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Title: Lightning Network is Centralized? Post by: kiemnhieutien on February 01, 2018, 07:15:33 AM I recently learned about the Bitcoin lightning network being worked on. From what I understand it would allow instant, cheap, micro-payments, essentially allowing bitcoin to be used for retail payments. If so this sounds like it could be big thing to Bitcoin.
For those want more information about Lightning Network because it's such a new thing, find it here: 1. https://lightning.network/. 2. https://lightning.network/lightning-network-paper.pdf But the problem is i see that LN looks like a network of several centralized hubs, which called decentralized, but to me it's a large, centralized hubs. So it make Bitcoin more centralized So i try to find out more about this, if is there any same opinions and found a good article claim that Lightning Network can't be decentralized. https://medium.com/@jonaldfyookball/mathematical-proof-that-the-lightning-network-cannot-be-a-decentralized-bitcoin-scaling-solution-1b8147650800 Guys do you have same think with me or what do you think about Lightning Network, centralized or not? Title: Re: Lightning Network is Centralized? Post by: nc50lc on February 01, 2018, 07:39:08 AM The idea of LN decentralization isn't what most of us are concerned.
Lightning hubs are indeed centralized "banks" like some members are saying but, the lightning network itself is off-chain. The blockchain is still solid decentralized system. Establishments, services and Ewallets can make use of the Lightning Network, centralized or just an internal system of their platform. Lightning Networks isn't decentralized, Lightning Hubs can be centralized. Simple, if users will like it, more services will use it, bitcoin scaling~ successful. Title: Re: Lightning Network is Centralized? Post by: pebwindkraft on February 01, 2018, 09:10:27 AM I think this topic was discussed in here: https://bitcointalk.org/index.php?topic=2854596.0
Title: Re: Lightning Network is Centralized? Post by: mda on February 01, 2018, 10:33:54 AM There are other ways to scale bitcoin but Lightning Network fans do/can not listen to it.
Big expectations and poor results are going to crash the whole ecosystem. However after this story fizzles out the rebound will be huge. Title: Re: Lightning Network is Centralized? Post by: Anti-Cen on February 01, 2018, 11:20:19 AM The die is cast and for years here everyone was told that "Block-Chain" was the best thing ever invented and
now it's good to be "Off-Block" apparently and centralization was a four letter swear word but now we have the worse kind of centralization with single points of failure without any redundancy. Never again can Ripple be bashed on the grounds of bankers owning it since the LN hubs are mini-banks and I am sure that fees will be low at first but we all know how banks work from our history books. Bitcoin core will effectively become a central banks and the FED won't talk to you if you don't have billions of $$$$ and when mini-banks go bad then Bitcoin will make out its just a few bad apples when it's not |