“Many people are saying LSPs are a massive centralisation risk in the long run. Do you agree with that? ~Marty Bent
“Yes, it kind of is,..., there are valid centralisation concerns. But if we dont build it, no one is going to use lightning because the lightning user experience sucks ass.”~Matt Corralo
Full podcast here:
https://youtu.be/2pHhKvDcdFM?t=2999
#bitcoin #lightning #LN https://video.nostr.build/45a872515079de092457ef2bc23d57e187ce750dfdfa506cafe0e0f150942dc2.mp4
Zapped with #lightning
At least he is admitting it.
Funny when I say the user experience sucks ass, I get called a scamme haha. When a core lightning dev says it, silence.
Ecash can help decentralize LSPs
How so?
Whisper: "they think mints are decentralized"
decentralize might be the wrong term but minimizing the trust in a single entity would be a better way to say it. using fedimints.
Yeah....you only have to completely trust...the mint.... #mintscansteal
Lol
I just started learning about Timeout Trees the new solution to scale lightning.
Guess what?
It requires a soft fork haha
https://x.com/sovereign_matt/status/1719240502950732035?s=46&t=ZAUw02fsXKhWMkEvtf61aA
in the CAP theorem, every design has a weak letter.
Bitcoin is weak with C, consistency, ie, sidechains and reorgs. after 6 blocks this becomes trivial, and this is something only one PoW chain can achieve, all small chains can't build this level of momentum. Partitioning, there is the 51% attack, but that is secondary weakness because the as the network grows the percentage each new node adds is diluted progressively, and the cost of a 51% attack accelerates as the network gets larger, and more hash power comes online.
Lightning is weak with A, availability, because it depends on all nodes in a path being both online and responsive (and honest) to execute a payment.
this weakness with availability also makes it hard for the endpoints, sending is no problem, but receiving requires coordination with the sender.
this is also why the convention has been the issuance of hint-containing, route containing invoices, rather than the use of keysends, and even still... it's so delicate because of the liveness requirement and the geometric escalation of payment failure risk with the increase in network size.
but the theoretical weakness is probably overstated, same for LN as for bitcoin, because they are the first and biggest of their kind. protecting this consistency, and availability, respectively, are to the advantage of all players so the weakness in the protocol is mitigated greatly.
LSPs are trustless and you can shop for them and use in parallel and even operate a local community LSP. LN requires a level of specialization that can be services but is monopolization proof
Trustless?
Every user of lightning is trusting the LSP as enough liquidity to route your payment. Not enough liquidity no payment.
if the LSP wants income it better route payments
I dont how much incentive it is for micropayments. Can it add up to a big return? Is it a worthwhile venture for entrepreneur?
You can’t make payments less than 30 cents on Visa. Are you aware of that? Or are you making an argument based around a theoretical perfect world which only exists in your head?
