoulos, and many other well known Bitcoiners.

The first Lightning Torch was passed around without any incidents of theft, and the money collected was donated to Venezuela, which is currently suffering a hyper-inflationary collapse of the nation’s currency, the Bolivar.

In the first Lightning Torch event, participants each added 10,000 Satoshis, before passing the lightning torch to another participant. Over 5 million Satoshis were raised and donated by the end of the event.

In one of the more symbolic moments of the first Lighnting Torch, an Iranian Bitcoiner passed the torch along to an Israeli Bitcoiner in a gesture of peace. This particular transaction came at a moment when both nations were in the headlines due to political turmoil.

The recent issues with theft for the second Lightning Torch have made some Bitcoiners reconsider if the novelty of the experiment has worn off already. Even though the theft itself is a negative event surrounding the second Lightning Torch, some die-hard Bitcoiners still see it as bullish for Bitcoin that people are trying to runoff with the balance.

What do you think about the Lightning Torch being stolen four times? Let us know in the comments!


Images via Shutterstock, Twitter @Hodlonaut

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Ricardo Martinez

Ricardo Martinez

Related Posts

Microstrategy

MicroStrategy Stock Rallies 10% As CEO Saylor Predicts Bitcoin Will ‘Go Into The Millions’

39 mins ago
CoinCorner's the Bolt Card, promotional image

The UK Goes Lightning: CoinCorner Offers The Bolt Card, Contactless BTC Payments

6 hours ago
Argentina

Argentina NGO Spearheads Mission To Educate High Schoolers About Crypto

24 hours ago
Shiba Inu

Shiba Inu Extinction: Finder Panel Predicts SHIB To Have Zero Value By 2030

1 day ago
Russia

Russia To Legalize Cryptocurrency As Form Of Payment, Minister Says

1 day ago
Bitcoin

Bitcoin Open Interest Nosedives, But All Hope Is Not Lost

2 days ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.