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Author Topic: What will happen IF the Lightning Network succeeds?  (Read 119 times)
Kakmakr
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January 28, 2018, 06:14:22 AM
Merited by jseverson (1)
 #1

For many years now, everyone has been fighting over the best scaling method for Bitcoin.

Some traditionalists reckon that Block size increases is the only way to go, and that Bitcoin should not be a payment network, competing with PayPal and credit card companies. <They want it to be a store of value, like Gold>

Others believe that Bitcoin should be a replacement for these centralized payment networks and for that to happen, it has to be cheaper and faster than it's competition. <PayPal / Credit cards>

Let's say the Lightning Network succeeds as the ultimate scaling solution for Bitcoin and it goes mainstream. What would the impact be?

1. Will other Alt coins <like Bitcoin Cash> also add SegWit and the Lightning Network, levelling the playing field once again?

2. Will PayPal and Banks develop their own Blockchain technology with Lightning Network or just buy their way out of trouble, like they did with Ripple?

3. Will Governments come down even harder on Bitcoin, if Bitcoin becomes more mainstream?

4. Will the traditionalists abandon Bitcoin and support other Crypto currencies where Block size upgrades are still used? <Following the supposed Satoshi vision?> Will those Alt coins still be able to compete and eventually survive?

These are just some interresting scenarios that needs to be discussed. Should we find a way to bring all these groups together or should we just allow them to drift apart?

Let's discuss.   

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January 28, 2018, 06:31:27 AM
 #2

If Lightning Network can solve the problem of block congestion, the price of bitcoins will surely rise sharply, while other altcoin will also adopt Lightning Network technology.
But for now, governments are developing their own encryption currency (similar to the centralized XRP tokens), if the technology is  succeeded,then these countries should also will use from the Network technology.
And when every countries are created cryptocurrencies, bitcoin will have a higher status, and no country can shake it.
That's my point.

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January 28, 2018, 06:33:10 AM
Merited by jseverson (1)
 #3

from what i understand, you don't need SegWit for Lightning Network!
in fact LN is like a smart contract which is working based on 3 technologies that exist in bitcoin:
1. multi signatures technology
2. CheckLockTimeVerify BIP65 and CheckSequenceVerify (OP_CSV) BIP112
3. Hashed Timelock Contracts

what SegWit does is that it increases the security of Lightning Network, for example by doing the transaction malleability fix. and makes LN much less complicated.
https://www.youtube.com/watch?v=wqbQJ82Hf0s

in fact what i am looking for is implementation of LN on other altcoins, which will definitely happen for those already having SegWit. and with that we will have Atomic Swap and we can soon start moving on from centralized exchanges to decentralized exchanges using Lightning Network! fast, free and with no way of scamming.

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January 28, 2018, 06:34:11 AM
 #4

One thing is for sure, more and more merchants will use BTC as payments making the price to boom, because the coins will be more circulating.
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January 28, 2018, 06:44:23 AM
 #5

1. Will other Alt coins <like Bitcoin Cash> also add SegWit and the Lightning Network, levelling the playing field once again?

They could, but for majority of altcoins, what's the point? If everything is fast and cheap, how do they stand up to Bitcoin given the community support it has? I see a lot of them becoming redundant, whether they adopt the Lightning Network or not.

2. Will PayPal and Banks develop their own Blockchain technology with Lightning Network or just buy their way out of trouble, like they did with Ripple?

We can't really eliminate this possibility. Even countries are creating their own crypto lol. They'll do whatever is good for their bottom line.

3. Will Governments come down even harder on Bitcoin, if Bitcoin becomes more mainstream?

I feel like this is inevitable, especially for countries with no regulations yet.

4. Will the traditionalists abandon Bitcoin and support other Crypto currencies where Block size upgrades are still used? <Following the supposed Satoshi vision?> Will those Alt coins still be able to compete and eventually survive?

Yes. Whether these coins can survive depends on the degree of success of the Lightning Network though. If there's little reason to use anything else, I don't see them surviving.

Kakmakr
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January 28, 2018, 06:52:45 AM
 #6

from what i understand, you don't need SegWit for Lightning Network!
in fact LN is like a smart contract which is working based on 3 technologies that exist in bitcoin:
1. multi signatures technology
2. CheckLockTimeVerify BIP65 and CheckSequenceVerify (OP_CSV) BIP112
3. Hashed Timelock Contracts

what SegWit does is that it increases the security of Lightning Network, for example by doing the transaction malleability fix. and makes LN much less complicated.
https://www.youtube.com/watch?v=wqbQJ82Hf0s

in fact what i am looking for is implementation of LN on other altcoins, which will definitely happen for those already having SegWit. and with that we will have Atomic Swap and we can soon start moving on from centralized exchanges to decentralized exchanges using Lightning Network! fast, free and with no way of scamming.

I just figured most Alt coins will implement SegWit before they implement the Lightning Network, because LiteCoin did, but thank you for highlightening that detail, well spotted. ^smile^

Alt coins not doing this, will have to concentrate on other stronger features like anonymity <Dash & Monero> to carve out a niche market segment for them.

If other Alt coins add this, Bitcoin has to add something else to get the edge over their competition. I hope the Bitcoin developers are already thinking of the next step in the roadmap for Bitcoin to stay ahead of the pack.

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January 28, 2018, 07:15:08 AM
 #7

I think the lightning net is a new, big step bitcoin community.
To my regret, this step is very late with the implementation. The lightning network technology was needed a year ago.
Perhaps this would lead to a stronger increase in the cost of bitcoin, and consequently to a stronger correction and panic.
However, everything that is not done is done for the better. The market is ready to adopt a new technology and go up.
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January 28, 2018, 07:44:11 AM
 #8

even if altcoins implement SegWit and LN, it still wouldn't make the valid competition for bitcoin. the network effect (the security, decentralization, and adoption) is the biggest thing that bitcoin has which none of these other altcoins have.

there still are other cool projects and innovations that can compete with bitcoin even with its lightning network. nothing comes to mind right now but when we are talking about technologies there is always something new coming along that beats everything else.

I myself am very excited about DAG and am generally always looking for ways to remove the blockchain which most of the limitations are coming from.

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January 28, 2018, 08:18:19 AM
Last edit: February 15, 2018, 01:31:01 PM by nc50lc
Merited by Sendibere (2)
 #9

In competition, those centralized payment networks may stay the way they are without being a threat to Bitcoin.
They could utilize Lightning Network instead of finding a way to scale or create their own blockchain.
Just one rule, "use" Bitcoin, keep the blockchain and Lightning Hubs decentralized, keep their centralized payments within their network. Easier said than done.
Although, a new blockchain is a better idea for a Country who needs clean Fiat2.0.
When they think lightning network is fit to be a good source of taxes, what to worry about?[2][3]

Don't worry about those Altcoins that are "copying" bitcoin's features, the game will stay the same. [1]

Some traditionalist doesn't even know who Satoshi is and with the current updates and scaling solutions, I can barely see his vision.
Why do we even fear if the majority of them will hate LN? [4]

Lightning network is the potential scaling solution to make bitcoin go mainstream.

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January 28, 2018, 08:18:24 PM
 #10

Bitcoin has the best "Brand", it is so well known that it will continue up and up.
Sure don't mind the idea of a bit of centralization in LN if that is how it has to be, use the BTC network as normal for moving large sums, use LN when it benefits smaller amounts. No problem for many of us.
So currently LN has a couple of bugs, they will get sorted, they wouldn't release something that had not been massively tested and I am sure that the technology is known to work very well at a huge load.
Half way into 2018 we will be very happy with the obvious outcome, there will be much more news of retail use.
mrcash02
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January 28, 2018, 08:32:14 PM
 #11

1. Will other Alt coins <like Bitcoin Cash> also add SegWit and the Lightning Network, levelling the playing field once again?
Any AltCoin can try adopting the same technology to compete with Bitcoin, but if Bitcoin and any other currency offers the same features, Bitcoin will always have the advantage.

2. Will PayPal and Banks develop their own Blockchain technology with Lightning Network or just buy their way out of trouble, like they did with Ripple?
I believe it's unpredictable at this point, too early to say with sure. It's a strategical game and there isn't a solid plan yet. Crypto-Currency is something very new for them yet, precipitate actions can make decentralization stronger, what isn't their goal.

3. Will Governments come down even harder on Bitcoin, if Bitcoin becomes more mainstream?
I think so. The adoption just needs to increase a bit more and the persecution will start strong... Regulations will come sooner or later for those countries which don't have it yet. The success of Bitcoin represents the defeat of paternalistic governments and ironically a menace for Bitcoin's enthusiasts.

4. Will the traditionalists abandon Bitcoin and support other Crypto currencies where Block size upgrades are still used? <Following the supposed Satoshi vision?> Will those Alt coins still be able to compete and eventually survive?
Only if Satoshi comes in public and tell people to invest in X AltCoin. I doubt it would happen. AltCoins will keep existing and having their spot on second plan in Crypto-Currency world.

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