TruthSeekerX on Nostr: I was watching this video about the problems on #lightning network: "THE LIGHTNING ...

I was watching this video about the problems on #lightning network: "THE LIGHTNING NETWORK SUCKS" by Pointbite youtube channel.

And... I found this discussion in the comments very interesting. The arguments against lightning is basically:

1- lightning is trying to solve the problems of #bitcoin blockchain by simply not using it. "After all the best way to fix a #blockchain is to replace it with something that is not a blockchain" 01:05

2- nobody can set up a channel with everybody on the network. payments are routed through other people channels. this creates all kinds of complications. 01:40

3- because of 1, and 2, it fails at: self-custody, trustless, permissionless, de-centralized. 02:54

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The arguments pro lightning are made by a guy @JamesVannordstrand on the comments section:

1. High fees - I have hundreds of purchases that disagree. Many have been 1 sat. Especially when you use custodial solutions for transacting and self-custody solutions for hodling. Also, direct connections don't have routing fees...

2. Chokepoint nodes? - Make another channel.

3. I can open a channel with other nodes if keysend is enabled on the node, I don't need to wait for their okay.

4. Watchtowers have addressed asymmetrical channel closing for a while now. Why bring this up?

5. How many hops do you think it takes to reach the destination? OpenNode reported 90% of payments made in 2 hops on well connected nodes. Your example had... 12 HOPS.

So your whole video is FUD about Lightning Network that brings up solved problems and unrealistic examples. Real nice content.

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And then @Pointbite, the video author replies:

1. The video doesn't say Lightning fees are high, it said Bitcoin fees are high. I acknowledge Lightning fees are lower.

2. Centralization.

3. "if". Do major nodes screen who they connect with or not?

4. Because it's interesting. People need to know to use a watch tower, they have time limits to act and can only recover amounts in the channel. If the correct state of my channel with anyone leaves me with 0 bitcoin (because I bought something) why wouldn't I attempt to rob the other guy 100% of the time?

5. The average was 9 according to some research I read. But regardless, your statement is just acknowledging a propensity to reward centralization. See point 2.


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@JamesVannordstrand-

So what is your solution? Are you suggesting using another blockchain as layer 2, using an entirely different blockchain than Bitcoin, or you don't have an answer?


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@Pointbite- My solution is to stick with my traditional bank until there is something better. I am not in the business of building a parallel financial system at the moment, so it's not my job to solve their problems for them.

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@JamesVannordstrand- that's fair. And, an excellent choice for someone that already has access to banking services that don't discriminate. Unfortunately, over a billion individuals worldwide don't have a better alternative than Bitcoin.

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@Pointbite- Why haven't banks onboarded more of the global population? Where is the mobile wallet to create a new bank account and start receiving money in less than a minute? How can I take self custody of digital USD? How can I prevent the bank from restricting access to my account? Why does someone other than me get a say about my money? How can I keep my transactions private with fiat? Where are the central bank APIs so I can start sending money programmatically?

There are a laundry list of problems with traditional banking. You should make a video on that and make sure to be just as thorough. I'm sure that's going to sound MUCH better than Lightning!


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And the discussion between the two ends with this last comment from @pointbite:

I appreciate your feedback. I am doing my best to make videos on all those topics and more. I have already made dozens. Video production is a skill like anything else, I hope to improve over time. If you want to watch my other content and provide some feedback I would happy to hear it. All the best.


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So, what you guys think about lightning? Im curious about this discussion.

Video link is in the comments below