Post
Topic
Board Bitcoin Discussion
Merits 1 from 1 user
Re: [self-moderated] Is LN Bitcoin? franky1: About scaling, on-chain and off-chain
by
BlackHatCoiner
on 07/01/2022, 07:48:12 UTC
⭐ Merited by JayJuanGee (1)
in bitcoin you are not forced to have your keys in your node. active on the internet 24/7.
If you're trying to tell me that you're more confident of being secure in the Bitcoin network, I can easily agree. Lightning is a far more complex term and therefore, requires more awareness from the user's side. However, I can't unsee the fact that you're still, after all, discouraged to cheat me.

because there is no network consensus on LN. although LND's variant of watchtower might be altruistic
Can I have a little bit more context? What does consensus have to do with an implementation of LND's altruist watchtowers? Why is it required?

1. lightning network is not the bitcoin network. they are separate networks that do different things
Yes, they're different networks. However, the Bitcoin's Lightning network can't work without the Bitcoin network. The Lightning network can't work itself without a first layer.

2. LN promises (payments inside LN) are denominated in picocoin(11decimal) also known as msat/millisat
Yes and no. The transactions are made in msats, but the force-close transaction (which is what distinguishes from other debt-based systems) is in BTC.

3. LN promises (payments inside LN) are different contracts/transactions/promises/lengths of data, to a bitcoin transaction
I guess “inside LN” means those after you've opened your channel and before you close it. Yes, agreed.

4. bitcoin network does not understand the format of these LN message formats(payments) in 11decimal valued promises
Of course.

5. LN is not tethered to only function on the bitcoin network
Yes, however there's no reason I can think of to use it in Litecoin.

6.LN wont work without bitcoin
Theoretically it can work without Bitcoin. Honestly, though, in practice it wouldn't have another reason of existence. I wouldn't use it in an altcoin. It's the decentralization of Bitcoin that makes it unique, IMO.