Topic: Bitcoin A global and free currency through the Lightning network. (Read 144 times)

BS

1. to use LN you have to lock up any value on whatever chain you use (LN doesnt care about bitcoin, it can work on many networks, AKA its not a unique feature only offered to bitcoin)

2. this lock is not just with yourself. but with a third party.. yep you have to agree with a multisig partner to form a 'channel' before you even begin..
meaning you are reliant on a middle man to authorise payments, and yep they can refuse to make payments by not signing any requests you make.

3. even if YOUR partner agree's.. THEIR partner along the route also has to agree with the 'route' path payment going through them. and then THEIR partner has to agree..  yep more middlemen

4. LN does not fulfil any blockchain security. LN has no blockchain.
EG the 'accounting'. there is not a network wide audit that accounts for everyones value. its private promises between partners. promises that can be broken.
EG you can make channels without a confirmed locked value. just by having a private promise between the two of you. this is a scheme to 'create' more msat balance than the amount that msats are supposedly pegged to their on chain asset equivalent peg
meaning 'liquidity' can be falsified, and value can be double-spent

5. with LN for a payment to work you need to find and establish a path of middlemen to:
   a. all be online,
   b. have balance available in each of them to play pass the parcel of value through them
   c. be willing to play pass the parcel
   d. the destination also needs to be online to acknowledge payment request and again payment receipt


WILL YOU PLEASE STOP TRYING TO SELL A UTOPIAN DREAM TO SCAM PEOPLE INTO A FALSE NARRATIVE
if you want to advertise an alternative network. atleast be honest about the features, benefits, AND THE FLAWS.


but bitcoin(the real bitcoin network, not this false LN network of pretend bitcoin) does not need all this middleman crap. you can send funds to a destination even if they are offline and without needing their consent to receive

Interesting article, thanks for sharing. Although we keep discussing that how lightening network could ease the process of sending money which is almost instantaneous and borderless then also there are few roadblocks! The process still seeks for inter and intranet to send over the money and get confirmation within nodes.

Peeps keep saying it does not matter in which country are they, where they reside etc, we can send over the money easily. True, that can be done with SWIFT too, the real question is when we will have offline nodes?

For example, send the money over cellular network, get the nodes generated offline, and once whenever connected to the network the transactions could be synch and master node formed.

This is what they do with the VISA and MasterCard actually. They rely on the third party services who will clear the payments in real time in fraction of seconds and then synch the data with former companies.

I just see it as another network in crypto space with same limitations as using bitcoin or eth or any coin.

There are pros and cons using lightning network and a lot of this is being descused in this thread:

The Lightning Network FAQ

Many specialists that know every inch of this technology watch this thread so if anyone have any question its the best place to find good answer.

For people who are not related to the subject, this technology called Lightning Network is basically a decentralized network for instant micropayments and high volume of transactions that eliminates the risk of delegating the custody of funds to trusted third parties, achieving its objective, which is that payments are free.


I know that it fulfills the same function that blockchain technology applies, but the difference is that with blockchain, the transmission and validation of these transactions is slow and expensive due to the intrinsic limitations of these networks.
Image: https://masterethereum.com/lightning-network-master-blockcain-online

I want to emphasize that the purpose of all this is not only free payments but also between people. Making it possible for anyone to send money to any country, no matter where they are, giving an example, entities such as the same way to send an email, with that ease, since currently everyone knows how to send an email being so easy and fast. . But in order for them to do this, interoperability is being worked on (it is the ability of a digital financial services account to carry out the type of necessary transactions in which two or more providers participate). Since local money does not qualify for this approach since they are nationals and cannot operate abroad, BTC is the best option considering that all of this would be easier if everyone used it.
Information Extracted from: https://journaltime.org/finance/corporate-finance/the-world-needs-bitcoin-a-global-and-free-currency-says-a-specialist-at-mit/