Bitcoin become centralized with Lightning Network ?

[streamplus]

Hi,

I hear a lot of comments claiming that this last days, is that right ?

If yes, can you provide more infos ?

Thank you

[uszaty43]

Hi,
I hear a lot of comments claiming that this last days, is that right ?
If yes, can you provide more infos ?
Thank you

No, you are just looking for crappy information.

The lightning network does not mean that bitcoin will be centralized, the nodes are connected, it doesn't mean that we are gonna have a "centralized" blockchain just like many people is saying..

[streamplus]

Hi,
I hear a lot of comments claiming that this last days, is that right ?
If yes, can you provide more infos ?
Thank you

No, you are just looking for crappy information.

The lightning network does not mean that bitcoin will be centralized, the nodes are connected, it doesn't mean that we are gonna have a "centralized" blockchain just like many people is saying..

How the nodes will be connected ? Do that will not come with security issues ?

[squatz1]

No, the nodes are operated by independent parties. I would think that due to the nodes being run by regular individuals that people wouldn't  be able to centralize, and then further corruput the system. And while this link on the subject I found isn't directly related to bitcoin, it does still show what the case is like on the LN for ALL coins - https://www.reddit.com/r/vertcoin/comments/7sirre/isnt_lightning_network_centralized_if_so_isnt/

Check it out, the people on here seem to know it well.

[Fire316]

      No,it's not. In lightning network bitcoin is still decentralized because you don't need to trust or even know your counterparty. The network is comprised of user-generated channel that sent payment back and forth in secure and trust-less fashion. It will enabling fast and cheap transactions which can net settle to the bitcoin blockchain. It is dependent upon the underlying technology of the boockchain.

[pitiflin]

I hear a lot of comments claiming that this last days, is that right ?

I don't know what you heard but all of then are fake and shit if they said it is going to be centralized and blah blah blah.

If yes, can you provide more infos ?

I have  a lot of information, everything in one place for you : https://www.reddit.com/r/Bitcoin/comments/7pwna9/lightning_network_megathread/

[franky1]

the requirement of a counterparty (co-signer) = no longer independant
(imagine difference between having your own bank account vs a joint bank account with your wife) = independance lost

its not peer2peer, its middle-men managed

hop model fails(only needing 1-2 channels). only hub/spoke model will work(nodes with large amount of channels). right now there are 1600 nodes. some nodes have well over 160 chennels =10% of control/co-signing authority
(imagine a hub(node with large amount of channels) as a local bank branch manager. it needs their authorisation(multisig signature) to make payment and they have facilities such as chargeback(CSV revokes) and 3-5day settlement(CLTV))

LN is just banking 2.0. each hub will be bank branches of hundreds of account holders(channel counterparties)

remember if a channel route limits its daily reserve for routing or runs out of funds your payment will not get authorised to be routed.
(meaning close your account(channel) wait 3-5 days for settlement(CLTV) then reopen a new account with another bank banch(hub))

LN is not an unlimited restrictionless system it was promoted as

read beyond the glossy padded fiction of reddit

[streamplus]

Everyone, thank's for all this informations.

 

[odolvlobo]

the requirement of a counterparty (co-signer) = no longer independant
(imagine difference between having your own bank account vs a joint bank account with your wife) = independance lost

its not peer2peer, its middle-men managed
...

You are exaggerating.
Your descriptions are misleading.
Your analogies are not accurate.

Nobody knows how the LN will organize itself, so you don't know if if will be more or less centralized than Bitcoin itself. In fact, that is the real problem -- LN is the de facto scaling solution for Bitcoin, but nobody knows how it will turn out.

[Pursuer]

what you are saying doesn't even make sense! lets ignore all the discussions about Lightning Network and how it is decentralized for a moment. LN is something that is going to work on top of bitcoin, it is called a second layer, how can something that is a secondary layer centralized the underlying and main layer which is bitcoin itself?

[Micerker]

Bitcoins are always in the hands of giants, they own a lot of Bitcoins, and they control the market the way they want, they will try to limit Bitcoin's decentralisation and make it more focused. This will make it easy for them to control the trend.

[SUDARMONO]

It is not easy to end the bitcoin, and I believe that bitcoin has a lifespan that will endure unlimited, and bitcoin will be the currency of the future.

[kalstarzz]

it is a news that is not found source, and can not be accountable.
bitcoin will not be decentralized if it happens then there will be price manipulation on bitcoi.

[natasharul69]

Bitcoins are always in the hands of giants, they own a lot of Bitcoins, and they control the market the way they want, they will try to limit Bitcoin's decentralisation and make it more focused. This will make it easy for them to control the trend.
[I agree, "giants" really control the market.]

[mbm_ico]

No, maybe you were given false information or you all misunderstood. After the introduction of the Lightning Network, bitcoin will remain decentralized. Could you publish a link to an article about this?

[kinhdolaos]

It does not mean that we will have a "centralized" blockchain like many are saying. It still shows how the case on LN for ALL coins

[spazie]

I think that's not true news. Bitcoin is a system of cryptocurrency and payment systems around the world, This is the first decentralized digital currency, Bitcoin will last long.

[cryptobiolog]

No. This contradicts the principles of the technology on which the cryptocurrency works, and the principles of the crypto currency itself as a decentralized payment and investment unit.

[molla_corda]

It won't. I generally doubt that Lightning Network will be 100% working network. And the idea of decentralization of cryptocurrencies will be lost.

[CRYPTOGANGSTERs]

Yes, certainly. I believe that the introduction of this payment Protocol will really make Bitcoin centralized.