Redpill me on Lightning Network Jow Forums

redpill me on Lightning Network Jow Forums
I followed it a year or two ago when it first came out and the wallet was shit. afaict this is bitcoin and crypto's best shot at gaining real world adoption
by having on chain transactions be a settlement layer, it addresses BTC's privacy, scalability, and transaction speed issues. seems like a no brainer
curious what people that follow it more closely think
with interest rates going negative I'm strongly thinking about buying back into crypto

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ppl on here fud lightning hard
the truth is, scaling has to happen on layer 2.
growth is declining after a parabolic increase, could be a correction or the death

Will be ready on 18 months

Vitalik criticized it recently.

Jow Forums is too low-iq to appreciate LN. charlatans like CW pool the wool over peoples eyes
it is completely retarded and not tenable for sending a satoshi to someone to reveal your network
it is also untenable to all transaction histories to be public and immutable
LN solves this
LN also solves the fungibility issue (see: OFAC publishing sanctioned bitcoin addresses)

s/network/net worth

i'm a bitcoin maximalist and i don't think ln solves anything about fungibility or scaling.
ln is a retail and micropayment solution that is actually trustless and near instant. it can take dirt transactions off the blockchain sure but ultimately btc would still need 100mb blocks to scale to visa level tx count even with ln.
so the blocksize must get increased. not full retard like sv or even bch but organic growth is required. sadly the core team is hell bent on stopping this from happening and it already hinders adoption and endangers mining.

pull

>redpill me on Lightning Network Jow Forums

LN lacks security, which limits its application only to micropayments, but no one's using it for micropayments except for a small number of enthusiasts. The daily volume on the LN is only in the millions, not even .1% of the overall daily volume of BTC. They created a solution for a non-existent problem. The biggest problem is the slow transaction time for medium to large transactions, and they haven't yet came up with a solution for it or even suggested how to solve it.

LN is more useful as a marketing tool. Many people are touting LN as the reason why the network didn't get as congested as during 2017-2018 despite it not being capable of handling those transactions. They are resorting to outright lies to shill Bitcoin.

ETH 2.0 will solve scalability problem. Problem with LN is centralization and that it's actually duct taping the problem instead of solving it. Scaling must be on-chain. LN needs main chain transaction to close and open channels anyway so the network will be clogged one way or another.

>fungibility
LN transactions are p2p so if OFAC sanctions your LN address, you can send to a new one you created and there's no way for someone to know the history of the funds, so yes i think it does address fungibility
>scaling
it comes down to how often you expect settlement to happen, i think. for most people i dont see why they would want to settle. keeping your funds in LN would be preferrable i would think
how does LN lack security? BTC in general is not being used for payments, so extending this argument to LN is not convincing.

LN nodes are going to be "always on", so there will be minimal network activity related to opening/closing channels

no ln node will touch your blacklisted coins
and rightly so. let the chink scammers and criminals get fucked!
you still need to maintain and refund your channels even if you don't settle.

if your coins are in LN before you get sanctioned, the LN nodes cant do shit
if your coins are in LN, OFAC can't sanction you for reasons outlined above
>maintain and refund your channels even if you don't settle
wut dis mean?

no you don't get it, nobody legit will open a channel to your blacklisted tainted address. so you can't mix it with legit coins.

also ofac can't sanction your coins anyhow it's not like magically your transactions stop happening. exchanges under us jurisdiction will not accept it.

there is a lag time between when someone begins using an address and when OFAC sanctions it. during that interim period, someone can put the funds into LN and it is now not sanctionable

said differently, if Iran or North Korea, or whoever, tomorrow began using LN--actually getting their funds into LN, they no longer are sanctionable. unless i'm fundamentally misunderstanding something. so LN does provide proper fungibility.

of course it is. since the ofac will now blacklist the ln p2sh address. it's all trackable on the public blockchain nowhere to hide.
things like wasabi wallet are the only hope to make tracking confusing. but again nobody will mix coins with a blacklisted address.

nah state actors are too big for ln. ln is for micro payments nigga. and trustless high frequency direct two way instant settlement like say between financial services.

if i send to someone else in LN, the lightning node doesn't know to whom i sent it, which means the funds have effectively been anonymized

ln is not a magic wand. it's something that can make bitcoin do the same shit debit cards can but in a trustless non-custodial manner.

all nodes in-between you know, who and where sent and about every node it touched.

here is the deal an outside observer only reading the public ledger will have a hard time to figure out your dirt transactions, it's almost impossible for him to tell who sent whom how much. but for every node in between for a routing they know everything. and they can choose to enforce whatever regulation they feel comfortable with. also the opening of an ln channel is an on-chain event so the ln channel will be blacklisted also not just the original address. at which point the ln hub will probably close it and also refuse to route anything.

>LN also solves the fungibility issue
It does the exact opposite.
LN node ids are constant. A darknet market accepting deposits in LN would be a known, constant node in the network.
This would make any funds blacklists and tracking much easier.

well shit

fantastic, game changing ultimate next level pill all in btc hard core maximalist.

>BTC in general is not being used for payments, so extending this argument to LN is not convincing.

???
LN was designed specifically for payments.

>how does LN lack security?

Zero confirmation transactions

LN redpill
micky.com.au/lightning-network-returns-just-48-a-year-for-1m-locked-up

This shit cant work.

Scaling beyond a certain point has to happen on layer 2.

But a shitty layer 1 makes for a shitty layer 2. Bitcoin is failing at both.