Lightening Network, does anyone actually think it will work?

[majest3]

I am starting to wonder whether lightening network really can do what they say.

There are so many negatives to prevent it from working:

Can't keep your funds in cold storage, which creates a real security risk.
Wallet must be open to receive the funds
May not be a channel open for the transaction to reach your wallet.

Those are just some, but probably the biggest concern is that if you are using your wallet as a node/hub for the funds to hop through then there is a good
chance that you could be seen to be involved in the transfer of money and depending on the jurisdiction you reside in, may be subject to anti-money laundering laws that require you to KYC the people sending and receiving the funds or even worse comply with anti terrorism laws.

Governments all around the world are working on ways to legislate the crypto environment and l can't see them letting us use our wallets for the transfer of money and not knowing from who to who!

If they really want Bitcoin to be cheaper and faster then they should just implement Segwit2x

[rausvi15]

yeah it will work, but you know every good evolution have some resistance, because not every factor allow lightening network to work properly. so we have to be patent and keep focusing on our trading, these evolution in bitcoin world may take some time because right now there are so many interference in bitcoin network due to some irrelevant reasons like many countries banned bitcoin so eventually there are drop in the prices and interrupt many existing projects and ICO's.

now the good news is bitcoin crossed the support, which mean it's price suddenly increase so stick with bitcoin!

[superresistant]

Can't keep your funds in cold storage, which creates a real security risk.
Wallet must be open to receive the funds. May not be a channel open for the transaction to reach your wallet.

Anyone coming with that argument using exchanges as wallet, not running a full-node and having cold storage is a huge hypocrite. That's like 99.99% of people.

Those are just some, but probably the biggest concern is that if you are using your wallet as a node/hub for the funds to hop through then there is a good chance that you could be seen to be involved in the transfer of money and depending on the jurisdiction you reside in, may be subject to anti-money laundering laws that require you to KYC the people sending and receiving the funds or even worse comply with anti terrorism laws.

Same as above.

[majest3]

Can't keep your funds in cold storage, which creates a real security risk.
Wallet must be open to receive the funds. May not be a channel open for the transaction to reach your wallet.

Anyone coming with that argument using exchanges as wallet, not running a full-node and having cold storage is a huge hypocrite. That's like 99.99% of people.

Those are just some, but probably the biggest concern is that if you are using your wallet as a node/hub for the funds to hop through then there is a good chance that you could be seen to be involved in the transfer of money and depending on the jurisdiction you reside in, may be subject to anti-money laundering laws that require you to KYC the people sending and receiving the funds or even worse comply with anti terrorism laws.

Same as above.

You really think everyone is going to run a full node just so they can use lightening network & secure there funds, your dreaming. The simplest route is the most successful and there is nothing simple about that at all. The whole concept is to make it easy, cheap and fast to send BTC and so that those 99.99% of people you refer to, can use it . Your delusional!

[talkbitcoin]

Can't keep your funds in cold storage, which creates a real security risk.
Wallet must be open to receive the funds

if you think about these statements you most probably won't make them.

a cold storage is always a way to store your coins not to spend them. for example think of paper wallet, you are not making a paper wallet to spend from it.
for that you have a "hot wallet" which you have funds easily accessible to you. the use of lightning network and the open channels,... can be exactly this. you don't go in your cold storage to pay for coffee, you use the hot wallet and that is where LN comes in. even if you lose the funds because of the security risks it will be your hot wallet funds which are always small amounts like $20 in them.

May not be a channel open for the transaction to reach your wallet.

i am not sure but i think the process only takes seconds to complete.
keeping a channel open is only for when you want to continue being involved with the network not just when you want to receive funds.

Those are just some, but probably the biggest concern is that if you are using your wallet as a node/hub for the funds to hop through then there is a good
chance that you could be seen to be involved in the transfer of money and depending on the jurisdiction you reside in, may be subject to anti-money laundering laws that require you to KYC the people sending and receiving the funds or even worse comply with anti terrorism laws.

first of all same goes with bitcoin and also cash. specially cash if you have any of it, there is always a good chance that those funds were involved in something illegal.
secondly LN uses onion routing as far as i know which makes it impossible to know who send what and where and from where they are receiving things.

[mOgliE]

Hi,

Government don't really care about WHO. Well, it is what they say, but thelselves, they use anonymous account for fraudulent transactions.

Though, indeed, they are trying to implement regulations about crypto. And I guess the real reason behind those laws, is that they need to have control. And they can't if anyone can make transactions anonymously...

[1C6fV5DtakfKANLJ8GUV7hCaA]

Lightning network is not on the original Bitcoin whitepaper. This is not Bitcoin. We have seen a lot of forks. They didn't succeed enough to beat the original Bitcoin. There are reasons why Satoshi set the parameters  on the whitepaper.

[superresistant]

Can't keep your funds in cold storage, which creates a real security risk.
Wallet must be open to receive the funds. May not be a channel open for the transaction to reach your wallet.

Anyone coming with that argument using exchanges as wallet, not running a full-node and having cold storage is a huge hypocrite. That's like 99.99% of people.

Those are just some, but probably the biggest concern is that if you are using your wallet as a node/hub for the funds to hop through then there is a good chance that you could be seen to be involved in the transfer of money and depending on the jurisdiction you reside in, may be subject to anti-money laundering laws that require you to KYC the people sending and receiving the funds or even worse comply with anti terrorism laws.

Same as above.

You really think everyone is going to run a full node just so they can use lightening network & secure there funds, your dreaming. The simplest route is the most successful and there is nothing simple about that at all. The whole concept is to make it easy, cheap and fast to send BTC and so that those 99.99% of people you refer to, can use it . Your delusional!

WTF you're talking about ? I'm telling you that you cannot criticize LN if you're already using exchanges as wallet.

Lightning network is not on the original Bitcoin whitepaper. This is not Bitcoin. We have seen a lot of forks. They didn't succeed enough to beat the original Bitcoin. There are reasons why Satoshi set the parameters  on the whitepaper.

WTF ?


BTW LN is both working on test-net and main-net already.



https://rompert.com/recksplorer/
https://github.com/bcongdon/awesome-lightning-network