this post was submitted on 03 Dec 2023
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The Lightning Network can only do the much-vaunted transactions-per-second number that it claims in theory; in practice, the number is a lot lower and even once you get past the onboarding stage takes something in the order of a couple of magnitudes of times the energy cost of a Visa transaction. Even the Lightning Network developers admit that for the LN to work as advertised even in theory, with a given case of two channels a year (naïve, when considering the only way to actually consolidate a LN transaction is to close a channel) for 7 billion people, block sizes on the Bitcoin network would have to be increased to 133 MB.
So this is basically a bunch of chancers selling a Heath Robinson machine built onto another, much worse Heath Robinson machine with no practical way to scale to the numbers they want.
Source for that?
And again, the number of users for Visa or people that have a bank account aren’t even close to 7 billion as well. Don’t be dishonest.
To wit: https://indieweb.social/@web3isgreat/111529277780126306