A Bitcoin Maximalist’s Harsh Criticism Of The Lightning Network

A Bitcoin Maximalist’s Harsh Criticism Of The Lightning Network

THELOGICALINDIAN - The Lightning Arrangement is the acumen Bitcoin will be acknowledged breakable in El Salvador The capital alternation couldnt serve a accomplished country after a fast and reliable acquittal approach congenital on top of it Its as simple as that However is the Lightning Arrangement incontestable to attacks Is its architectonics as bulletproof as Bitcoins capital arrangement Not according to abstruse able Shinobi who qualifies it as a toy and urges us to stop acting like its the appearance of the approaching Ouch

At Bitcoinist, we tried to explain how the Lightning Network works. We gave you reasons why it will abide to grow. We compared its activity burning to the blow of the world. And now, it’s time to criticize it. Because we’re a fair and counterbalanced advertisement and we’re committed to exploring every bend of the story.

Make no mistake, Bitcoin works as a budgetary arrangement because all the incentives are in absolutely the appropriate place. It’s miraculous. And, according to Shinobi, we can’t say the aforementioned affair about The Lightning Network.

The Lightning Network Has An Incentives Problem

Shinobi’s essay starts with a bang:

The way Shinobi sees it, The Lightning Arrangement counts on altruism instead of greed. And there’s no way a arrangement like that can flourish. Of course, he says it in a added bright language:

Take your kids’ gloves off and acquaint us how you absolutely feel, Shinobi. Geez. 

Another appropriate of Bitcoin, the budgetary network, is its invulnerability. It contains the better honeypot that the apple has anytime seen, and so far no one has been able to drudge or accomplishment it. According to Shinobi, the aforementioned can’t be said about the Lightning Network. The “adversarial screws haven’t alike been installed yet.” And he’s afraid about the kinds of attacks it’s accessible to. And about the “very absolute bread-and-butter incentives that will accordingly actualize entities in the absolute position to accomplishment these classes of attacks.

Vulnerabilities And Possible Attacks

Conclusions And Solutions

For the technically minded, we acerb acclaim reading the aboriginal essay. Shinobi goes abysmal and explains the vulnerabilities in abundant detail. We did our best to abridge the concerns. The argument ends with a alarm to action:

Which is fair.

In the comments, Rene Pickhardt, co-author of the book “Mastering the Lightning Network” with Andreas Antonopoulos, acclimatized his appropriate to reply:

Which is additionally fair.