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The TRUTH About The Lightning Network Will SHOCK You
The Lightning Network was expected in 18 months, although it took seven years before the first extensive trial with El Salvador. A fiasco with the enforcement and promotion of custodian wallets making little difference for the population.
LN contains various fatal technical flaws and centralization concerns limiting its use for low amounts.
David Shares tracks chronologically Lightning Network vulnerabilities, exploits, and critiques since 2015 at GitHub.
Blockstream planted LN to keep a part of the Bitcoin community, hoping that one day Bitcoin could reach global adoption. Those who understood what was going on either upgraded the network with Bitcoin Cash or created other projects.
Competition is fine as long as there’s a clear purpose. Bitcoin was on its way to disrupting the legacy financial system and promoting self-ownership and a money system for billions of people. True economic freedom.
It has been eight lonely years already for Lightning and it is still not ready, still not capable or reliable.
The low block size of layer 1 is detrimental to LN’s success.
It was not the scaling solution the Bitcoin community expected. Questions arise again regarding the block size increase, but that will translate to accepting defeat. Thus, it will never happen. The Bitcoin developers are popping champagnes as fees rise.
We are in a race, but the LN illusion supports only one agenda: CBDCs.
CBDCs will dominate with authoritarian financial force.
We can only envision a bleak future with this financial tool.
It’s pointless to create a payment channel for the sole purpose of sending an off-chain transaction, since it requires an on-chain transaction to open the channel (and another one to close). You might as well just send an on-chain transaction instead; you don’t need the LN.
As WikiLeaks (in 2010) discovered the loophole Bitcoin opened up in an authoritarian financial establishment, a co-opt should have been expected.
It did not take long for the community to realize the vast disruptive potential of Bitcoin. Although, it took too long to realize such an attempt would find concentrated opposition from the legacy establishment.
LN was not just a bad idea, but one used to support the stagnation of Bitcoin’s blockchain. A bait to prevent Bitcoin from achieving global adoption.
Cover Picture: (background) by kummod on Pixabay, modified with more Pixabay images
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