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    Home Unlabelled Bitcoin Cash Why The Lightning Network is Re-Creating the Banking System on Bitcoin (BTC).

    Bitcoin Cash Why The Lightning Network is Re-Creating the Banking System on Bitcoin (BTC).

    February 21, 2019

    Bitcoin Cash Why The Lightning Network is Re-Creating the Banking System on Bitcoin (BTC).

    Why The Lightning Network is Re-Creating the Banking System on Bitcoin (BTC).

    Posted: 21 Feb 2019 10:36 AM PST

    This post was typed as a result of the following video where it is demonstrated that a LN user cannot withdraw his fees to his own control if the fees to settle on the blockhain are higher than the amount being stored in the LN channel: https://www.youtube.com/watch?v=3AtEGcl7nJY

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    It's pretty amazing that some people have been so censored and brainwashed to the point where they can't even see that LN, practically speaking, is a horrible solution. As you demonstrated, you couldn't even withdraw your funds because the fees to do so were higher than your funds in the channel.

    The LN "solution" is not a solution at all. Rather, it's an over-engineered complexity which will prevent growth.

    We need easy solutions, and BCH scales with ease and practicality, with no modification on the merchant end. LN requires all new software for both users and merchants. I don't see LN winning in any scenario.

    On top of that, during the next bull run, the fees on BTC will be MUCH higher than they are now, and people will not be able to withdraw their funds for the same reason that you cannot withdraw your 4 cents right now (as shown in the video). The only difference is that during the next bull run, people will be unable to withdraw much higher amounts, like $50 or higher, because the fees will be prohibitive.

    I think the proponents of LN actually do not want people to withdraw their funds. They are re-creating Bitcoin BTC into a new custodial system.

    Only rich entities such as banks will be able to withdraw their funds, because only they will be able to afford the fees to do so. Everyone else will be stuck keeping funds in channels always, due to high fees.

    The design is pretty clear: It's a remake of what we already have today. Banks holding people's funds.

    submitted by /u/ColinTalksCrypto
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    Community Idea - Would you like something like this? If there is sufficient demand, I will organize.

    Posted: 21 Feb 2019 12:15 AM PST

    So I assume some people may know me as a hardcore Bitcoin Cash supporter who is fighting really hard for the p2p money for the world idea. I am literally obsessed judging by the fact that I can't stop working on BCH stuff everyday. Now, I would like to explore the idea of coordinating a community Bitcoin Cash portal.

    I have acquired the domain name "1BCH.com" and was exploring the idea of creating a community around it. Articles/Videos about Bitcoin Cash, how BTC was sabotaged, chatrooms/forums, wikipedia, a place to feature new Bitcoin Cash projects, BCH merchandise, etc.

    I am planning a lot more including working with some manufacturer to produce exclusive Bitcoin Cash Phones but these requires capital, which I currently do not have. One way is to charge membership fees and see if there is sufficient demand for them. If enough people is interested, I could work with the manufacturer to produce these Bitcoin Cash branded phones or other merchandise.

    Membership will include an actual card physically mailed to you (optional), with your own QR code at the front, and at the back of the card, may list some websites which you could get discounts. The reason for this is because one of the best ways to spread Bitcoin Cash is through word of mouth and when you're with friends and family, you can take out this Bitcoin Cash card and start saying how wonderful it is, lol. Membership also gives you your very own xxx@1bch.com which will be displayed on the card too.

    I'm happy to bounce ideas off you guys and see if there is a better way to promote Bitcoin Cash.

    submitted by /u/MobTwo
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