Why do people think LN won't work?
Why do people think LN won't work?
because it makes most shitcoins and bcash useless
truth be told, no one gives a fucking about transaciton speed or cost anyway, everyone was just investing in names and ticker symbols this last year so they can all fuck off and die anyway
from a fundamental standpoint there's only like 5-10 coins that even fucking matter at this point as for as actual use case goes
>the routing problem is NP hard and because it's not solvable is going to lead to routes relying on meganodes
>these meganodes will have the ability to deny service, leading to potential censorship
>these meganodes also will probably end up being regulated under KYC/AML laws
>LN is potentially vulnerable to the equivalent of bank runs
>LN depresses the value of currency and is, overall, a shitty deal for miners, without which BTC cannot exist
just a few of the reasons
routing problem amplified by the fact that every node will have to know the balances of every account.
Here's my $10,000 challenge.
I'll give $10,000 to any user who can transfer $10k through lightning with a minimum of 6 hops to the destination.
Can't do it? LN doesn't work.
>>the routing problem is NP hard
Yeah, so it won't be optimal, but you can still find a path using e.g. beacon nodes
> is going to lead to routes relying on meganodes
That's fine if "meganodes" exist, cause they'll be optional to use
>>these meganodes will have the ability to deny service, leading to potential censorship
They can deny off-chain transactions, not censor the bitcoin the network, and people can make their own payment channels anyway
>>these meganodes also will probably end up being regulated under KYC/AML laws
Maybe, but you're free to avoid them
>>LN is potentially vulnerable to the equivalent of bank runs
I thought there's a preagreed lock time
>>LN depresses the value of currency
How? It makes the currency more usable thus more valuable
>a shitty deal for miners, without which BTC cannot exist
What are they gonna do? Recycle their ASICS and get a real job?
>the routing problem is NP hard
>that means no efficient routing algorithms can exist ever
Kiddo, there's a difference between good enough and perfect. Good enough is easy. Nobody cares about perfect.
I'm fairly certain nobody who brings up this argument in relation to LN even knows what NP stands for, let alone what it means.
>Traveling salesman problem is NP hard
>Therefore traveling salesmen can only go via airport hubs
>Going by car using a GPS is MATHEMATICALLY IMPOSSIBLE
It's not about working in the literal sense, it's 'working' in the scaling sense - is LN actually cheaper than equivalent on-chain payments.
The answer is that it is only in the case of extreme centralization.
What are its costs that it's not cheaper than on-chain fees?
Because it's not decentralized, not crypto and not a network.
Basically it's bank wire transfer for bitcoin.
This is a good starter. Also bear in mind if everyone in the UK was to try and open a channel, it would take over a year at 300k tx/s.
Wow its not like I've been reading the same fucking FUD arguments since 2012,
BTC will not scale, BTC wallet to complex, BTC devs retarded, BTC will die to LTC, to doge, to paycoin, to ethereum, to btrash, to coinboase, to gox, to bitfinex,
Meanwhile the dev mailing list keeps powering on.
You sad fools are hear because of the benevolence of great men and yet you can't realize it. Like the cockroach who feasts on a dogs turd. Not realizing that dog lives with a wealthy master who feeds it filet mignon.
You are a roach, be grateful the shit you eat is properly seasoned. If you don't want to eat shit stop being a roach.
so what's the state of simulating LN on testnet-- how many nodes have they actually used in simulation; what was the topology; how many tx/sec?
>Time to write something smart because I'm such a smarty
>"You sad fools are hear because of the benevolence of great men and yet you can't realize it. Like the cockroach who feasts on a dogs turd."
>Oh wait that makes it sound like bitcoin is a dog turd
>"Not realizing that dog lives with a wealthy master who feeds it filet mignon."
why is LN associated with bitcoin? wont it work with other cryptos?
>every node will have to know the balances of every account.
no? you just have to know they have at least X which you can verify easily
People LOSE money on the testnet. That will happen again on mainnet, it's a matter of time.
it could work with anything, but only BTC really needs it because of the fee explosion and lot TX rate
it is subject to change at every transaction, for the entire network.
please elaborate on this ease of verification.
i expect this to be part of his talk next week at the conf
>January 26, 2018 7:14 PM
>At least two individuals who have been running the Lightning Network on the Bitcoin mainnet have apparently lost funds due to bugs when they tried to close payment channels.
>UPDATED | January 29, 2018: Details about those reporting losses have been updated for accuracy. Since the original publication of this article, ETHNews has been made aware of another developer involved with Lightning who appears confident that the funds will ultimately be recovered.
stop reading ETHNews
>corecuck devs worked years to build a centralized banking system on top of bitcoin
It's like building an automobile out of literal horses... why...
You probably don't even know what NP hard means, lol
have an upvote