@OldBastard
more from that month
Coin Bureau Video On The Lightning Network Link to the video: https://www.youtube.com/watch?v=J3cQNpOR_a0 . This is a pretty long video, and kinda boring, (I drifted off a few times whilst watching it), but it is interesting to see what BCH's "competitors" are up to. IMHO the key point is that The Lightning Network may become highly centralized, and in Guy's words, "...... not that much different than banks". (At about 19:45 minutes through the video, if you want to jump to it.) Okay, then what's the point? Wouldn't BTC just become basically a CBDC at that point? I don't understand lots, (most), of what Guy talked about, but for those of you that do, is The Lightening Network another subversion of the original bitcoin vision, or is it truly a viable solution to BTC's scalability problem? P.S. - as long as you're on TruthTube, you may as well check out another Coin Bureau video on the fastest cryptos, https://www.youtube.com/watch?v=1jzpL27SOak&t=1165s , or this video on Guy's opinion on the best websites to use to buy crypto, https://www.youtube.com/watch?v=uxv5UEoISd8&t=965s .
3 comments
The Lignting Network is a flawed model for numerous reasons. Several off the top of my head. See Peter Rizuns (a developer from Bitcoin Unlimited gives a critical appraisal https://medium.com/@peter_r/understanding-the-cost-of-trapped-liquidity-in-the-lightning-network-part-1-7179a24d5791 1. The routing problem, which is a maths problem has never been solved. 2. You have to be online to receive funds. 3. You may be unable to transact during periods of high fees on Bitcoin or any of your connecting partners have insufficient funds to forward your transaction on. 4. Your transaction partners can game the network against you. (see Rizun article) 5. You need to fund your wallet before you can receive funds. I believe these problems are solved by centralised operators who provide liquidity and custodial wallets, so back to a banking model.
Excellent! Thank you for this analysis. I believe Lightning Network is just a "backdoor" to bring centralization to bitcoin. As such, the BTC maximalists really are betraying the future of crypto. Shame on them!
Indeed