The Bitcoin Lightning Network smells like snake oil to ignorant me. Channels are very special purpose with little direct utility. A ripple effect on them looks worse than regular tx in terms of coordination, security, size on main chain or latency to confirm. What am I missing?
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That said, I'm not against establishing banks. Actually, that's what my rival proposal consists in. It's just that the literature about the LN is *massively* misleading if that is the end game.
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They'd turn the main chain into a clearing house, whereas you'd rather turn it into a courthouse.
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