LIGHTNING NETWORK 2019 – BIGGEST SCAM? Confessing…

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Published on March 6, 2019
BitBay - Exchange Digital Currencies

Whenever I talk about Bitcoin and Lightning Network there is always some people that claim that Lightning Network is a scam or they say that Lightning Network is a fraud. Will hubs centralize the network?

Will wealth be centralized in the big hubs?!

Is Bitcoin Cash and Bitcoin SV the real Bitcoin?!

LET’S DISCUSS!

ALL CRED:
hackernoon.com/them-lightning-network-nodes-sure-do-look-centralized-to-me-what-gives-ee39c9b12ac0

en.wikipedia.org/wiki/Boondoggle
twitter.com/PeterRizun/status/1102688034183536641
twitter.com/Xentagz/status/1093238401619259392
toshitimes.com/bitcoin-mining-revenue-is-turning-around-starting-slow-recovery/

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DISCLAIMER: This is NOT financial advice. This is just my opinions. I am not responsible for any investment decisions that you choose to make.

Ivan on Tech is all about cryptocurrencies and the technology behind Bitcoin, Ethereum, Litecoin, Ripple, IOTA. We also cover Bitcoin price, altcoin price, investing, analytics, different altcoins.

Ivan on Tech by Ivan Liljeqvist

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Ledger Nano S - The secure hardware wallet
  1. The solution I find is ( visa ) high speed transactions , If I lose my pin just make a phone call, if someone steals my funds , just make a phone call get all my money back .. it’s accepted everywhere in the world .. fast safe and easy enough for a 90 year old to use no need on losing your life savings if something happens just cancel card get a new new one …

  2. U need research Matrix AI consensus. Decentralized and fast.

  3. Why the F not use bitshares.

  4. Guy's, BitCoin is BitCoin!
    Guy's, MySpace is MySpace!
    Guy's, BlackBerry is BlackBerry! If it's Tech…It will be replaced.
    27 minutes on Lightning Network and NOTHING on it's fragile (liquidity dependent) Routing.

  5. Ivan stop grabbing mic all the time because we hear it like boom boom boom like you are smashing the table… try to listen from 0:20 to 0:30 and you will see

  6. 635574

    Mimblewimble is what matters when its implemented we will see what else matters after. LN was designed to make big 3rd party crypto nodes that have the same ideas as a bank. Biggest proponent is the only chain ever that has been actively ripping off their users with forced limitations raising the fees to absurdity.

  7. I need technical facts to make up my mind if lightning network is a scam, not just a opinion

  8. Bitcoin according to Satoshi's white paper does not contain Segwit or small blocks. Bitcoin is not Bitcoin it's a zombie.

  9. You meant Jared Tate was right. # DGB

  10. I first learned about your channel when you promoted Roger and BCH. I am really happy to see that those days are passed (I hope they really are)

  11. Bigger blocks does not mean "centralized". The people who say that are lying just because they don't really have a good reason not to increase the blocksize (other than it makes it so you can't extort people into using LNs, and yes, I do mean EXTORT). Also, why are you talking about gigablocks? We don't have that need. For Bitcoin's tx volume, you need about 8-16mbs. That's it…not fucking gigablocks.

    What you fail to mention is why people are telling you that LNs will be centralized. It's very simple really. What makes txing via a 3rd party more appealing than having global settlement of a digital transaction in 10 minutes? You have to A) make it much cheaper, and/or B) make it seem faster. The only way LNs can be cheaper is if someone else is paying the transaction fee for you. And because someone else is going to eventually have your transactions included in their own before sending it to the blockchain, for you, it seems like it's "faster"…but it really isn't. In truth, the payment channel can never settle faster than 20 minutes, and some may never in fact close.

    Right now, the whole idea of even using LNs is stupid. The hardware expense, and continuing expense of having to host a live node to house your funds makes mining at a loss more appealing (because it's the same electricity cost, but at least you're actually getting positive revenue from mining). The future is far more concerning though. Consider: at roughly $4000, an onchain tx fee for a legacy tx is about $.40. In the future, everyone knows that Bitcoin will be worth more than $100,000….do the math. You're not going to be doing ANY onchain txs at $100 per tx fee. So, you're going to have to use a "custodial" wallet. ie a wallet not entirely dissimilar in function, and level of control you have with wallets on your EXCHANGE ACCOUNT. These wallets already exist. Bluewallet is a perfect example.

    All of your bullshit concerning censorship…. If you're using a custodial wallet, you will be restricted to doing transactions THEY allow to go through. You're not going to have a choice in the matter by then because you won't be able to afford to establish your own payment channels. As for "incentives"? That's what mining is for. Consider, at 8-16mbs worth of txs, wouldn't you want to be a miner? There were would suddenly be motivation for smaller miners to mine Bitcoin if there were 8-16 more tx fees.

    Bitcoin being bitcoin doesn't mean shit if you can do everything Bitcoin SHOULD BE ABLE TO DO (without needing a 3rd party in order to do it) with an altcoin. I'm not excited about using Bitcoin just like I use a credit card. I am excited about doing everything my bank can do, without a bank, or custodian, or other 3rd party involved…which btw, is the entire point of Bitcoin. Digital money without banks.

  12. The word ‘decentralized’ is irrelevant to this space and doesn’t appear once in the Bitcoin Whitepaper. Bitcoin has a point of failure if the internet is shut off.

  13. "BTC is BTC so BTC therefore BTC = BTC, AOC(Any Other Coin) is not BTC so it is not BTC! How difficult it is to understand?" This type of argument is sooo…great.

  14. As someone said in the chat, "Alex Jones did not say space is fake and earth is flat lol". Not a fan of Alex but please don't spread fake news Ivan, you are smarter than that.

  15. We don't need any indicator to trade Cryptocurrencies. All you need is to meet contact the best trade analyst, like Mr. Darren Allan because he provides a high level insight you can't get elsewhere. He sees thing on a whole another level to the vast majority of commentators, ( lots of people out there ) and conveys the big picture behind Cryptocurrency revolution and how it is unfolding giving the every trader the opportunity to take maximum advantage of the Market especially at this time the market seems to be dwindling. Although I have seen some of his videos but they are not as informative as talking to him directly through his email: << [email protected] .com >> .The strategy he provided has earned me $15,500 in just two weeks despite Cryptocurrency market fluctuations. If you are earning less I advice you talk to him and if you are earning higher please share your strategy with me. Thanks.

  16. flat earth yes ..lightning network maybe …nasa definetly no ! namaste amigo from UK..better to shill flat earth than the gambling sites! lol! smash the likes love up ! x

  17. Lighting network works like a charm

  18. Lighting network is part of Bitcoin now it can not be centralized or scam. Lightning network is simple and works like a charm.

  19. Bitcoin is scam in the same way like Earth is flat 😀

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