My problem with LN is that it incentivizes users to use custodial wallets (much easier and cheaper). 1:8 ratio is absolutely TERRIBLE and it will get even worse as on-chain fees go up. If that ratio goes too high we might end up with a fractionary reserve system based on Bitcoin, becoming what it was made to destroy.
Most of the market cap will remain on the base layer as SOV. The currency application is a much smaller market and should be able to withstand some centralization (yet a free market will decentralize the payment solutions). You don't hold your net worth on cash app or Venmo do you?
@@deleon9k805 A lot of people would store their funds on "Cash App" or "Venmo" if it cost $10 to make a transaction on a proper bank. And a lot more people would if it cost $100
@@winglesschicken yes. it's an on-chain transaction... so in a high fee market environment you could well be left unable to do anything because you don't have enough to open a channel. I don't understand why none of the prominent bitcoiners address this topic. or perhaps I do...they just don't care.
@@taccntb4345I have an API that utilizes a lightning paywall middleware. I can charge any price on each endpoint I have. Fees are non-existent and payments take 2 seconds on lightning. I can also program user access based on whatever parameters I want and change differently by parameter. I can program anything I want and give access to anyone all paid for in Bitcoin. Ethereum is dead in the water.
why is running a lightening node so freekin complicated? it is getting ridiculous expensive to move bitcoin off the exchanges. it seems You have to be a coding genius to use the lightening network. What the F#$K! why isn't there a podcaster who can explain it without ignoring this fact?
I agree totally. It is way to complicated. Receive capacity, funding fees, max limit of BTC you can do in a transaction because of receive capacity you have or do not have and on and on. Alot of work needs to be done or it will not survive in the long run.
Really 936 Million in Routing Volume is a joke? The fact that you can create a private lightning node for a organization or community is very powerful. You can actually create a private payment network within a payment network. I have to disagree. Do you have any working proof of concept project that experimented with the tech? Would love to see it. Maybe I'm missing something. Much Respect.
@@cryptospiracynews ROFLOL Your numbers are absolutely amateur compared to ETHs Uniswap. Keep wasting your time with btc rails... No one cares. It's your $$. Your life.
@@FrenchHODL Like anyone gives a !@#$. Just like no one gives a !@@# about "the lightning" network and why no one will use it. Even OG butt coiners think lightning network is a joke. Lolol. You're screwed.
My problem with LN is that it incentivizes users to use custodial wallets (much easier and cheaper). 1:8 ratio is absolutely TERRIBLE and it will get even worse as on-chain fees go up.
If that ratio goes too high we might end up with a fractionary reserve system based on Bitcoin, becoming what it was made to destroy.
ckBTC (on ICP) might be a better choice.
Most of the market cap will remain on the base layer as SOV. The currency application is a much smaller market and should be able to withstand some centralization (yet a free market will decentralize the payment solutions). You don't hold your net worth on cash app or Venmo do you?
@@deleon9k805 A lot of people would store their funds on "Cash App" or "Venmo" if it cost $10 to make a transaction on a proper bank. And a lot more people would if it cost $100
this still doesn't scale... since opening a payment channel will still price out most people with transaction fees
@@distantyahoo you need to pay to open a channel?
@@winglesschicken yes. it's an on-chain transaction... so in a high fee market environment you could well be left unable to do anything because you don't have enough to open a channel.
I don't understand why none of the prominent bitcoiners address this topic. or perhaps I do...they just don't care.
anyone got a tldr?
Volume 📈 & LN not perfect yet
Need the problems now so solutions can be found soon please
TLDR - Almost everyone is using custodial LN wallets, if this keeps up the government will be able to capture Bitcoin
purposely limiting block size to force a second custodian layer to harvest fees and control seems to be more true by the day
@@joebob7135 block size can be increased some day I'm sure but the network doesn't seem to warrant that yet.
Interesting!
Yay!
Lightning just moved the centralisation off-chain. What an absolute mess.
volume is low
Lol. Bitcorners are slowly coming to the realization btc AT BEST is only a store of gold. ...But no one cares as ETH does that and more.
@@taccntb4345lol ETH pos and fails the Rip Van Winkle Test! 😃
@@taccntb4345ETH does not do anything that a CBDC can't do
@@taccntb4345I have an API that utilizes a lightning paywall middleware. I can charge any price on each endpoint I have. Fees are non-existent and payments take 2 seconds on lightning. I can also program user access based on whatever parameters I want and change differently by parameter. I can program anything I want and give access to anyone all paid for in Bitcoin.
Ethereum is dead in the water.
why is running a lightening node so freekin complicated? it is getting ridiculous expensive to move bitcoin off the exchanges. it seems You have to be a coding genius to use the lightening network. What the F#$K! why isn't there a podcaster who can explain it without ignoring this fact?
I agree totally. It is way to complicated. Receive capacity, funding fees, max limit of BTC you can do in a transaction because of receive capacity you have or do not have and on and on. Alot of work needs to be done or it will not survive in the long run.
I know. Techies be like, "It's so easy anyone could do it. All you have to do is lakhte94 poathj0 japjalo ;h04 lhg0!." Boom. Done!"
Screw lightening network. Its a joke and technically not feasible.
Really 936 Million in Routing Volume is a joke? The fact that you can create a private lightning node for a organization or community is very powerful. You can actually create a private payment network within a payment network. I have to disagree. Do you have any working proof of concept project that experimented with the tech? Would love to see it. Maybe I'm missing something. Much Respect.
@@cryptospiracynews ROFLOL Your numbers are absolutely amateur compared to ETHs Uniswap.
Keep wasting your time with btc rails... No one cares. It's your $$. Your life.
You meant ETH that viralik changes the rules after the game starts?
No he means the ETH that 83% was pre mined 😂
@@FrenchHODL Like anyone gives a !@#$. Just like no one gives a !@@# about "the lightning" network and why no one will use it. Even OG butt coiners think lightning network is a joke. Lolol. You're screwed.
Go Cardano