Lightning Network - Could lightning network be the fix for Bitcoin BTC scaling problems?

InWay777

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The Bitcoin BTC blockchain has continued to receive a huge barrage of criticism owing to the architecture of the layer 1 network and its proof-of-work consensus model which makes it inefficient in terms of Transaction speed and cost.

Bitcoin mining, which is the popular lingo for describing how transaction validation is carried out, has even been banned in some nations due to its enormous energy consumption and carbon emission… all of which poses a threat to main scale adoption of the network for transaction processing.

In solving this scalability challenge, the Lightning Network which is a “second-layer solution” was built separately on top of the Bitcoin network, but still interacts with it… and by skirting the main Bitcoin blockchain, it helps to speed up transaction process while reducing cost

Let's talk about Lightning Network. Could it be a solution to fix Bitcoin scaling problems while LN has a lot of bugs and huge design flaws? You can fix bugs, but you can't fix design flaws.

For a recent example look at the Luna network. The code worked just fine, but it had a design flaw that caused people to lose over 99% of their money in a matter of hours.

There were engineers that warned them about this design flaw, but they chose to ignore it.

The lightning network is basically a hyper-complicated Rube Goldberg machine designed to fool non-engineers.
 
Even if it can fix this scalability problem (it can't) it is now impossible to fix the attitude of "never spend Bitcoin blah blah blah" when the community is 95% full of people who have no interest in peer to peer money at all.
These newcomers who only came around all time highs in 2017, and even more in 2021 now have the loudest voice and this attitude of never using it as money is spreading faster.
Friend of mine have an LN payment option on this website, but barely anybody uses it and soon this payment option will be removed completely, just like Steam, Microsoft, Stripe and others did.. With current BTC narrative about "never spend" it has no future

..if you want to make your BTC or any other coin value first make an effort to get people spending it and use it
 
Even if it can fix this scalability problem (it can't) it is now impossible to fix the attitude of "never spend Bitcoin blah blah blah" when the community is 95% full of people who have no interest in peer to peer money at all.

Spending money is not a problem 99% of the world has. And the solutions that have achieved that can be easily replicated with crypto. There is no reason we won't be bale to simply select BTC over dollars in the checkout lane when we swipe our credit or debit cards, or use apple pay, venmo, paypal or anything else we currently use. There is zero practical reason it needs to be a dramatically different process for crypto.

I predict LN will never grow in adoption significantly because it is overengineered and overcomplicated for the very few use cases it makes sense for. There are simpler nad more elegant solutions.
 
Lightning network is not bitcoin. It is separate layer that is formed by freezing BTC in blockchain for a certain period of time, thus it's equal in price.

The layer itself has insane amount of LN pitfalls. Nodes need actively watch for other party not to commit fraudulent closes. Unless you own your lightning network node that is up, running with internet access 100% time, you need to trust the node you are using to keep your money safe. That is not trust-less money bitcoin was offering initially.

I mean yeah, you can made it trustless I guess by owning a node, but that's much more than a regular user would do. So we are basically scamming users into trusting some other parties, saying DYOR and giving them link to most popular LN wallets.

And yeah, LN can also be used to make bank-like schemes. Look at Chivo wallet - they have huge userbase and they "transfer" between users of their node without any actual movement of bitcoin anywhere, and connected "buying bitcoin" to the wallet directly - so I doubt they do 1:1 pegging to bitcoin even. Furthermore, there are news that they don't even allow transfers from Chivo to non-Chivo wallet - imagine that.
 
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