U.S. Markets closed

Lightning Spin, a roulette game built on top of the Lightning Network, has been sold

Jordan Heal

The Lightning Spin roulette game may be less than a year old, but it has seen steady growth in that time. Now Rui Gomes, the creator of the Lightning Network application (Lapp), has announced its sale in a Medium blog post.

Gomes first released Lightning Spin roughly nine months ago as a prototype. Its aim was to bring more awareness to the Lightning Network and how it settles microtransactions.

The Lightning Network is a Layer-2 scaling solution designed to enhance Bitcoin’s transaction throughput. It operates on top of Bitcoin by opening payment channels through which transactions can be routed.

How does Lightning Spin work?

The purpose of Lightning Spin was to help the average person understand how the Lightning Network can facilitate micropayments.

The game is a relatively simple roulette gambling application, and users can designate a fixed amount of satoshis to gamble with.

For example, users could stake 1,000 satoshis with a target of 3x. If their spin is successful, they would be awarded 3,000 satoshis. Fundamentally, it is no different to a roulette game at a casino.

Speaking on the launch of Lightning Spin, Gomes states: “At the time, the Lightning Network was fairly small, with only about 25 BTC (Bitcoin) in network liquidity, and a lot of people didn’t understand the concept of channel balancing, which resulted in hundreds of support requests being generated.

“Still, people kept spinning, learning, and getting their payouts through Lightning.”

Within six months, Lightning Spin became “one of the go-to Lapps where people would try out their new wallets and have fun playing with some sats (satoshis)”.

The app then hit 10,000 settled invoices through the Lightning Network, which is roughly enough to fill three full blocks of Bitcoin transactions.

At the time, Gomes tweeted: “Can you imagine the network behind the world’s soundest money being clogged up for 30 minutes because of a side-project? Lightning is proper scaling.”


The sale

Gomes has decided to sell the app to focus on other projects, namely OpenNode, Lapps.co, and other Lapps he has in the works.

At the time of the sale, the Lightning Spin wheel had been spun 120,000 times by more than 3,300 users.

Upon revealing that he had sold Lightning Spin, many flocked to Gomes asking if he had sold it to the controversial Roger Ver. He tweeted out:

“No, I didn’t sell it to Roger Ver. I declined a lot of better paying offers. I made sure the new owner’s vision is similar to mine. The site will remain Bitcoin and Lightning-only under their ownership.”

Rui Gomes didn't sell Lightning Spin to Roger Ver

While Gomes has revealed that Lightning Spin was sold to somebody who shares a vision similar to his own, he has not disclosed how much the Lapp was sold for.

Interested in reading more Lightning Network-related news? Discover how it reached a network capacity of 1,000 Bitcoin recently.

 

The post Lightning Spin, a roulette game built on top of the Lightning Network, has been sold appeared first on Coin Rivet.

  • Is Sabre (NASDAQ:SABR) A Risky Investment?
    Business
    Simply Wall St.

    Is Sabre (NASDAQ:SABR) A Risky Investment?

    The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' So it might be obvious that you need to consider debt, when you think about how risky any given stock is, because too much debt can sink a company. Generally speaking, debt only becomes a real problem when a company can't easily pay it off, either by raising capital or with its own cash flow. What Is Sabre's Net Debt?

  • Why gold’s ‘strong undercurrent’ has some analysts eyeing $2,000 an ounce
    Business
    MarketWatch

    Why gold’s ‘strong undercurrent’ has some analysts eyeing $2,000 an ounce

    “There has been a strong undercurrent of demand for gold,” said Brien Lundin, editor of Gold Newsletter. December gold futures (GCZ19) rose $3.40, or 0.2%, to settle at $1,531.20 an ounce on Thursday to tally the highest most-active contract settlement since April 2013, according to FactSet data. The record settlement high for futures prices was at roughly $1,891.90 on Aug. 22, 2011, though prices did touch intraday highs near $1,918 around that time.

  • How To Select Growth Stocks: Look For Leaders That Do Not Have A Growing Debt Ratio
    Business
    Investor's Business Daily

    How To Select Growth Stocks: Look For Leaders That Do Not Have A Growing Debt Ratio

    Investors researching growth stocks and building watch lists as the market goes back into a renewed uptrend should be sure to look at a company's long-term debt-to-equity ratio, also referred to as simply the debt ratio. The debt ratio is a fundamental gauge that tracks the balance of a company's long-term debt vs. its shareholders' equity. IBD calculates the ratio by simply dividing a company's long-term debt (bonds that reach maturity more than one year from now) by average shareholders' equity over the past two years, then multiplying by 100 to get a percentage figure.

  • What Should You Know About The Future Of Newcrest Mining Limited's (ASX:NCM)?
    Business
    Simply Wall St.

    What Should You Know About The Future Of Newcrest Mining Limited's (ASX:NCM)?

    Based on Newcrest Mining Limited's (ASX:NCM) earnings update on 30 June 2019, analysts seem fairly confident, with earnings expected to grow by 34% in the upcoming year, though this is noticeably lower than the previous 5-year average earnings growth of 62%. By 2020, we can expect Newcrest Mining's bottom line to reach US$749m, a jump from the current trailing-twelve-month of US$561m. Below is a brief commentary around Newcrest Mining's earnings outlook going forward, which may give you a sense of market sentiment for the company.

  • A gun law case before the US Supreme Court has Americans up in arms
    Finance
    Quartz

    A gun law case before the US Supreme Court has Americans up in arms

    The US Supreme Court will soon consider the right to bear arms, something it hasn't done for nearly a decade. The case in question has pitted New York City against the New York State Pistol and Rifle Association over a law on transporting guns. The twist here is that New York City, and its many legal allies, say the case is actually moot.

  • Argentina Slammed by Double Downgrade at End of Traumatic Week
    Business
    Bloomberg

    Argentina Slammed by Double Downgrade at End of Traumatic Week

    Argentina was downgraded deeper into junk territory by two of the three biggest ratings companies as markets brace for a possible default after the populist opposition won a landslide victory in Sunday's primary election. Fitch Ratings cut Argentina's long-term issuer rating by three notches to CCC from B, putting the South American nation on par with Zambia and the Republic of Congo. S&P lowered the country's sovereign rating to B- from B and slapped a negative outlook on it.

  • Florida Vacation Home Invaded By Dozens of Vomiting Vultures
    U.S.
    Meredith Videos

    Florida Vacation Home Invaded By Dozens of Vomiting Vultures

    A New York couple's luxurious vacation house in Florida has been taken over by dozens of black vultures that are vomiting and defecating everywhere.

  • Better Buy: Aurora Cannabis vs. Cronos Group
    Business
    Motley Fool

    Better Buy: Aurora Cannabis vs. Cronos Group

    Production capacity Aurora Cannabis ranks at the top of the industry when it comes to production capacity. The company is on track to produce at least 625,000 kilograms of cannabis on an annual basis. Aurora isn't there yet, though: It produced around 30,000 kilograms of cannabis for sale in its latest quarter.

  • 3 Dividend Stocks That Should Pay You the Rest of Your Life
    Business
    Motley Fool

    3 Dividend Stocks That Should Pay You the Rest of Your Life

    There's a balance in the dividend space between high yields and dividend sustainability. In the end, it's generally more important to find stocks that can keep paying -- and hopefully increasing -- their dividends than to stretch for high yields that are ephemeral because they are backed by dividends that are likely to get cut. If you want to add a few good dividend names to your portfolio, these three Motley Fool contributors think you'll want to look at biotech Gilead Sciences (NASDAQ: GILD), telecom giant Verizon (NYSE: VZ), and consumer products specialist Procter & Gamble (NYSE: PG).

  • Investors Who Bought International Business Machines (NYSE:IBM) Shares Five Years Ago Are Now Down 30%
    Business
    Simply Wall St.

    Investors Who Bought International Business Machines (NYSE:IBM) Shares Five Years Ago Are Now Down 30%

    Unfortunately the share price momentum is still quite negative, with prices down 11% in thirty days. One imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement. During the five years over which the share price declined, International Business Machines's earnings per share (EPS) dropped by 9.8% each year.

  • 10 Marijuana Stocks Wall Street Thinks Will Double
    Business
    Motley Fool

    10 Marijuana Stocks Wall Street Thinks Will Double

    Here you'll see just how much these 10 marijuana stocks would need to increase to hit Wall Street's consensus price target. MedMen Enterprises: 196% upside You might be surprised to learn that among the dozens of well-known pot stocks to choose from, upscale dispensary operator MedMen Enterprises (OTC: MMNFF) is furthest from Wall Street's price target, which implies an almost tripling in value. MedMen certainly has a knack for normalizing the cannabis buying experience, is set to entrench itself in big markets like California and Florida, and will double its state-based reach when its acquisition of PharmaCann closes.

  • Mark Cuban explains how to make a 16% guaranteed return
    Business
    MarketWatch

    Mark Cuban explains how to make a 16% guaranteed return

    As Mark Cuban, the “Shark Tank” star, billionaire entrepreneur, and NBA franchise owner explains, just pay off your debts. The personal finance site NerdWallet put our revolving credit card balance at $420.22 billion in late 2018. The revolving number is just the credit card debt we carry from month to month.

  • Why San Francisco doesn't care about the stock market
    Business
    Yahoo Finance Video

    Why San Francisco doesn't care about the stock market

    Yahoo Finance's Jen Rogers joins The Final Round from San Francisco to discuss why the biggest tech companies is Silicon Valley don't care about the stock market.

  • After the DowDuPont Split: An Investor’s Guide to the 3 New Companies
    Business
    Motley Fool

    After the DowDuPont Split: An Investor’s Guide to the 3 New Companies

    Let's break it down so investors -- especially those who owned DowDuPont stock and now own shares of all three companies -- know what's in their portfolios. The new Dow: Materially strong Market cap: $33.5 billion Focus: Performance chemicals, chemical additives, packaging While the old Dow and DuPont had many different product lines serving dozens of industries, the portfolios of both have been streamlined, leaving Dow with the bulk of the companies' "performance chemicals" assets. These include a lot of names with which you probably aren't familiar.

  • Why This Oil Stock Believes It Will Be a Big Winner Over the Long Term
    Business
    Motley Fool

    Why This Oil Stock Believes It Will Be a Big Winner Over the Long Term

    About to start up the fourth engine CEO John Hess stated on the call: Our portfolio, which is balanced between our growth engines in Guyana and the Bakken and our cash engines in the deepwater Gulf of Mexico and the Gulf of Thailand, is on track to generate industry-leading cash flow growth. With a portfolio breakeven that is expected to decrease to less than $40 per barrel Brent by 2025. A key driver of our strategy is our position in Guyana.

  • Better Buy: Raytheon vs. United Technologies
    Business
    Motley Fool

    Better Buy: Raytheon vs. United Technologies

    United Technologies and Raytheon Company are set to merge in the first half of 2020, and as always in these situations, there's a temptation to lazily assume their share prices will track each other closely. Taking this approach might be a mistake because, based on the terms of the deal and recent events, it looks like buying Raytheon stock is the better option if you want exposure to the future Raytheon Technologies. Raython's missile defense systems will be added to United Technologies' arsenal.

  • 3 Dividend Stocks Ideal for Retirees
    Business
    Motley Fool

    3 Dividend Stocks Ideal for Retirees

    In an ideal world, retirement would be a period of relaxation and relatively stress-free living. Some individuals find retirement to be more expensive, stressful, or boring than they envisioned during their working years. One way to make retirement a little more enjoyable is to make your nest egg go further than you thought possible -- and one way to do that is by owning stable, blue-chip dividend stocks.

  • How to prevent a fascist takeover: Lessons from the Nazi party’s rise to power
    World
    Quartz

    How to prevent a fascist takeover: Lessons from the Nazi party’s rise to power

    International business scholars are increasingly concerned with the possibility that economic nationalism will lead to deglobalization, reversing decades of economic growth. This has spurred new debates on the potential consequences of economic nationalism and also examinations of the political processes that cause shifts from liberal democracies to more authoritarian governments. Hitler's ascent involves conservative politicians sharing power with an extremist party and being outmanoeuvred.

  • A cord-cutter’s guide to all the big new streaming services
    News
    Quartz

    A cord-cutter’s guide to all the big new streaming services

    We know that four major global media companies are planning to launch streaming services in the near future: WarnerMedia (owner of HBO and Warner Bros. Disney (owner of Marvel, Lucasfilm, and Pixar), Apple (owner of…phones), and NBCUniversal (owner of The Office and lots of other TV shows and movies). Their goal?

  • I Lost $34,000 This Week: Here's What I'm Doing About It
    Business
    Motley Fool

    I Lost $34,000 This Week: Here's What I'm Doing About It

    That's because I have a fundamental understanding that stocks will almost certainly prove to be the best way to grow my wealth over the next two-plus decades, and the only way to attain those returns is to ride out volatility without letting fear take the reins and cause me to sell at the worst time: when my portfolio has lost value. To the contrary, I've taken advantage of these sell-offs and been a buyer over the past month. Moreover, I have measurable evidence that this strategy works.

  • These 16 money wasters are why so many Americans can’t save for retirement
    News
    MarketWatch

    These 16 money wasters are why so many Americans can’t save for retirement

    From the lofty perch of old age, and after a lifetime of thrift, I declare that I am qualified to comment on how not to waste money. We've all heard the reports: Most Americans live paycheck to paycheck, a large number can't come up with $400 for an emergency, and there's no money to save for retirement and other goals. Most of that data comes from surveys where people are, in effect, saying they don't have enough income.

  • Is Marijuana Stock Tilray on the Verge of Collapse?
    Business
    Motley Fool

    Is Marijuana Stock Tilray on the Verge of Collapse?

    Vertical Group analyst Gordon Johnson thinks Tilray's second-quarter report was "an unmitigated disaster." Soaring costs resulted in a net loss of $35 million, or $0.36 per share, for the Canadian cannabis company. Worse still, Johnson expects Tilray's operations to burn through $117 million in cash in 2019 and $192 million in 2020. In turn, Johnson argues that Tilray should be valued based on its book value, or the value of its assets minus its liabilities.

  • 4 Industry Leaders With Ultra-High Dividends
    Business
    Motley Fool

    4 Industry Leaders With Ultra-High Dividends

    With long-term bond yields at historically low levels, conservative investors may be looking to high-dividend stocks in order to get the returns they seek. For those looking for high dividends in a low-interest world, here are four market leaders that not only are household names but also sport dividend yields north of 4% and look to be safe bets to make good on those payments long term. AT&T (NYSE: T) is currently the second-largest U.S. mobile telecom service provider next to rival Verizon. Both AT&T and Verizon have large recurring subscriber bases and are currently investing heavily in the next-generation wireless communications: 5G.

  • Business
    Bloomberg

    Tesla Relaunches Solar-Panel Business With No-Contract Rentals

    The Palo Alto, California-based company is now offering no-contract solar-panel packages as part of a relaunch announced in a series of tweets early Sunday by Chief Executive Officer Elon Musk. “With the new lower Tesla pricing, it's like having a money printer on your roof,” Musk said in a tweet to prospective customers who live in states with high electricity costs. The relaunch comes less than a month after Tesla reported its third consecutive quarterly decline in solar installations, and less than three years after it bought longtime rooftop king SolarCity Corp. for $2.6 billion.

  • Some Pareteum (NASDAQ:TEUM) Shareholders Have Taken A Painful 87% Share Price Drop
    Business
    Simply Wall St.

    Some Pareteum (NASDAQ:TEUM) Shareholders Have Taken A Painful 87% Share Price Drop

    Imagine if you held Pareteum Corporation (NASDAQ:TEUM) for half a decade as the share price tanked 87%. This could be related to the recent financial results - you can catch up on the most recent data by reading our company report. Given that Pareteum didn't make a profit in the last twelve months, we'll focus on revenue growth to form a quick view of its business development.