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RE: Understanding Lightning in Simple Terms and What It Means for YOU + GET 100SP delegated to you!

in #bitcoin • 6 years ago

Yes, if there is no incentive to run and join a hub and if the BTC transaction costs are as cheap as today, not many people will be interested to use the LN at all. I also think that Lightning Network is a great tech but for it to achieve its true potential, many people should be able to use it.

This is the same exact words of the author of the article that I linked:

"So it will not work?

Yep. When it will be released, no one will give a shit. A few enthusiasts will install it, play around in testnet, run “simulations” but that’s about it.

As a user, you will have no reason to open a channel to anybody, no one will have an incentive to open a channel to you, and no one will have an incentive to run a hub to join you guys together. Stale mate.

Don’t trust me? Fine. Wait 3–6 months and see it yourself."

From what I have understood, the author is not proposing a replacement to the Lightning Network but rather an additional feature that can help monitor and maintain solvency in a hub. In this way, more users will be encouraged to use the Lightning Network as the main channel for micropayments.

6 years ago in #bitcoin by
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     6 years ago  

    I mean if he wants to add additional feature then go for it. no one is stopping him. but I have a problem with his words "When it will be released, no one will give a shit. A few enthusiasts will install it, play around in testnet, run “simulations” but that’s about it....Don’t trust me? Fine. Wait 3–6 months and see it yourself."

    the current situation is the opposite of that. LN has cleared all the mempool.

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       6 years ago (edited) 

      I think Failsafe is intented mainly for the skeptic people to gain more trust in LN. But the way the author said it is not the proper way to encourage LN developers to adopt Failsafe.

      Yeah LN provided an extra lift. The decreasing number of transactions added to the mempool per day (perhaps FOMO'ers starte to lose interest on crypto when they saw BTC price drop to 6k and also because of LN drastically reducing the no. of transactions on the main net), increasing SegWit adoptation, and larger block sizes also contributed to the decongestion of the network.

      https://blockchain.info/charts/n-transactions
      http://segwit.party/charts/#

      Anyway, thank you for your time to discuss with me on the matter. I hope you are having a great day. :)

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