The Anita Posch Show: A Bitcoin Only Podcast

Max Hillebrand Is Busting FUD About the Lightning Network

Listen Later

Max Hillebrand is an economist who started reading Keynes when he was 9 and got into Bitcoin at the age of 16. He says “Bitcoin is for everyone”, even his grandmother runs a Lightning node. First we discuss Bitcoin and then Max is debunking misconceptions about the Lightning Network.

We discuss:

  • Cantillon effect
  • Gold, silver and bitcoin
  • how to reduce bitcoins volatility
  • Satoshi never mentioned Blockchain only Timechain
  • Censorship resistant time
  • Lightning Network
  • Malicious actors
  • Punishment transactions
  • Watchtower services
  • Eltoo
  • Static channel backups
  • Autopilot feature
  • Atomic multipath payments
  • Digital scarcity
    • Lightning Network FUD

    Max addresses the following criticism about the Lightning Network

    • The Lightning Network is built for small payments, therefore I can never send bigger payments and I have to change to the root layer and do it with a Bitcoin transaction.
    • Lightning network is too complex for the non technical people to use – for instance you have to open a channel manually and fill the channel before you can use it, then you might have to open a second one for a bigger payment.
    • If one of the nodes that route the payments turns off its service, I loose my funds.
    • Lightning funds cannot be backupped, there is no seed to recover funds.
    • Lightning Network is a centralized solution – there will be nodes that are big and route payments, they can control and censor payments like a bank, which is completely against the fundamentals of Bitcoin.
    • The Bitcoin Network will not be feasible anymore. If all payments are in channels, there will be opening and closing transactions on the base layer only. Miners will stop mining because the transaction fees they earn will be not enough to pay the costs of mining. Bitcoin will fall apart.
    • If I open a channel today and close it in 5 years, the fees might be higher than today and then I might not have enough funds to pay for closing the channel.
    • Funds in my channel will shrink, if fees become higher.
    • How to get inbound liquidity.
    • Will node providers be regulated?
    • You have to be online all the time to send and receive payments.
    • I need to have Bitcoin before I can use Lightning, how should the people in poorer countries be able to participate?
    • The Lightning Network will be too slow and complex to grow and it does not scale.
    • Lightning Network is an Altcoin.
      • Sponsors

      Get 5% off with code "anita"

      Order a Card Wallet here and get 20% off! (time-limited)

      Support the podcast
      • Share the podcast with friends and family!
      • Subscribe to my newsletter
      • Subscribe to the podcast on Apple Podcast | Spotify | Google Podcast | YouTube | Pocket Casts | Castbox | Stitcher | TuneIn | RSS Feed
      • Give a 5 stars recommendation on Apple Podcast
      • Follow me on Twitter | YouTube | LinkedIn
        • Donations

        Do you like what you hear? If yes, then please support my podcast. Every donation is used to produce episodes, finance travel costs and make the show better.

        Every donor, will be invited to my exclusive Telegram group with personal background stories and updates. Send me a short message with your Telegram ID after donating and I will add you.

        Donate with PayPal
        Donate with BTC
        Donate with Lightning

        Der Beitrag Max Hillebrand Is Busting FUD About the Lightning Network erschien zuerst auf The Anita Posch Show.

        Subscribe to my weekly newsletter to (L)earn Bitcoin - it’s free: https://anita.link/weekly

        ...more
        View all episodesView all episodes
        Download on the App Store
        The Anita Posch Show: A Bitcoin Only PodcastBy Anita Posch
        • 5
        • 5
        • 5
        • 5
        • 5

        5

        13 ratings