2 Original Infographics: BTC Lightning Network & Why BCH
2 Original Infographics: BTC Lightning Network & Why BCH
Today I bring you an in-depth Infographic on how the Lightning Network sucks.
We mostly all know the LN has real issues, and some of us go deeper than others to discover that in no way is it a good thing, as it centralizes, it is riddled with bugs, it presents HIGH-RISKS for anyone using it, and...
...surprise, surprise...
Has insane transfer fees!
Well, fortunately for me, there is a huge community of people who know LN sucks, and as such, they register every discovery by date - and believe me, there's a lot of dirt in this system.
As I was feeling artistic, I designed an easy-to-read Infographic on the issue, using the GitHub Community details hosted and curated by @DavidShares , and also inserting some stuff myself.
You can analyze the original curation of issues here: https://github.com/davidshares/lightning-network
Finally, this is a community effort, so if you want to submit more evidence on how the Lightning Network sucks, you can always submit it here.
The Infographic: Bugs and Problems with BTC's Lightning Network
So, above you can find the infographic I designed, with multiple reasons why BTC's Lightning Network sucks.
You can find a lot of interesting sources backing up these facts in several different places.
There's a user named @JonaldFyookball on Medium that voiced my biggest concerns at the time, explaining in a straightforward way the reasons that make LN a Centralized Scaling Solution.
You can read it here: Mathematical Proof That the Lightning Network Cannot Be a Decentralized Bitcoin Scaling Solution.
Also, if you want to see how just recently a guy on Twitter who was supporting LN downloaded a ton of wallets and couldn't put any to work, click here - it's so bad, it's funny.
A BTC Themed Infographic is Nice: But a BCH Infographic Can Be Better!
So, above I created an infographic comparing both the BTC and the BCH blockchains on the five core things that matter the most - Reliability, Ease of Use, Use-Cases, Merchant Adoption, and Transaction Fees.
These data points were well justified in my post:
The ULTIMATE Whitepaper on Why BCH is Bitcoin: 14 Reasons BTC is An Alt!
If you didn't read this article of mine yet, you should definitely give it a read, as I prove once and for all Bitcoin Cash is the true Bitcoin and BTC is an alt that plays a part in crypto, but shouldn't be called Bitcoin.
I Read This Tweet and Had to Reply:
Finally, I must address a tweet that is just ridiculous.
I prepared a tweet to reply to it, but I soon ran out of characters as I couldn't find a quick way to reply without insulting this guy's intelligence.
So, this Corbin guy says people are priced out from using Bitcoin as it is just for the rich folk because the fees are too high so poor people can't use it as p2p electronic cash as it is intended... BUT he says this as if it is a good thing.
Not only that, but he also says this implying that rich people use BTC to transfer and as a p2p means of exchange because the system is superior or something.
Newsflash - Rich people aren't going to pay more for a transaction than they can, that's why they are rich, they aren't dumb!
If people can't use your blockchain, and it has no use cases, it isn't a good sign. But Corbin seems to think being isolated from the real world gives him status rather than condemnation to become obsolete.
Now, imagine explaining this to him in a tweet... yeah, not easy with the char limitations.
In Conclusion:
So, in conclusion, I created two infographics you can use and share around, you can save them and distribute them at ease.
Finally, I just want to leave you with a tweet about BTC I loved:
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Forget about the opening and closing fees in the channels, and all the technical issues that LN has, forget the fact that if you don't want to pay transaction fees you must use custodian services, but the routing fees are going up too, last time when I dump my BTC for BCH I had to paid over $3 to move only 0.015. I tried to complain about it and I was told that was a large amount and that for using LN I should pay a premium. LN and BTC supporters tell you to use LN to save on fees but routing fees are also going up because node operators want more money for their trap liquidity, so pretty much Bitcoin Core has become a extracting fees scheme.