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Falkvinge Criticizes Lightning (2018)
357 sats \ 7 comments \ @standardcrypto 25 Nov bitcoin
Falkvinge (a bcasher btw iiuc) is wrong. Time has shown that lightning does work.
However, he's not an idiot. The 4 main problems he identified 6 years ago continue to be challenges that lightning needs to overcome, and it seems to me it is not clear yet how this will be done. It's engineering, and it's going to be a lot of work. We're closer than we were 6 years ago, but we're not there yet.
In short, I thought it was a pretty good talk and a good starting place for where lightning faces challenges moving forward.
Highlights
-- Must be online to receive self custodially. -- Routing under adversarial conditions is an unsolved problem -- BGP / ASNs, will we need something like this for lightning? -- High availability nodes will need to do AML/KYC (I totally disagree with this, but he argues it and idk but maybe I can see where he's going with this) -- same problems as IRC (?? :) )
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11 sats \ 4 replies \ @028559d218 25 Nov
My understanding is that Bolt-12 and lightning addresses help mitigate the first one. Even if the user isn't online... a lightning address (Zeus has this) will 'lock up' the payment for up to 24 hours. After which it is returned if not claimed...
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269 sats \ 3 replies \ @standardcrypto OP 25 Nov
My solution would be to have payments go to bank-custody wallet with high uptime, and drain funds immediately to self custody whenever possible, ideally it could be done within seconds.
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19 sats \ 0 replies \ @028559d218 25 Nov
I think people will use a combination of self-custody and on-chain. On-chain for savings, like a savings account.
Lightning for checking/daily spending... and when the channel is depleted people will refill it from an exchange or bank-like entity. The same thing which is technically possible today. Ie a lightning withdrawal from the exchange/bank to a self-custodied lightning wallet. I also believe that liquid will play a role in this (with atomic swaps) as a safe(r) intermediary between lightning and the exchange/bank if necessary.
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12 sats \ 0 replies \ @BeeAye 25 Nov
ya, i like this. i mean if a user already is perhaps paying for a channel with LSP, seems like an add on service could be to bank payments for users until they come online as part of their liquidity buy.
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0 sats \ 0 replies \ @k00b 25 Nov
I can’t find it right now but this is planned as part of the LSP/async payment spec afaik
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300 sats \ 0 replies \ @k00b 25 Nov
Something about your link is causing a bug where we don't show it. Hmm maybe missing https://
Here's the working link:
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0 sats \ 0 replies \ @DarthCoin 25 Nov
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