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<blockquote data-quote="chance vought" data-source="post: 1549725" data-attributes="member: 22019">This works with gold, but won't work for Bitcoin.&nbsp; The reason: gold is expensive to move, and difficult to divide into exact amounts for transactions.&nbsp; Maybe some people will buy paper Bitcoin, but it has no value to anyone else...there are far less people who will accept your paper Bitcoin, when sending and receiving the real thing is cheaper, easier, and a bearer instrument rather than an IOU.Lightning can be run by anyone.&nbsp; No big centralized nodes need to be run, the overwhelming majority of lightning nodes (20k?) have less than 1 BTC of liquidity.&nbsp; Something is necessary to scale transactions....if every person on Earth were transacting on main chain, they would be able to make only 1 transaction in a lifetime.&nbsp; Lightning offers limitless transactions, in seconds rather than hours, and is still a bearer instrument, not an IOU.If lightning network gets too centralized, plebs will simply run their own nodes and bypass the centralized ones that are charging too much or whatever...In the first month of the El Salvador rollout, it was the large 10 BTC+ nodes that were getting relentlessly attacked DDoS style,&nbsp; but transactions just routed through smaller nodes.Side note: the expense and sophistication of the DDoS on Lightning nodes serving El Salvador suggests State actors. I think the Oligarchy is getting worried.</blockquote>

[QUOTE="chance vought, post: 1549725, member: 22019"] This works with gold, but won't work for Bitcoin. The reason: gold is expensive to move, and difficult to divide into exact amounts for transactions. Maybe some people will buy paper Bitcoin, but it has no value to anyone else...there are far less people who will accept your paper Bitcoin, when sending and receiving the real thing is cheaper, easier, and a bearer instrument rather than an IOU. Lightning can be run by anyone. No big centralized nodes need to be run, the overwhelming majority of lightning nodes (20k?) have less than 1 BTC of liquidity. Something is necessary to scale transactions....if every person on Earth were transacting on main chain, they would be able to make only 1 transaction in a lifetime. Lightning offers limitless transactions, in seconds rather than hours, and is still a bearer instrument, not an IOU. If lightning network gets too centralized, plebs will simply run their own nodes and bypass the centralized ones that are charging too much or whatever...In the first month of the El Salvador rollout, it was the large 10 BTC+ nodes that were getting relentlessly attacked DDoS style, but transactions just routed through smaller nodes. Side note: the expense and sophistication of the DDoS on Lightning nodes serving El Salvador suggests State actors. I think the Oligarchy is getting worried. [/QUOTE]

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