I was hoping to avoid the bitcoin nutjobs such as windfury & talkbitcoin, sad to say the morons are very active.
Lightning Network is not Bitcoin, it is a 3rd party offchain network based on middle men,
Bitcoin was an onchain solution, that ended counterfeiting and fractional reserves , the thing that guarantee that those corrupt items were excluded is the Blockchain, LN has no blockchain to enforce the rules, once any coin are locked with LN seizure of said funds is possible and any other such nonsense as the LN devs decide to include such as fractional reserve.
I love the fact on the ones claiming my posts are misleading
1. fail to point out that LN can't scale to one thousand transactions unless $20000 is locked in a channel for the average person
2. fail to understand LN is not bitcoin
3. fail to understand what a fractional reserve or counterfeiting is, even when you give them links.
4. think that btc is the only coin to survive in a global economy ,
(it won't be)5. fail to understand any crypto using segwit is LN funding capable
6. fail to understand the LN devs are considering adding an LN funding option that uses fiat excluding crypto altogether
7. are so stupid they can't recognize an IOU system when they see it.
If you are afraid this topic was made to destroy LN, let me quell your fears, it is already too late for that.
LN (fractional reserve) will continue and evolve , while supplanting the majority of the crypto sphere, only a few coins will stand against it.
A few coins that nobody uses and have no actual real-world adoption. You're not destroying anything. If Lightning is being "destroyed", why does it reach new record levels of usership on a daily basis?
Just go on the record about it: what coin to you is the better coin that will eventually surpass bitcoin? Obviously you're trying to smear bitcoin, just trying to figure out why.
You do realize Ethereum is processing More Onchain Transactions than BTC by a few hundred thousand everyday.
(Right Now)You do realize Litecoin has Higher Onchain Transaction Capacity than BTC and has all of the LN/segwit features as well.
You do realize Proof of Stake coins can maintain a network for less than a few $1000 per month where as all PoW require millions.
So yes , others coins beside BTC will be used in the global economy.
Again , you are trying to mislead others into some nonsense that I am trying to destroy LN,
which I told you was not my intention and too late for that even if someone wanted too.
I no more care than if you use LN than I care if you use a checking account at the bank.
But I do care if you
mislead and try to claim both are not fractional reserve systems.
Fractional Reserve is not possible on Bitcoin onchain ,
Nothing prevents an Offchain network such as LN or an Exchange from acting as a fractional reserve.
Going Offchain has consequences and fractional reserve is one of them.