Can the lighting network eliminate most of the cryptocurrencies?

[BitcoinMaster555]

Apparently no. Lithing network is just another substitute of the blockchain technology. This can be used for litecoins instead. But this cannot be used to eliminate crypto currencies in general. Right now, given their state, there isn't any possibility of that happening.

[gobingo]

I think there are so many coins that are so good and strong in defense and what is especially certain is bitcoin but I think besides bitcoin there are still altcoins like ETH, Xrp, LTC, or DOGE.

[TepungBeras]

if you ask what coins will survive with LN, I think there are still a lot of good coin coins that will always last, and I'm sure that is definitely bitcoin and ethereum.

[pooya87]

all this time bitcoin has been the only useful currency that existed among cryptocurrencies but still altcoins existed. LN will only increase that usefulness by adding new things on top of already being used bitcoin. that won't change anything about altcoins they are still as useless as before and they continue being pump and dumps. while only a handful of them that are being buried by pump and dumps are good projects but go unnoticed because shitcoins like ethereum, ripple, bcash,... are taking all the attention.

devs have given up scaling mainnet.

There isn't even anything to scale. Why would you scale upwards if the block scarcity only goes through the roof during spam attacks or extremely short term usage peaks? Currently 1MB blocks are doing well enough.

I'm sure that if ever there is a need for an increase in block space, it will happen. It will only happen when the majority consistently shows that Bitcoin needs an upgrade, not because a minority of wealthy bullies want it.

we already needed the capacity increase and it was increased. the block size has not been 1 MB for nearly a year now. in fact there is no  block size anymore, it is block weight. basically capacity has increased about 20-30% so far but it can go up to about 80% if more people start using SegWit.
hopefully we get something for aggregating signatures so the big transactions with many inputs can also become smaller and that will increase the capacity further.

...and the block size increases is the last resort which will eventually happen also.

[Ucy]

It could eliminate or seriously affect cryptocoins with thesame purpose (coins with faster transactions alone)...

However, Coins that wish to survive could change to something very unique and useful.


Here is how I see things though, Bitcoin cannot be the only Coin on the Crypto Planet. It would go against the principle of decentralization. You cannot simply eliminate other Countries because they share thesame characteristics with you. Every Coin will continue to have her President and Citizens.
The Cryptocurrency World will continue to be diverse and decentralized.

Those without purpose (the actual Scamcoins), those that refuse to develop/include some unique purposes and those that exist only to enrich the developers, will cease to exist.

[Pursuer]

Here is how I see things though, Bitcoin cannot be the only Coin on the Crypto Planet. It would go against the principle of decentralization.

I don't think it has anything to do with decentralization. it is all about the "free market" and in that sense nothing would change with Lightning Network in my opinion. there will still be the same free market and if people choose to use altcoins then they will like so far that nobody ever chose altcoins for anything except for speculation and short term trading.

[muslol67]

Lighting has created a long-lasting expectation that we were tired of waiting. I do not even believe that the first times would be useful.

[theyoungmillionaire007]

Lighting network is existing as a third party payment sytem that is off - chain. Why worry anyways for its overtake? It still couldn't make progression as of yet from a secondary level mode since one year of its lauch. There is no need to worry on this at all.

[blackandwhite89]

Lightning Network is still in beta phase and they are using a completely different blockchain system, so there's no chance of a third party solution like this to wipe out all the cryptos. It is just there to make the transactions easy and fast.

[stefy77]

In fact, yes, lightning network could put in serious trouble all those coins that don't support it, remaining cut off.

[Variogam]

Altcoins are just distraction, most development is around Bitcoin. Lighting network can eliminate unnecessary onchain transactions. Long way to go for Lighting network, but after most exchanges implement Lighting network to buy and sell Bitcoins, Lighting network moves out of experimental phase.

[franky1]

we already needed the capacity increase and it was increased. the block size has not been 1 MB for nearly a year now. in fact there is no  block size anymore, it is block weight. basically capacity has increased about 20-30% so far but it can go up to about 80% if more people start using SegWit.
hopefully we get something for aggregating signatures so the big transactions with many inputs can also become smaller and that will increase the capacity further.
...and the block size increases is the last resort which will eventually happen also.

that is where you are wrong
there is still a legacy limit of 1mb.
although they have twistd it around and hidden it you will never be able to have more than 1mb of legacy transactions..
and also the Segwit transactions partially sit in this same still 1mb existant area. meaning there is a limit to how many segwit transactions too.

there has been 0% legacy increase of limit
2.1x  potential of segwit.. but only 1.1mb has ben the average increase

yep they say 4mb but actual utility of transactions per block will not be 4x

might be worth you reading code. with all their 4x fudging the numbers to hide the 1mb
https://github.com/bitcoin/bitcoin/blob/master/src/consensus/consensus.h#L13

heres a hint.. there would be no need for scale factors or other variables revolve around 4x or a quarter of.... if 1mb was irrelevant
think about it 4mb/4=??

also the stats about segwit is not 20-30%
read the small print of the stats page you got that from
a transaction of many LEGACY inputs but only 1 segwit input. is treated (wrongly) as a segwit tx.

meaning
if i had a tx of thoudands of legacy inputs and only 1 segwit input.
the stats page will call it a segwit tx.. BUT you will not see 2001 signatures in the "weight" area.. you will only see 1 signature in the weight area

[franky1]

regarding BCash they can implement LN (there are many other second layer payment channels like LN proposed in the past too) without SegWit but they have to code around the malleability problem and eventually fail because it is nearly impossible to do so.
my guess is that if they want to implement LN they will first do a soft fork and activate SegWit but they will never call it SegWit, instead they will run a campaign telling everyone it is not SegWit but a solution that their very wise decentralized developers created which is better
then add LN but never call it LN, they call it some new name and again say their wise devs created this themselves and is better

you do realise that the core team have just introduced new op codes. and some of those opcodes WILL make transactions malleable again..
so i do laugh at the malleability defense.

[brkttlv]

i don't know if it is Lighting network or something else, most of altcoins should be eliminated because there are a lot of altcoins in the market, and mosf of them are worthless. They put off the growing crypto markets.

[Plumbank]

Lighting network provide a good service they should turn strongly. Here is no chance to eliminate. It survive by service and performance. Crypto market is virtual and online so here you want to survive you should be better performance.

[bloodyvio]

And if the answer is yes, what are the coin that will survive thanks to a technology that can be replaced from LN? I was thinking for example about the STRATIS coin, the platform is very particular and even if it's based on blockchain I think that it's very different from the blockchain of bitcoin, or not? Thank you, I'm not an expert on blockchain code

no LN can not eliminate most of them
because LN requires to setup everything and this is not easy for beginners
and also by using LN only the person on the channel can do the transaction (so you basically have to invite people into the channel)

coins that can compete with bitcoin LN so far I guess only Nano
because Nano can easily challenge LN on :
1. Doesn't require pre-setup
2. Can send to anyone, not just select people
3. Doesn't have fees

[BitHodler]

and also by using LN only the person on the channel can do the transaction (so you basically have to invite people into the channel)

It depends on who you are looking to transact with. If it concerns a store, then it's very likely that there are enough cheap routes leading to that store without you actually having an open connection with it.

If you for example only need to conduct one single transaction with an unknown source, then it doesn't even make sense to use lightning network. In that case it's much faster to conduct an onchain transaction.

People transact most frequently with services, merchants, gambling sites, sites allowing you to earn Bitcoin, and so forth. All these entities will enjoy plenty of cheap routes that you can use without being directly connected to them.

Give it some time.

[Hammonds]

In cryptocurrency there is nothing impossible.
Maybe if success can also compete with Bitcoin.

But still, however, Bitcoin will still be like that cannot be replaced by Lightning Network or the like.