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Author Topic: Someone loses four Bitcoin on the Lightning Network  (Read 160 times)
s92225
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November 05, 2019, 09:07:47 AM
 #1

I have read the article but I am still not fully understand.

Can someone explain to me how does it happen? Does it mean BTC is not safe to trade and how does it affect the lighting network?

source: https://coinrivet.com/user-loses-four-bitcoin-on-the-lightning-network/
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November 05, 2019, 09:22:08 AM
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 #2

1. That news is FUD: https://bitcoinist.com/4-bitcoin-loss-on-lightning-network-is-fud-says-community/
2. Lightning network is about transferring Bitcoin, and trading and transferring Bitcoin are 2 different matters. One trader doesn't necessarily make many transfers.
3. Lightning network is beta, so even if you do transfers, you won't use it yet (unless you want to do tests).
4. The event of losing those coins could have happened only if he was closing forcefully a channel. Most probably you won't do such tests.

So chill  Wink
It's FUD and even if it would be for real, it would not affect you.

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November 05, 2019, 01:54:07 PM
 #3

So chill  Wink
It's FUD and even if it would be for real, it would not affect you.

Great, thanks for the answer. You described everything very clearly and simply.
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November 05, 2019, 05:46:49 PM
 #4

The FUD already discussed at https://bitcointalk.org/index.php?topic=5195729.0

So chill  Wink
It's FUD and even if it would be for real, it would not affect you.

Additionally, you can't transfer 4 BTC over Lightning Network easily.

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November 06, 2019, 01:51:45 AM
 #5

It was negligence and I reckon everyone can agree that the Lightning network is not for everyone. Avoid it if you are a person who is not smart enough to operate it.

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November 06, 2019, 02:41:44 AM
 #6

The FUD already discussed at https://bitcointalk.org/index.php?topic=5195729.0

So chill  Wink
It's FUD and even if it would be for real, it would not affect you.

Additionally, you can't transfer 4 BTC over Lightning Network easily.

I see this as another black propaganda to tarnish Bitcoin's image again maybe coming from the supporters of well known Bitcoin offshoots and also from supporters of other notable cryptocurrencies as well - all of them trying to strike down Bitcoin as the main competitor to beat in the cryptocurrency arena.

How I wish they could all co-exist harmoniously and be successful without stepping on each others foot. Embarrassed

 
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November 06, 2019, 04:20:41 AM
 #7

It was negligence and I reckon everyone can agree that the Lightning network is not for everyone. Avoid it if you are a person who is not smart enough to operate it.
I don't there is going to be a lot of people that are able to use it - we talked about having a network fast enough for real-life transactions and micropayments, with low fees, got it, but it's pretty hard to use and I doubt it'll ever grow big enough for it to be adopted by the BTC community, and be used for payments in the real world.

As for the 4 BTC loss, it's just FUD, and since the network is so new and pretty hard to use it's recommended that most people just ignore it unless they have a deep understanding of BTC.

 
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November 06, 2019, 11:06:03 AM
 #8

I really hope exchanges like OKEX could add an option so that we can roll back or delay the transaction that we made, 4 BTC is reallyyyyy a lot of money / _ \
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November 06, 2019, 12:35:25 PM
 #9

1. That news is FUD: https://bitcoinist.com/4-bitcoin-loss-on-lightning-network-is-fud-says-community/
2. Lightning network is about transferring Bitcoin, and trading and transferring Bitcoin are 2 different matters. One trader doesn't necessarily make many transfers.
3. Lightning network is beta, so even if you do transfers, you won't use it yet (unless you want to do tests).
4. The event of losing those coins could have happened only if he was closing forcefully a channel. Most probably you won't do such tests.

So chill  Wink
It's FUD and even if it would be for real, it would not affect you.

Thank you for the information. I was shocked when I first see the news about it then I read your comment and I am relieved. Cheesy As you said Lightning Network is on beta version now and I don't expect such things when it comes out from the beta.

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November 06, 2019, 02:07:18 PM
 #10

1. That news is FUD: https://bitcoinist.com/4-bitcoin-loss-on-lightning-network-is-fud-says-community/
2. Lightning network is about transferring Bitcoin, and trading and transferring Bitcoin are 2 different matters. One trader doesn't necessarily make many transfers.
3. Lightning network is beta, so even if you do transfers, you won't use it yet (unless you want to do tests).
4. The event of losing those coins could have happened only if he was closing forcefully a channel. Most probably you won't do such tests.

So chill  Wink
It's FUD and even if it would be for real, it would not affect you.

Thank you for the information. I was shocked when I first see the news about it then I read your comment and I am relieved. Cheesy As you said Lightning Network is on beta version now and I don't expect such things when it comes out from the beta.
I don't know much how a lightning network works but for me, I won't use if I did not fully understand, anyway, thank you for that such information. There one thing for sure. It's due to negligence. 4-bitcoin is a lot for ordinary people and losing it is very hard to accept so if you won't be careful in your action I would suggest you not access the lightning network if you don't test yet because it is very risky for you.

 
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November 07, 2019, 12:06:35 AM
 #11

And if i ever wanted to transfer 4 BTC i wouldn't bother with Lightning Network which is more suited to micro payments. Something that big should be better handled by the regular blockchain directly. You can use the lowest transfer fee just fine, the coins won't be lost, just take a few hours, maybe a day at most.

No, you are not buying coffee with 4 BTC, which is what Lightning Network is all about: small purchases.

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November 12, 2019, 02:21:18 AM
 #12

I think that must be some bull crap article.
If you transfer 4 bitcoin, you do a regular on-chain transaction. A 4 bitcoin lightning transaction will fail.

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