Re: Does lightning network really solve the scalability problem?
I believe a more realistic use case would be a person is paid by his employer on the 1st of the month, the person pays their various bills and expenses over the next month, and repeats on the 1st of the following month. I can see a person closing a channel after say 6 months if they accumulate so much money, they no longer have enough inbound capacity to receive their paycheck, but even in this case, the person could elect to receive their salary on-chain, and not close their channels.
I believe anyone accepting their entire paycheck in Lightning Network , is a moron.
There are two many limitations with LN at the present time.
Especially the one about the majority of the times over a $200 payment will fail to go thru.
https://thenextweb.com/hardfork/2018/06/26/lighting-network-transactions/
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Lightning Network has 1% success rate with transactions larger than $200
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Lightning Network can only ensure 100 percent success rate for transactions of up to three cents,
Meaning anything over that like rent or mortgage or car payment or medical bills would be a pain in the ass
and require Multiple transactions with multiple fees charged by each hub, totally asinine way of paying.
It would be more sensible to accept one's paycheck in a prepaid visa debit card than LN.
At the moment LN is still more of a niche service, which many have no use for said niche.
LN runs offchain, pretending that IOUs are the actual funds, they are merely IOUs.
As such, the IOU value is a pretense of LN code , and code can be modified/updated or tricked in some instances.
This is not how Lightning works. As such, the IOU value is a pretense of LN code , and code can be modified/updated or tricked in some instances.
Sorry for your confusion, but that is exactly how LN network works,
IOUs of value are traded between the LN Hubs, upon completion then said value is redeem on whichever coin they were trading.
*Notice I said IOUs of value , as LN is not bitcoin only, any agreeable value could be used in the LN 3rd party network.*
https://cryptobriefing.com/whats-holding-back-the-lightning-network/
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traders exchange IOUs
The bitcoin nutjobs pretend LN is a direct part of Bitcoin, it is no more a direct part of bitcoin than it is a direct part of Litecoin.
Litecoin Users seem to be more intelligent than bitcoin users, as they recognize a 3rd party network when they see it,
not trying to claim it is a direct part of their coin like bitcoin extremists.
