It's been years since the Lightning Network was launched, yet adoption has been quite slow. Most people are still transacting on-chain, despite the fact that sometimes network fees increase to undesirable levels due to the Ordinals hype. The L2 scaling solution promised to boost mainstream adoption for BTC with its ultra-low fees and blazing-fast speeds. It's still flawed, despite being established for a few years now.
What do you think? Is the LN a failure? If not, why? Should we give it more time to mature? What is the main reason most exchanges, merchants and/or businesses haven't adopted it yet?
Your input would be greatly appreciated. Thanks.
failed, in my personal opinion LN has not failed at all, the biggest obstacle for LN at the moment is adoption, people are still busy using on-chain bitcoin for their transactions and they don't even care when fees are at unreasonable values, apart from that is LN's reputation not yet big because maybe it is still very new, in the long term, the opportunity for LN adoption is quite large, by joining great influencers you can be sure that LN will not die, they themselves will help the liquidity of the LN process, just be patient.
LN is not bitcoin so not sure why you are getting so giddy about wanting LN adoption..
secondly LNs problems/obstacles are not the lack of adoption.. its actually LN's own problems and obstacles(flaws bugs, exploits), that are the issue of why its not getting adopted
did you know the more people that adopt it the more obstacles occur. yep the more bottlenecks and liquidity issues arise and cause more centralisation to occur and more IN-LN fee increases when more people join. and thats just economics/math of the way LN was designed in regards to moving value around a network
LN also has its own flaws, bugs and exploits even before people adopt it which LN devs admit now they cant fix which is also reason people wont adopt LN
and that not just my opinion. its actual details said by the LN devs themselves..
even 'poon' the progenitor, curator, conceiver(insert title) of LN has even moved onto other projects of doing subnetworks elsewhere
if you are hoping LN reaches its "1 million" milestone before core devs then decide its time to then scale the bitcoin network to cope with LN.. you are wrong and will be waiting forever.. we should be trying to get core devs to either relax their own centralised control to allow other brands of devs to make proposals on the bitcoin network of features for bitcoiners on the bitcoin network need/want to scale BITCOIN. or get core to stop delaying scaling BITCOIN and just get on with it. this has been an ongoing impedance for many years, they cant just keep on pretending they have to wait and find solutions and not know of exploits(which they were told about years ago) and instead actually do what they are put in positions to do, be bitcoin devs not alternate network promoters
LN is not the solution it makes out to be and the things it pretends to solve are limited thus doesnt solve the main issue, its just a niche subnetwork for niche service for a niche usecase of small amounts AT RISK(less secure).. not a solution to bitcoin scaling.. and trying to make people think its the 'all or nothing' thing everyone has to wait around for and hope and dream and give false snake oil sales promotions to recruit people into.. is just not even the right thing to do even if the network did fully function for all of the empty/broken/false promises that were made about it
