The goal is to have fast, cheap, non-censorable, peer-to-peer electronic money for the world. Decentralization just happens to be necessary for those to exist. Core claims they want decentralization but they disregard the goals in the process.

BitcoinCore claims that the LN helps keep Bitcoin decentralized. This is a lie. The LN throws out all of the reasons for having decentralization in the first place.

The LN is not fast: To make an LN transaction you first need to on-board, lock up funds, make your transaction and then off-board. This entire process could take from hours to days. Further, an unacceptable percentage of LN transactions fail because they can't find the destination or funds aren’t available. This is hard or impossible to fix because the funding/transfer issues that Peter Rizun has talked extensively about.

The LN is not cheap: The LN is a double-toll road: you pay a full on-chain transaction to get on it and then you pay a full on-chain transaction to get your actual BTC out. It takes two transactions to use the tab/iou system. Once you’re in that system you pay fees to middlemen who do nothing but act as an intermediary. Further, your money could be lost if those intermediaries don’t play by the rules.

The LN is Censorable: The LN introduces middlemen who do nothing to secure the network. You have to pay them fees to move your funds while they can also potentially freeze your transactions. If you don't have enough funds to settle on-chain then you lose your money. The LN won't actually function properly without some sort of centralization run by companies and you can also be sure that they will be required to add KYC/AML if the LN becomes widely used. Privacy is about dignity for most people, not for doing bad things.

The LN is not peer-to-peer: The LN requires you to trust that several intermediaries will just play along. You have to be online 24/7 or be forced to trust/use another service called a lighthouse in order to receive transactions. if you don't have enough liquidity, that’s another service you have to trust - and you can bet that bankers are looking for every way to steal your money just for making a transaction.

Just ask yourself: is the LN better or different than the modern banking cartels? I think you'll find that the LN is a sad attempt to cripple Bitcoin's actual usage while hyping the price. This is exactly what big banks want, another asset class that doesn't disrupt their day to day scamming operations (modern banking).

This is why Bitcoin Cash is Bitcoin. It matches the original Bitcoin Whitepaper and continues to work as peer-to-peer electronic cash. Bitcoin Cash can also scale 100x or more what BTC can, and it does it on-chain. Bitcoin Cash has better developers and all of the original Bitcoin developers are now in support of Bitcoin Cash.

It's time for the flippening.

submitted by /u/masterD3v
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source https://www.reddit.com/r/btc/comments/b9u3ic/the_goal_is_to_have_fast_cheap_noncensorable/