the requirement of a counterparty (co-signer) = no longer independant
(imagine difference between having your own bank account vs a joint bank account with your wife) = independance lost
its not peer2peer, its middle-men managed
hop model fails(only needing 1-2 channels). only hub/spoke model will work(nodes with large amount of channels). right now there are 1600 nodes. some nodes have well over 160 chennels =10% of control/co-signing authority
(imagine a hub(node with large amount of channels) as a local bank branch manager. it needs their authorisation(multisig signature) to make payment and they have facilities such as chargeback(CSV revokes) and 3-5day settlement(CLTV))
LN is just banking 2.0. each hub will be bank branches of hundreds of account holders(channel counterparties)
remember if a channel route limits its daily reserve for routing or runs out of funds your payment will not get authorised to be routed.
(meaning close your account(channel) wait 3-5 days for settlement(CLTV) then reopen a new account with another bank banch(hub))
LN is not an unlimited restrictionless system it was promoted as
read beyond the glossy padded fiction of reddit
Topic: Bitcoin become centralized with Lightning Network ? - page 2. (Read 339 times)
I hear a lot of comments claiming that this last days, is that right ?
I don't know what you heard but all of then are fake and shit if they said it is going to be centralized and blah blah blah. If yes, can you provide more infos ?
I have a lot of information, everything in one place for you : https://www.reddit.com/r/Bitcoin/comments/7pwna9/lightning_network_megathread/
No,it's not. In lightning network bitcoin is still decentralized because you don't need to trust or even know your counterparty. The network is comprised of user-generated channel that sent payment back and forth in secure and trust-less fashion. It will enabling fast and cheap transactions which can net settle to the bitcoin blockchain. It is dependent upon the underlying technology of the boockchain.
No, the nodes are operated by independent parties. I would think that due to the nodes being run by regular individuals that people wouldn't be able to centralize, and then further corruput the system. And while this link on the subject I found isn't directly related to bitcoin, it does still show what the case is like on the LN for ALL coins - https://www.reddit.com/r/vertcoin/comments/7sirre/isnt_lightning_network_centralized_if_so_isnt/
Check it out, the people on here seem to know it well.
Check it out, the people on here seem to know it well.
Hi,
I hear a lot of comments claiming that this last days, is that right ?
If yes, can you provide more infos ?
Thank you
I hear a lot of comments claiming that this last days, is that right ?
If yes, can you provide more infos ?
Thank you
No, you are just looking for crappy information.
The lightning network does not mean that bitcoin will be centralized, the nodes are connected, it doesn't mean that we are gonna have a "centralized" blockchain just like many people is saying..
How the nodes will be connected ? Do that will not come with security issues ?
Hi,
I hear a lot of comments claiming that this last days, is that right ?
If yes, can you provide more infos ?
Thank you
I hear a lot of comments claiming that this last days, is that right ?
If yes, can you provide more infos ?
Thank you
No, you are just looking for crappy information.
The lightning network does not mean that bitcoin will be centralized, the nodes are connected, it doesn't mean that we are gonna have a "centralized" blockchain just like many people is saying..
Hi,
I hear a lot of comments claiming that this last days, is that right ?
If yes, can you provide more infos ?
Thank you
I hear a lot of comments claiming that this last days, is that right ?
If yes, can you provide more infos ?
Thank you
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