reddit: I have studied Lightning Network & how it works in depth - How can anyone in right mind believe in this bullshit

[nandibear]

I have studied the Lightning Network and how it works in depth. How can anyone in right mind believe in this bullshit? by Roxopunk at reddit

I’m not entirely sure how many users actually read the documentation and information available regarding how the system is supposed to operate, apparently not many because otherwise Bitcoin would be valued at close to zero by now. After doing so I’m left to wonder what happened to very basic common sense.

It is scary to think that a group of extremely intelligent and capable people conceived such a thing. I mean, Lightning Network to scale the blockchain and facilitate transactions. That’s it? I mean don’t they understand the concept of decentralization themselves and what Bitcoin was supposed to be and most importantly, how it was supposed to work to begin with? Peer to peer electronic cash. Not a routing system of hubs in essence.

Don’t you think that overall, the proper maintenance of a wallet and securing it, transacting with it and using it on a day to day basis is already complex enough to the point the vast majority of laymen will never even understand it let alone give it a go?

I’m not even getting technical or discussing how many breaches there are in LN as a concept or how inefficient of a solution it is in the grand scheme of things, nor comparing it to what the white paper proposed at start. The Lighting Network is on par with the worst possible solutions any developer or cypherpunk who fights against banking could possibly conceive.

Why add another degree of complexity to a system that practically nobody in this planet understands? BTC is steering further away from mass adoption every single day and I don’t think there’s turning back at this point.

Thank god Bitcoin Cash exists.

145 comments so far..

[CryptoBlackHat]

We've been hearing about BTC's "solutions" to the scaling problem for years now. But as the plans and conversations about possible future solutions (such as the still-incomplete Lightning Network) continue, the network gets more and more overloaded.

The tipping point for me was during the past few months when average fees even for a small transaction started exceeding the fees that I'd normally pay for an international bank transfer. I'm really surprised that BTC still has such strong network effects that it's continued to maintain the top position, despite now being totally useless for day-to-day transactions.

How long will it take of BTC being useless for such transactions before people feel enough pressure to move to other popular coins such as BCH, ETH, or LTC? Personally I'm using these for all my inter-exchange transactions now, because I simply don't want to lose all my money in transaction fees.

[MintDice]

While the lightning network is definitely flawed in it's approach by favoring larger entities by its very design, every design option ultimately comes with trade offs. It's up to users to decide which trade offs have the best features. If there were a clearly perfect solution it would be somewhat easier for the market to decide. Meanwhile, despite lightnings many shortcomings, to say it offers zero value to the community as a plausible scaling solution is not a correct way of thinking either.

[CryptoBlackHat]

despite lightnings many shortcomings, to say it offers zero value to the community as a plausible scaling solution is not a correct way of thinking either.

I agree that it's not right to discount the value of the technology entirely. But even if there is intrinsic merit in a scaling solution, it needs to be both sufficient to solve a reasonable percentage of scaling issues, and also available at the right time to solve these. Otherwise it'll only ever be a niche product, and not actually solve anything on a larger scale.

My concern with Lighting Network is that it won't be ready in time (i.e. by the time it's ready the scaling issue will be even worse and BTC will lose its market share), and that even if it is ready in time the very nature of the "solution" might dissuade enough people from using it for the overall problem to be solved.

[OneChain]

Well, it is a banker settlement coin for this exact reason. LN is unsafe, I would never use it.