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Author Topic: Something bothering me about the Lightning Network  (Read 99 times)
daweller
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January 29, 2018, 04:24:58 AM
 #1

I was just watching this video
https://www.youtube.com/watch?v=_zfGihfcLT4&t=836s

And a brief summary of LN would indicate that the nodes required to run LN would have to be operated by regulated institutions.
Long story short, assuming this video segment is correct, LN is starting to look like a slimy way for banks and governments to take over Bitcoin, and turn it into one big regulated/controlled clusterfuck that kills all that BTC stands for Sad

So is this just a bunch of fud?
Also... lets say LN is up and running and becoming widely used... will we still be able to use the regular Bitcoin network, complete with it's anonymity ( for the most part )

I really hate the idea of Bitcoin being raped by big brother Sad
Someone please tell me something to make me feel better, in the mean time I will keep reading and making myself more knowledgeable.
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pooya87
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January 29, 2018, 04:53:48 AM
 #2

And a brief summary of LN would indicate that the nodes required to run LN would have to be operated by regulated institutions.
Long story short, assuming this video segment is correct, LN is starting to look like a slimy way for banks and governments to take over Bitcoin, and turn it into one big regulated/controlled clusterfuck that kills all that BTC stands for Sad

LN is a network of nodes. LN nodes can be run by anyone who is willing to do, similar to running bitcoin full nodes. additionally Lightning Network is using onion routing and there is no way of regulating such a network.

Quote
So is this just a bunch of fud?
for the most part, yes.

Quote
Also... lets say LN is up and running and becoming widely used... will we still be able to use the regular Bitcoin network, complete with it's anonymity ( for the most part )
as long as you pay the fees, yes. in fact in order for LN to operate you need the bitcoin blockchain because you make transctions on chain eventually.
and it is not anonymous by the way.

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Someone please tell me something to make me feel better, in the mean time I will keep reading and making myself more knowledgeable.
https://lightning.network/lightning-network-paper.pdf

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January 29, 2018, 04:56:44 AM
 #3

Thanks you two. This illustrates how the uninformed can be influenced by fud.
But ya, Ill read that whitepaper carefully.
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January 29, 2018, 05:42:44 AM
 #4

Thanks you two. This illustrates how the uninformed can be influenced by fud.
But ya, Ill read that whitepaper carefully.

Yes, the Bitcoin competition will hear something and then they will run with it. Someone would mention that an ideal implementation for the Lightning Network might be a Hub and spoke model < The spoke-hub distribution paradigm is a form of transport topology optimization in which traffic routes are organized as a series of 'spokes' that connect outlying points to a central 'hub.'> and then people will think that it is the only way that the Lightning Network would be able to run.

Most people forget that people can still open direct channels with other people or merchants, so it is not the only way to implement this.

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