Will Lightning Fail?

The goal of Core was always to make it the new banking system, this time with even more control over us than the fiat system

> be me
> LN tester
> contact with Core Dev
> reading ton on LN
> watching multiple YT on LN
> developed solid understanding after being confused for weeks how this actually works
> realize there are propably not that many people who get the concept in full cause its rather hard to initially get into (same level as blockchain or quantum computing)
> setup own LN Node with Eclair Alpha to see this shit in action
> works like a charm
> solves not even congestion but is better than bitcoin ever was before (faster & cheap fees)
> “wow this is fucking awesome!”

> go on Veeky Forums
> see some idiots ranting on LN
> read through their arguments
> realize these guys dont know what they are talking about or got it only 50%
> mfw

Agreed pretty much entirely, except for the core are traitors part. I don't think there is a way to save BTC, and some other coin will have to serve as currency. Core knows this. Ver is using that SatoshiVision™ schtick to gain sympathy for his power grab.

Core is not the answer but Cash definitely is not either. We need something else.

Hi user.
Dont mind them
Any info on how I can setup my own test LN node?

So when will it be ready?

Can you take some time to explain where they're wrong?

I would like to as well.

sure!

github.com/ACINQ/eclair/wiki/Install

Use Eclair, they even offer a Windows Version. It runs on top of BitcoinCore Client, they communicate via RPC. You will need to adjust the user/pwd and ports in the .conf files of eclair and bcore. there’s more info on the git

>i watched a podcast on LN and ran a transaction in a browser testnet

ftfy

When you run the trnsactions on testnet it works cause THE CHANNEL IS ALREADY OPEN. Try that in the real world, having to open a channel (which requires slow and expensive as fuck on-chain transaction), put a bunch in it like a deposit, and using that channel to pay in ONE place.
Wanna go to a different restaurant/shop/bar? NEW CHANNEL! This is true unless Bitcoin is to become COMPLETELY centralized with massive nodes acting as reserves.
So the options are either:
>decentralized Bitcoin, but you have to open (and close?) a new channel every time you have to make a transaction with a new receiver
or
>LN Bitcoin, super fast, low fee transactions, but CENTRALIZED AS FUCK. Why even bother with it then, just use your debit card.

Pls tell me where I'm wrong.

im being straight honest: no one knows for sure.
my personal opinion: sometime 2018.

my “best guess”: first half of 2018, best case 1st quarter 2018, worst case 3rd quarter 2018. i deem it highly unlikly it will need to extend to 2019 - its just already too far progressed and they are in the late stages. even with a team of inbred retards or any new serious problems it wont take that long anymore. its the final stages now.

also dont forget its three different teams that are releasing three different clients that work on one agreed on standard (BOLT). maybe the french team with eclair releases earlier than the other teams, no one knows. they are for sure active and working on it, if you check eg acinq’s git they have a last commit not older than a couple of days.

You still haven't countered any arguments made against LN.

You're not wrong. Cryptocurrencies in general are Rube Goldberg machines.

Thanks, too bad they wont do a blocksize increase in the meantime since it will be needed anyway

You still haven’t addressed any of our points.

no, one channel is enough. LN will aggregate multiple channels and use them to route the transaction, similar how the internet does it. eg you only need to open up one channel somewhere and you will be able to use that channel everywhere to pay at eg a coffee shop or the cinema at the same time.

> this multi channel routing is not even the deep mechanics stuff with key exchange or timelocks but a very early entry concept into LN.

you don’t need massive nodes for LN.
Eg a small node with a 0,01BTC funded channel can use that capacity many times a second, given that its balance swings back and forth as other peoples payments run through it. so it can sum up in total throughput already quite quickly, eg that 0,01 BTC channel can funnel 10-100 BTC per day or even more. you can just let LN run on top of your regular BTC node (which, i guess, most nodes will likely do).

if you want to pay through your channel the algo will seek a cheap path among the network and a small fee amount will be given to any node the transaction travels through.

even if your channel is spent/empty you can leave it open and relay payments from other users if you have one or more other channels open.

the idea is that you leave LN channels open as long as you can and make it expensive to close/open them (which is good).

i cant explan you all the details here cause its really extensive but the tl;dr version is:

> LN is really smart
> It’s fast, cheap & safe
> It will be easy to use

Thanks for the answer.

More Segwit adoption is coming in 2018,if everyone used Segwit the fees would go right down

>Excellent arguments. Just curious, what coin do you believe will dethrone bitcoin?

Decred-DCR

LN was baked in at the end of november after PoS vote - true governance coin

I don’t think LN will be used for 1 time transactions ,but bigger entity’s can use it for micro transactions which will relieve a lot of pressure on the network

Agree. Although they don't actually have LN yet, they did a fork to make Decred compatible with LN. They're currently porting the Lightning Network daemon (lnd) to Decred, will probably be done in a few weeks. Then they'll integrate it into their official wallet, probably being the first altcoin to do so.

medium.com/@curt0/lightning-network-will-likely-fail-due-to-several-possible-reasons-336c6c47f049

Has this been debunked?

No, it is not incorrect

well....

youtube.com/watch?v=UYHFrf5ci_g

First comment read it read it carefully user

they're bots dude

>Present your arguments for and against it
>I think it’s a stupid concept. It’s centralised and will not work.
Segwit+LN is the FUTURE! » streamable.com/qnjon