All things considered, was Lightning Network a good thing?

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Quote from: ?? on ??

When will LN be out of beta?

TIA

considering bitcoin implementations such as bitcoin core are not yet out of beta! LN will probably not come out of beta for many years either. but that doesn't mean much in this space though. all we need is a stable version with bugs solved and more importantly with a user friendly interface where regular people can use with least amount of hassle. then you'll see a big surge in its usage even if it still remains in beta.

Quote from: mindrust on January 12, 2019, 01:16:28 AM

Probably never. Bitcoin itself is still in beta. Actually no crypto currency has left its beta stage yet. If they say otherwise then they are lying.
There will always be another bug to be fixed,

there is always going to be bugs with any application but that is not the determining factor about being in beta stage or not! for example my Firefox is currently telling me I have to upgrade to 64.0.2 and they have fixed a bunch of bugs. that doesn't mean Firefox is in beta!
and lets not confuse implementations of bitcoin (bitcoin core) being in beta with bitcoin itself being in beta.

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Quote from: ?? on ??

When will LN be out of beta?

TIA

Probably never. Bitcoin itself is still in beta. Actually no crypto currency has left its beta stage yet. If they say otherwise then they are lying.

There will always be another bug to be fixed, another feature to be improved so leaving the beta is very unlikely. What you need to ask is "When will we have a user friendly GUI?"

I would say it is probably 1-2 years away.

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Quote from: reactorjuno on January 07, 2019, 04:08:51 AM

While Bitcoin cash was increasing the size of the blocks, Bitcoin was adopting Lightning Network to help decrease transaction fees.
So how would you rate the adoption of LN? Is it a success?

Tbh I haven't used or have plans to use LN in the future, as the fees on the network per se is at a pretty good condition with rough fluctuations every so often which is fine IMO as long as it does not stay too high every time. LN isn't even out of beta yet, so adoption from users is out of the question and only a handful have the chance to test the waters and its wonders.

Quote from: reactorjuno on January 07, 2019, 04:08:51 AM

Do you think the more LN grows and the more likely Bitcoin will return to a good price? Right now, transaction fees are probably at their lowest since 2011.

I could be wrong but I don't see a side-chain service/implementaion has the potential to help the price get a stable footing or get to a higher level than where it is right now. Low fees = high price, and wouldn't be a case even if LN proved to be a success.

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Quote from: reactorjuno on January 07, 2019, 04:08:51 AM

While Bitcoin cash was increasing the size of the blocks, Bitcoin was adopting Lightning Network to help decrease transaction fees.

very simplistic way of looking things.
the fact is bitcoincash was increasing the "max" limit of block size while having near empty blocks because of lack of its usability. in other words a pointless change.
meanwhile bitcoin was increasing the max limit of block size with a soft fork which increased the capacity of blocks and helped with scaling and a little with decreasing the fees. LN is not even in the picture yet, it is more like a futuristic plan since it is being worked on and the bugs are being fixed.

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So how would you rate the adoption of LN? Is it a success?

it is too soon to say but so far it has been growing well enough.

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Do you think the more LN grows and the more likely Bitcoin will return to a good price?

anything that can help adoption is also going to help with the price rise. and LN can help with adoption a lot.

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Right now, transaction fees are probably at their lowest since 2011.

no they are as low as 2017 before the spam attack started and then they came down again near the end of 2017 and whole 2018 (90% or more of it at least) they were low.

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Quote from: NeuroticFish on January 07, 2019, 05:10:31 AM

Quote from: reactorjuno on January 07, 2019, 04:08:51 AM

So how would you rate the adoption of LN? Is it a success?

Let's start with the start: is LN officially out of beta yet? If not, why would we be so concerned yet about its adoption?
As soon as it's certified safe and out of beta, the adoption rate may change. Then we have to see for the truth. Until then the numbers (although showing impressive growth) can be misleading (I don't know how many of the nodes are actually big).

And as @mocacinno also said, LN is not primarily about fees.
From my point of view LN is about "lightning" quick transactions. It's about making Bitcoin suitable for buying a coffee or your groceries. And having that in mind, we are still rather far from achieving the targets.

LN isn't out of beta. The UI is still complicated for the average Joes. I think they intentionally leave it that way because the LN devs still don't want full adoption on LN, yet.

There are still many unsolved problems. Before they find "good enough" solutions for those problems, LN won't go mainstream.

Let's face it, majority here don't like to use console commands. They wan't a nice clear UI.

Was LN a good thing? Yes. Even If it doesn't work the way we wanted it to, at least we can say "We tried."

It is not even just Bitcoin which works on the 2nd layer solutions. XLM and ETH is working on 2nd layer too. We need a working second layer. This is very clear.

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Quote from: reactorjuno on January 07, 2019, 04:08:51 AM

So how would you rate the adoption of LN? Is it a success?

Let's start with the start: is LN officially out of beta yet? If not, why would we be so concerned yet about its adoption?
As soon as it's certified safe and out of beta, the adoption rate may change. Then we have to see for the truth. Until then the numbers (although showing impressive growth) can be misleading (I don't know how many of the nodes are actually big).

And as @mocacinno also said, LN is not primarily about fees.
From my point of view LN is about "lightning" quick transactions. It's about making Bitcoin suitable for buying a coffee or your groceries. And having that in mind, we are still rather far from achieving the targets.

mocacinno

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Quote from: reactorjuno on January 07, 2019, 04:08:51 AM

While Bitcoin cash was increasing the size of the blocks, Bitcoin was adopting Lightning Network to help decrease transaction fees.
So how would you rate the adoption of LN? Is it a success?

Do you think the more LN grows and the more likely Bitcoin will return to a good price? Right now, transaction fees are probably at their lowest since 2011.

Any constructive opinion welcome.

I don't think the fact that LN adoption isn't that high at the moment has little or nothing to do with the low price... You said it yourself: the fees are really low atm, so at this point in time, there is little incentive to use the LN to cheap out on transaction fees/get included in a block fast.

At times of an average fee of 400 sat/byte, i guess the LN adoption might increase, and at that point, the LN might have a positive influence on the price, but not at this point in time.

The lightning network has other benefits tough... It's not only a layer to cheap out on fees...

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While Bitcoin cash was increasing the size of the blocks, Bitcoin was adopting Lightning Network to help decrease transaction fees.
So how would you rate the adoption of LN? Is it a success?

Do you think the more LN grows and the more likely Bitcoin will return to a good price? Right now, transaction fees are probably at their lowest since 2011.

Any constructive opinion welcome.

Topic: All things considered, was Lightning Network a good thing? (Read 277 times)