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Bitcoin Lightning Network will never be production ready, says Bitcoin Cash [BCH] proponent Rick Falkvinge

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Bitcoin Lightning Network will never be production ready, says Bitcoin Cash [BCH] proponent Rick Falkvingea
Source: Pixabay

Rick Falkvinge, a prominent Bitcoin Cash [BCH] proponent, said that the much-anticipated Layer 2 solution or the Lightning Network project is a “dead end for all intents and purposes”. According to Falkvinge, the so-called solution failed to provide solutions for some of the major problems plaguing the Bitcoin network since the past year.

In a recent video, Falkvinge claimed that unlike a normal project, whose completion time decreases over time, the LN project’s completion time has only increased over time.

Backing his claim that the Layer 2 solution would never be project ready, in his presentation, Falkvinge pointed out that in late 2015 or 2016, the Lightning network was just six months away, but in 2017, it was announced that the project was 18 months away. However, no updates were revealed the year after that. The founder of the Pirate Party, who has been a huge critic of the scalability solution project, outlined eight problems with the Lightning Network back in February last year.

He also opined that the concept of Watch Tower was fundamentally wrong. Talking about deploying watchtowers to monitor on-chain transactions on the network, Falkvinge said that it was an unnecessary complexity. One of the problems that he noted was that the users must be online to receive funds.

Falkvinge said that the “so-called” solution that LN presented over the past 12 months is that in place of users, a third-party ecosystem called “watch towers” would be online to detect possible threats and other malicious actors and neutralize it. According to him, this is not a solution as Bitcoin does not require “anybody” to be online for a transaction to settle.



He also spoke about the legal liability associated with Lightning Network nodes. He stated that when a user on the network deposits money into a channel with another user, the individual starts acting like a bank and that bank requires a license to run. This is where the legal liability comes into the picture, he said.

Additionally, calling it a design flaw in the Layer 2 solution, Falkvinge said that there would be no cold storage and the users on the network wouldn’t be able to store funds safely.





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Chayanika holds a Journalism degree and is currently working with AMBCrypto. She is inquisitive about everything that the Blockchain Technology has to offer.

Bitcoin

Bitcoin’s [BTC] biggest threat is its users, not governments, says Bitcoin.org’s Cobra

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Bitcoin’s [BTC] biggest threat is its users, not governments, says Bitcoin.org’s Cobra
Source: Pixabay

Bitcoin [BTC], the world’s largest cryptocurrency, saw a significant surge earlier this month, helping the coin break strong resistance at $5,000 and $5,200. Following the great fall of the king coin in early 2018, the Bitcoin ecosystem was struggling with scalability and technological issues, eventually leading to the hard fork.

Bitcoin.org’s Cobra, who is also the co-owner of Bitcointalk.org, has always maintained that Bitcoin was the cryptocurrency to look out for through his various Twitter bouts with prominent personalities in the cryptoverse. Due to his strong, unbridled support for Bitcoin, he has often trashed altcoins for their low market dominance.

In a new Twitter thread, Cobra spoke about the “biggest threat” to the Bitcoin ecosystem. Even though many crypto-enthusiasts believe that governments and technological issues were the biggest threats to the king coin, Cobra had a completely different opinion.

According to the Bitcoin maximalist, users have the potential to signal Bitcoin’s doom. His tweet read,

Source: Twitter

Source: Twitter

Though most Bitcoin supporters usually support his opinions, this tweet was met with a lot of resistance. Twitterati swarmed the thread in an attempt to prove him wrong. A user named @MrHodl alleged that this could not be true as Bitcoin had “no community.” He added that this, in turn, prevented toxicity in the ecosystem.

Cobra replied to the tweet stating,



“I think there is a community, it’s just not fully representative of everyone with a stake in Bitcoin. Most holders are quiet and not too familiar with what’s going on. There’s people with 1000+ BTC and they don’t engage at all with discussion platforms, just lurk.”

Some Twitter users took it as an attack on Bitcoin investors and opposed Cobra’s stance. A user @CarstenBKK commented,

“Maybe I am lost in translation. What do you wanna tell us? That you are part of Bitcoin network of people owning/using it, but you are just disgusted by the idea, that the network is called community in the sense of direct human collaboration and affection to the groups ideals?”

Previously, Cobra had accused Twitter’s Jack Dorsey and Square Crypto of pandering to Bitcoin users, while also suggesting that the crypto project was merely a way to bring in more users for Dorsey’s CashApp. His tweet read,

“Gotta respect how hard @sqcrypto is pandering to Bitcoiners. Very clever how @Jack has embedded himself in the community; in return the community promotes @CashApp, which gives that service a small but dedicated and activist group of early users.”





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