My joke about the lightning network is super funny. Well it’s not really just “my” joke. I have a partner that contributed to its creation, and I have to share control of the joke with them. I’d tell it but they’re not cooperating right now.

But seriously, the Lightning Network is dog shit. It's best characterized as a form of "semi-custodial banking." It's a necessarily-imperfect substitute for the actual Bitcoin network, and one with an inherent tendency towards massive centralization. Moreover, it becomes an even more imperfect substitute--and its incentives towards massive centralization become progressively stronger--as on-chain fees rise. The idea that it represents any kind of meaningful "scaling solution" for Bitcoin is a complete farce. Expanded explanation here.

submitted by /u/Capt_Roger_Murdock
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from Bitcoin - The Internet of Money https://ift.tt/39vAjk6