lightning is currently failing in the exact situation it was created for. in 2017-18 when jihan wu and roger ver were spam attacking bitcoin and the fees went through the roof making bitcoin unusable for 90% of people, everyone said that segwit and lightning would ensure it never happened again, yet here we are and lightning is suffering from the same high fees it is supposed to circumvent and overcome. Lightning is vaporware and bitcoiners have been sold a lie
Discussion
Genuinely confused why you think Lightning is failing? I use it dozens of times a day and it works flawlessly with little to zero fees.
It's not vaporware. We use it all day long. Just because it's not popular doesn't mean it doesn't exist. It's a marketing problem. Many, many Bitcoiners haven't heard of Lightning. It's wild.
With the onchain limitation of transactional throughput, it would take almost 100 years for everyone to onboard to lightning and open 1 channel. lightning also has incentives that trend towards centralization. I am literally in the 1% of bitcoiners who runs their own node and uses lightning in a self sovereign way. People just use a differnt coin rather than using lightning because the tech learning curve and because managing channels and liquidity is a massive pain in the ass. no normie will ever do it. Add this to the fact that lightning right now is being handicapped by high onchain fees and we have a solution that was sold as a miracle and performs as a turd
it performs nicely. not everyone needs or can run a node. we now have about 10,000 nodes which could be turned off today and the network would just be better off. only well-managed nodes make sense, others are a liability. running a node is not and probably never will be consumer tech; most people need it as a service, like phoenix, without knowing details of how it's being managed.
Vaporware ๐ โฆ. I use it daily ๐คทโโ๏ธ
This almost feels like โzap meโ bait.
Yes, you're correct. Lightning obsoletes monero.
In what way?
Lightning:
โmuch effort and maintenance to attain what is already inferior privacy vs monero
โnodes w/ most liquidity = points of centralization
โnot final settlement
โrequires a 24/7 active node to not be rugged
โhot wallet
โlacks L1 security guaruntees
...and right now 90% of lightning users are using it with custodial solutions
oh forgot one...
โpossible forced channel closes when tx fees are high on L1. Ouch.
How is lightning failing? You can send and receive for practically nothing. If you are talking about opening and closing in a high fees environment; this is temporary
