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Author Topic: Countering common lies about the Lightning Network with facts and reasoning  (Read 74 times)
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DooMAD
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December 23, 2018, 11:17:19 AM
Merited by LoyceV (1), hatshepsut93 (1), o_e_l_e_o (1)
 #1

Generally speaking, longstanding denizens of the forum aren't as easily mislead as newer members.  Sadly, new users are not always in a position to defend themselves from misinformation.  It appears as though there are some unscrupulous people out there who would take advantage of this.  It's therefore vital that we give new users the tools and knowledge to be able to differentiate between lies and genuine assistance when they are presented with information about technical subjects.  As such, this topic will stand as a handy guide on how to counter any fraudulent or deceptive arguments being presented by malicious users.


Moderation note:  Any malicious users who are quoted as sources of these lies are not permitted to post in this topic.




LIE #1:

"The Lightning Network will encourage users to leave Bitcoin in favour of other blockchains with lower fees and faster confirmation times, leading to Bitcoin losing dominance in the market".


SOURCE:

people will deposit bitcoins into LN. play around on LN but not want to get BTC back(slow confirms, only ~2k tx per block, higher fee's than many countries min wage). people will instead want to exit LN via an altcoin thats cheaper and faster.
people will deposit fiat into an exchange and realise fee's are lower, withdrawals are faster using the other coins compatible with LN. such as litecoin, vertcoin and others. after all users will only want to hold onto value as an actual blockchain coin for just long enough to get it out of an exchange and into an LN channel.

they wont care about which coin it is.
in short not sorting out bitcoins network issues and swaying people off network. wont really help people to want to use bitcoin or return to the network.. instead they will just prefer to swap to altcoins within LN and then use other coins network...


FACT:

Atomic Swaps are an exchange between two parties, where each will take ownership of the other party's funds on their respective blockchains.


REASONING:

It's called an Atomic Swap.  The clue is in the name.  It stands to reason that you can't swap coins on your blockchain with coins on another blockchain unless someone with coins on that blockchain wants some coins on your blockchain.  People will want to hold bitcoins due to the comparatively higher levels of security and adoption in relation to other coins.  If you relinquish ownership of some bitcoins and take ownership of a proportionate amount of altcoins, the owner of those altcoins will then take ownership of the bitcoins you just swapped.  It's not a one-way street.  A swap is only completed if someone takes ownership of the bitcoins.  As such, it's only natural that there will be as many users coming in as there are leaving.  This will not result in a reduction in the number of people using Bitcoin.  



This post will be updated with more lies as they are debunked.

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December 23, 2018, 09:04:20 PM
 #2

It would be great if there's proper explanation such as transaction timelock, transaction/balance routing, network routing and HLTC as some member who think LN negatively don't have proper knowledge.

This article (https://medium.com/crypto-punks/lightning-network-ux-centralization-b517037b92ec) might come in handy, even though there's few inaccurate information.

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