LN is not Bitcoin.
Discussion
It is actually bitcoin
It is Bitcoin. It's just transacted on a different network.
Yeah, it's absolutely Bitcoin. You're in full control of your UTXO's the entire time.
hes right.
saying LN is not BTC is saying "multisig is not BTC"
its not a separate token, just time locked multisig.
what is moving on the LN is something different from what is moving on the Bitcoin network, they are 2 separate networks, it is exactly like another token, if someone found a way to create BTCLN out of thin air on the LN what will happen ?
it's more obvious here:
It's not accurate to think of Ln as a separate token moving on top of BTC
It's better to think of it as a network that claims ownership of sats inside BTC multi-sig contracts
There's no way to claim ownership of a sat that doesn't exist.
ie you cant create supply from nothing
The best anyone can do claim the sats in the channel (multisig contract) from their counterparty and hope they can get away with it.
Assuming people will only use L2 because it's cheaper, they will never settle the transaction on Bitcoin network, do you think it's impossible to cheat ?
its only possible to try and steal your channel counterparty's sats.
and you're penalized if you try and they prove you are trying to cheat.
it's not something we hear a lot about... so I'm feeling like it's not a big problem?