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10 Myths about Bitcoin's Lightning Network debunked by a Developer

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10 Myths about Bitcoin's Lightning Network debunked by a Developer



Bigblockers and bcash fans often spread rumors and false information – so called fake news – about the lightning network protocol. I went out to to debunk those myths so that people who want to be informed don’t get distracted by all the fake news. Please support my independent work on Youtube, Stackexchange and with my book about the lightning network at: or at:

videos mentioned in this video:
optimize routing fees:…

48 Comments

48 Comments

  1. René Pickhardt

    December 3, 2019 at 11:48 am

    Please support my independent work on Youtube, Stackexchange and with my book about the lightning network at: https://tallyco.in/s/lnbook or at: https://www.patreon.com/renepickhardt

  2. qwerty90615

    December 3, 2019 at 11:48 am

  3. Incoherent Dog

    December 3, 2019 at 11:48 am

    I sincerely Hate your face.

  4. QATest4fun

    December 3, 2019 at 11:48 am

    Dude!

    Thanks for making this.

    Please begin opening your mouth wider/projecting more.

    Thanks
    BTC Maximalist

  5. Talu

    December 3, 2019 at 11:48 am

    What will be the benefit for a normal user to open a LN nod?

  6. hknp

    December 3, 2019 at 11:48 am

    its fukking off chain that is not secure and cetralised done end btc has become a store of value and imposible to do bussiness with

  7. Aditya Bimoli

    December 3, 2019 at 11:48 am

    so what if someone DOS the watchtowers and broadcast the old state? What it the watchtower belongs to someone who wanna DOS? Why wouldnt miners be incentivised to do this, since the LN will take their share of the pie? You tried to use some buzzwords mate but this is really creepy. Try harder next time!!!

  8. Daniel Briano

    December 3, 2019 at 11:48 am

    This is all so complicated. I'm not shilling one specific project here, but – as you surely know – there are other projects that are way easier to use for everyday payments and the average user.

  9. Graham Joss

    December 3, 2019 at 11:48 am

    “In the future, if you have this one-megabyte restricted blocksize and the Lightning Network, it is still the rich people and companies that can use lightning but the average user probably can’t.”
    — Tadge Dryja

  10. zapply yan

    December 3, 2019 at 11:48 am

    https://youtu.be/AzaEd2RQuRw must see true about lightning Network

  11. Dan Bhakta

    December 3, 2019 at 11:48 am

    The "Internet" has existed for quite some time. Anyone remember trying to send an e-mail in the early 80s? Anyone remember using a text based web browser like LYNX? The most recognizable incarnation of the modern internet for the masses probably manifested itself with rise of the big three: AOL, Prodigy, and CompuServe in the early mid 90s. Prior to that, the internet was just as cumbersome as bitcoin is today. Not until secondary, tertiary, etc. layers that were built on top of the base network, did the internet achieve mass adoption.

  12. Rhyno Souris

    December 3, 2019 at 11:48 am

    Just increase the friggin' block size & we wouldn't need all this complexity

  13. BITCOIN SV

    December 3, 2019 at 11:48 am

    BSV

  14. Skeptoptimist

    December 3, 2019 at 11:48 am

    Great video. Yes, bracing for an avalanche of misinformation from alt-coins/CreditCard companies. Thanks for providing info to combat this.

  15. RhythmicEye

    December 3, 2019 at 11:48 am

    Maybe you should have made this video and debunked the "myths" once LN is feature complete and ready for mass adoption. After all, this is supposedly the "solution" to scaling BTC. As the LN currently stands it will be several years before it gets close to being ready if ever. And this after being told for years it is 18 months from being ready. Interesting you didn't include the "fact" (not myth) that one of the two original creators of the LN, Joseph Poon, has admitted LN will probably never work. Nothing in this video debunks the genuine concerns about the technical limitations of the LN.

  16. mungojelly

    December 3, 2019 at 11:48 am

    you were fooled by a conspiracy

    the stuff about fancy routing algos and imaginary watchtowers is the PATTER, the distraction, it's not actually that complex, you fell for a simple bait-and-switch, sorry

  17. Pavel Averyanov

    December 3, 2019 at 11:48 am

    I always dream to pay 50$ fee and w8 30 mins to make channel. Finnaly, you have done it, guys. BTC forever!

  18. Peter

    December 3, 2019 at 11:48 am

    ok im new here so i thought i spit my 2 cents. at first i love your love of beeing a nerd 😉 second one : gosh does we germans really sound so horrible in english? and the last one : Good job,man . keep this going !!

  19. Alex Ocasio-Gomez

    December 3, 2019 at 11:48 am

    This guy is an idiot. Bcash never even split. All they have is an empty github page with no wallets or client. But he's scared…

  20. Sandile Ngwenya

    December 3, 2019 at 11:48 am

    Using the LN means we will be subjected AML and KYC regulations in the near future, because nodes will be known as money transmitters or third party settlement organizations. No more censorship resistance, and no more freedom.

  21. The Kid

    December 3, 2019 at 11:48 am

    This is not comforting.

  22. Lord Gondor

    December 3, 2019 at 11:48 am

    oh boy, as someone who only has btc… how much shit you tell is incredible. you are a lightnigh dev? wtf?

  23. Will Power

    December 3, 2019 at 11:48 am

    Who does own it???? Who's paying the bills????

  24. Will Power

    December 3, 2019 at 11:48 am

    IQ is lacking…. lol… You failed to debunk anything, simply amazing, or maybe amusing, certainly pathetic… LN is part of the rocky road to the digital matter creation process but it will be far different then this guy thinks. Side chains will scale BTC in the end.

  25. MrKain134

    December 3, 2019 at 11:48 am

    10 is true (already has).

    9 is true (it's not solved; anyone with experience in routing optimization will know this).
    8 is true (see his shitty attempt at "debunking" below).
    7 is not true (connect a single channel to a central hub and you'll probably be fine if you don't send too much).
    6, doubtful. Fees will be high enough to keep miners sustained and thus the base layer fairly secure. The problem is when people realize how expensive it is to use the base layer and stop using it. This could result in a death spiral if there is no block reward.
    5, subjective.
    4 is true. People won't want to pay fees to close channels. (He argues LN will be liquid; right now it's absolutely not).
    3 is false. Not sure who is saying this.
    2 is absolutely true from a simplicity and pragmatic perspective. (He thinks people will want to keep an eye on the time locks in the state channels, so they can see when they can possibly get away with being off-line, but then admits it doesn't make sense to be off-line. Oh, and people are WORKING ON watch towers so when they are developed, if you do go off-line you can trust 3rd parties, in the trust-less LN, to keep an eye out for you. Finally, if you only have channels with people you trust, you can go off-line too. C'mon man, just admit it; best practice and pragmatism dictates that you want your node to always be on-line, else you expose yourself to risk of loss of funds.).
    1 is asinine.
    Watching this now to make sure that the Bitcoin and Beyond guys didn't misrepresent it. I like the way he includes some actual myths in the mix with some ones that aren't myths to try to boost his street cred. He does a good job a destroying the actual myths.
    Regarding There are no good non-custodial LN wallets. His answer is hopeless…

    "Eclair today announce that they are GOING TO have their mobile wallet that's definitely not custodial and definitely easy to use (DEFINITELY), ready on TEST NET that is able to send and receive bitcoin. OR if you have your c-lightning node and lnd node setup, you can just install a remote control app setup that is able to control these nodes. The only thing that you still have to do is manage your channels, but guess what, the auto-pilots are there, they're getting better and better and they're just GOING TO program away channel management from users."

    That's just a long way of admitting the "myth" is absolutely true. Think about it. If someone asks you for a "good non-custodial LN wallet" and you answer the load of shit above, are they still going to look at you with a straight face? Only a programmer with no clue about reality could say "… if you have your c-lightning node and lnd node setup, you can just install a remote control app setup that is able to control these nodes. The only thing that you still have to do is manage your channels" and expect that to be a satisfactory solution.

    So this guy obfuscates his propaganda by using a roughly 50/50 split of legitimate claims, mixed with obviously false claims to make it look like he does a better job of debunking the set.

    Best part is… "It's scary that most people are already so keen about the lightning network and trying to use it all the time, because there is still quite some features missing and the more users we have the harder it will be to upgrade the lightning network later on."

    "So yes, it's not ready for mass adoption yet, it's not feature complete."

  26. ThanksMia

    December 3, 2019 at 11:48 am

    it is not just roguer ver it's also dan larimer

  27. Stifftoshi Nakamoto

    December 3, 2019 at 11:48 am

    BCASH BTFO
    they literally cannot ever recover from this

  28. vizeet srivastava

    December 3, 2019 at 11:48 am

    If bitcoin is bank then lightning network is bank notes…similar to the setup during gold bullion standard…

  29. Matthew Kuraja

    December 3, 2019 at 11:48 am

    Dang! I'm turning up my phone and it still sounds almost like whispering. Need that mic down the throat to hear.

  30. Hex Awareness Team

    December 3, 2019 at 11:48 am

    Roger Ver can suck my Digibyte Dick!

  31. Wieland Gmeiner

    December 3, 2019 at 11:48 am

    Hi Rene, thanks for your videos, really appreciate them, just tipped your book. A request/suggestion, you talk here about missing features and mass adoption far away, want to do a video about that? What is already done and working fine in which project, what is already in development and will be available soon, what is designed and planned, what is just an idea and has still to be figured out, and what is your assessment of the time horizon on all this and until LN has a decent feature completeness and is ready for mass adoption. Actually I wanted to ask you this at the Munich Tech Days, but didn't find time for it. Will tip again for it 😉

  32. Larry Crypto

    December 3, 2019 at 11:48 am

    You don't need any sketchy scam "blockchains" to build applications.

    All you need is Bitcoin.
    (BSV)

    Period.

  33. Olav

    December 3, 2019 at 11:48 am

    very technical and a lot of concerns/myths I never heard of. My only concern with lightning is that your wallet or whatever you want to call it, is always online and so as far as I know, extremely vulnerable.

  34. Herrmanns Crypto Guide

    December 3, 2019 at 11:48 am

    Was hältst du von Rick Falkvinge? Er arbeitet ja auch in Berlin. Er ist ein Lightning Kritiker meines Erachtens.

  35. Seaxneat

    December 3, 2019 at 11:48 am

    U realize it’s been like 2 years now since lightning was supposed to have fixed btc.

  36. Ross Savage

    December 3, 2019 at 11:48 am

    Re: Number 8 & non-custodial LN wallets:

    BlueWallet allows non-custodial LN wallets though their LndHub project https://github.com/BlueWallet/LndHub. It's a wrapper for lnd that can be installed alongside bitcoind & lnd on your node. It allows multi account access to your node, kind of like a friends & family service. So I guess it's in between custodial and non-custodial, but at least the node should be more trustable than a completely custodial wallet.

  37. Menno Pietersen

    December 3, 2019 at 11:48 am

    Thx for this love it.

  38. HJB

    December 3, 2019 at 11:48 am

    Basically one big work around sum up video…

    All this isnt needed when one allows for more transactions on chain. Period.

    But hey, i am just a bcasher…

  39. Ivan Raszl

    December 3, 2019 at 11:48 am

    Great video. Thanks for the explanations.

  40. Matthew Peterson

    December 3, 2019 at 11:48 am

    volume is about 50% too low but good video

  41. Leonhard Killias

    December 3, 2019 at 11:48 am

    Very well explained. Thx man!

  42. Bitcoin BCH

    December 3, 2019 at 11:48 am

    The information promoted in this video is completely misleading. It is really beyond me how someone can believe this garbage with such certainty like
    René himself here.

  43. Tronz Flowwi

    December 3, 2019 at 11:48 am

    Literally every point isnt debunked. Wtf is wrong with you? "No, youu dont need to open channels to merchants, only few channels are needed". Wtf are you talking about? Do you understand that you have to connect to other nodes which have sufficient liquidity and are connected to your end node? This is where the centralisation comes in… because this makes sense only if there are huge hubs where masses of people connect and route payments via it. Literally you didnt debunk anything. Stupid clown. People like you are the dirt of crypto space

  44. Tronz Flowwi

    December 3, 2019 at 11:48 am

    Yet another clueless LN shill. Your debunking is absolutely lame and doesnt debunk anything. Just random rambling. Terrible. Try harder next time.

  45. Alexander Wunschik

    December 3, 2019 at 11:48 am

    Thanks for this important video!
    For anybody who wants to dive into more of this wonderful lightning conspiracies: https://youtu.be/UYHFrf5ci_g

  46. Notra Name'

    December 3, 2019 at 11:48 am

    bcahsers are just gonna keep getting more and more salty as they realize they were duped by ver and wright.

  47. Braxalicious

    December 3, 2019 at 11:48 am

    Where did you get your shirt?

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