How Does Everyone Feel About Shinobi’s Take On The Current State Of Bitcoin On Lightning?

How Does Everyone Feel About Shinobi’s Take On The Current State Of Bitcoin On Lightning?

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  1. tldr; Lightning is nothing but a children’s toy. It is not some polished system, it is not a magical UX or UI, it isn’t even robust or solid in the face of adversarial attacks. Lightning is a toy put together by a group of friends and maintained solely because it is composed predominantly of just that. People who act in their own self interest are more predictable than those who will forever act in the name of altruistic intent.

    *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

  2. There needs to be more work for more seamless better UI for lots of things lightning-related including node implementations, and in mobile apps, and desktop apps, and feature apps like chat/Sphinx, etc.

    These coming months, this will be happening as it’s being forced as adoption is coming along very quickly at this moment. That’s a beautiful thing. But agree with him as of today.

  3. Great constructive criticism. At the end, he suggests developing Point Time Lock Contracts (PTLCs) and Atomic Multipath Payments/Multi-Path Payments. Not familiar with the former, but I know the latter is being worked on by Rene Pickhardt. The author seems to be a bit impatient, though he makes good points.

  4. i feel like he should go start his own lightning network with his own collection of peers that only forwards his standard of HTLC if he feels so strongly about his web of trust and privacy. Nothing is stopping him to forfeit the greater network effects to achieve his ideal privacy.

    the idea that Lightning Channels must generate “yield” to have a healthy incentive structure doesn’t make a lick of sense because it would mean that no one (especially miners) would ever close channels. Saying that lightning node fee structure is a function of Altruism or Greed neglects that the utility in having a growing network of low/zero fee nodes connected to the greater Lightning Network.

    Sure, it’s silly to think that a small group of hobbyists putting together random routing polygons will grow the global payments network but nonetheless any outbound liquidity (no matter how many hops removed) is ultimately somebody else’s inbound liquidity therefore there will always exist a market to pay to switch between them or open new channels to access it.

    Personally, I’d be perfectly fine for Lightning Network to remain a “toy” because we’re all using the same “toy”, and it works

What do you think?

Two Different Ideas Of The Lightning Network

Two Different Ideas Of The Lightning Network

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