0 sats \ 9 replies \ @0xBTC OP 5 Jan \ parent \ on: Why do people declare the LN a failure? Ask_SN
My big gripe with the LN is the security. From my understanding, it is less secure than on-chain
Then your understanding is wrong, see again re: information warfare.
Hot wallets are obviously less secure than cold wallets by nature of their online-ness, this is not Lightning specific and Lightning is still ultimately the chain.
The alternative offering is "not bitcoin", sad to see so many taking the bait.
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Any time someone gripes about Lightning they're usually shilling something else.
Because Lightning is Bitcoin, the something else is invariably "not bitcoin", such as a federated shitcoin.
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From my understanding, it is less secure than on-chainThen your understanding is wrong, see again re: information warfare.
You're saying LN is not less secure than on chain?
Hot wallets are obviously less secure than cold wallets by nature of their online-ness, this is not Lightning specific and Lightning is still ultimately the chain.
LN nodes are hot wallets though, no?
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You're saying LN is not less secure than on chain?
Not inherently, because it's still the chain.
Surface area of software is a factor obviously, so one saying LN is less secure than Core would also have to admit that Electrum is less secure than Core.
It's hair splitting.
LN nodes are hot wallets, no?
Typically, but not necessarily. Payment channels over dark networks or private lines might become more common over time. I understand a few large players to do this already, as its better opsec than broadcasting settlements. Here LN offers more security.
A hot Bitcoin Core wallet ultimately shares the same risks as a hot LN wallet, so to call LN less secure is disingenuous.
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A hot Bitcoin Core wallet ultimately shares the same risks as a hot LN wallet, so to call LN less secure is disingenuous.
Mhh, I think I see where you're coming from now. How people use LN currently might be less secure (custodial, hot wallets etc.) but as you explained, that doesn't necessarily mean that LN itself is less secure.
It's just a multisig with timeouts onchain.
Did I summarize your point of view correctly?
Can you elaborate on this though?
Payment channels over dark networks or private lines might become more common over time
With private lines, you mean LN nodes that pay or route through each other inside a VPN? What is a "dark network"?
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Did I summarize your point of view correctly?
Yea I think fairly, i'd just also point out that the way most people use the chain currently is at parity... mostly custodial or hot.
Dark Network
Yea basically a VPN between partners and other opco's. I worked on this stuff in the energy sector, dark networks power basically everything and I think the same will be true for the majority of Bitcoin transactions.
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Of course, and I share it with friends and family who don't want the added friction for their spending amounts.
Centralization relative to what? The optionality exists to self-host, it is a "network" afterall, so no I have no idea what you're talking about.
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