Topic: Will the Lightning Network Solve Bitcoin's Latency Issues (Read 136 times)

sounds like you are promoting something but have not personally used it.
have you set yourself up. if so
how many channels did YOU open
how much funding did you put in per channel
how much did you set aside for yourself and how much did you set to be used to route others payment.

when making a paymnt to a end node you never had any prior contact with. how easy was it to get it route to.

ima guessing your reply will be you havnt used it but you heard its good and getting better

Unless the network is no longer operational. After all, it is already working and due to this the speed of transactions has increased, and Commission prices have decreased.

that article is only under the premiss of cheap fee's

but actually using LN. you will find that first of all you ned to set up a channel with someone else. (joint bank account) and hope that other peron also has a joint bank account with someone else. and they have a joint bank account with someone else .. and so on until it reaches pizza hut.
(hop model) it also means that all those people have to be online and have funds in each hops account to hot potato your request to buy pizza
costing you a few millisats per hop.
EG if it requires 20 hops to get to pizza hut thats 20x minimum fee to make a payment.

however the reality is a HUB model. where by people make a joint bank account with local pizza hut branch (yes pizza hut become bank2.0 branch(hub)) where they co sign your funds
and you selectively also have joint accounts with other regular retailers where you channel with your local walmart branch (walmart becomes a bank2.0 branch(hub))
thus costing you 1x minimum fee instead of 20+ to buy pizza from pizzahut or walmart

the hop model latency can have delays. people offline. needing to find route via other joint accounts(channels) and then they seeing and accepting to use their funds for your payment to route. so its not as fast as a NFC contactless debit card payment

the hub model can be faster but the drawback is that by using LN in general you need to pre plan your spending habits and input enough funding to cover your expected utility plus a extra reserve to use for penalties, fee's and also some to be set as a rserve for others to use as a route. as many participants wont connect to you if your unwilling to act as a route for them. thus it costs you time and preparation and funds to set it all up

at the moment LN devs are only caring and testing that connections can be established. they have yet to run real life scenarios about the limitations of utility and the headach of setting up and regularly find the channels.

LN is not a near instant limitless utopia.

i see LN as a background arbitrage system for exchanges. a ebay merchant account.. a google adsense micropayment service with ongoing loyal websites... but not so much a service catered to random payments to different people at differnt times

LN has got limitations. as people will learn if they actually ran scenarios

Saw this article today regarding the Lightning Network development, which I have been following, and thought it was good read

https://www.coindesk.com/bitcoin-lightning-payments-slowly-becoming-less-reckless/

"In short, lightning promises to bring bitcoin back to the days when it could be used to buy a pizza."

A lot of people are hoping this patch will be a silver bullet.  I'm not buying it.

What are your thoughts on the Lightning Network and BTC?  Do you think it will solve the latency problems of BTC (Blockchain in general)?