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50d · LightningNetwork
WARNING: If you try to use the Lightning Network you are at extremely HIGH RISK of losing funds and is not recommended or safe to do at this time or for the foreseeable future
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June 26, 2017: Mathematical Proof That the Lightning Network Cannot Be a Decentralized Bitcoin Scaling Solution https://medium.com/@jonaldfyookball/mathematical-proof-that-the-lightnin
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|g-network-cannot-be-a-decentralized-bitcoin-scaling-solution-1b8147650800

January 20, 2018: Lightning Network May Not Solve Bitcoin’s Scaling ‘Trilemma’ https://www.coindesk.co
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|m/lightning-network-may-not-solve-bitcoins-scaling-trilemma

February 21, 2018: Bitcoin Lightning Fraud? Laolu Is Building a ‘Watchtower’ to Fight It https://www.coindesk.com/laol
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|u-building-watchtower-fight-bitcoin-lightning-fraud
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January 7, 2020: New paper on Lightning Network simulates lower & higher txn rates and summarize the rates of failed txns in Fig 22....at 7,000 transactions per day one-third of them
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| fail https://blog.dshr.org/2020/01/bitcoins-lightning-network.html

January 13, 2020: LN sers are leaking their blockchain data by using centralized Lightning Network node operators
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| and wallets. 90K LN non-cooperative channel closures were identified https://blog.bitmex.com/lightning-network-part-6-over-60000-non-cooperative-channel-closures/

February 18, 2020:
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| Lightning Network is Vulnerable to Congestion Attacks
https://medium.com/blockchains-huji/congestion-attacks-in-payment-channel-networks-b7ac37208389

February 20, 2020: Bitcoin’s
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| Lightning Network Is Growing ‘Increasingly Centralized,’ Researchers Find https://www.coindesk.com/bitcoins-lightning-network-is-growing-increasingly-centralized-researchers-find
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|
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*Adding for posterity:*

Below is a long list of links I just spent a few mins compiling which shows, that LN is over-promised, a long ways away from being in working order, and is
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| unsafe to use.

October 23, 2019: 4 BTC stolen using Lightning Network https://old.reddit.com/r/Bitcoin/comments/dlvokv/how_i_lost_4_btc_on_lightning_network/

October 21, 2019:
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| Researchers Uncover Bitcoin ‘Attack’ That Could Slow or Stop Lightning Payments https://www.coindesk.com/researchers-uncover-bitcoin-attack-that-could-slow-or-stop-lightning-paym
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|ents

September 28, 2019: Andreas Brekken: "I've been asked quite a bit why I took down the largest Lightning Network node, LN.shitcoin.com. Constant anxiety was the deciding factor.
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| > When a channel is created, the receiver of the channel was not required to verify the amount of the funding transaction" https://old.reddit.com/r/btc/comments/dae1g0/andreas_brekke
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|n_ive_been_asked_quite_a_bit_why_i/

September 27, 2019: Lightning Network Security Vulnerability Full Disclosure: CVE-2019-12998 / CVE-2019-12999 / CVE-2019-13000 https://lists.linux
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|foundation.org/pipermail/lightning-dev/2019-September/002174.html

September 10, 2019: Lightning Network dev: "We've confirmed instances of the CVE being exploited in the wild. If
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| you’re not on the following versions of either of these implementations then you need to upgrade now to avoid risk of funds loss" https://lists.linuxfoundation.org/pipermail/lightn
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|ing-dev/2019-September/002148.html

August 30, 2019: Lightning Network security alert: Security issues have been found in various lightning projects which could cause loss of funds!
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| https://lists.linuxfoundation.org/pipermail/lightning-dev/2019-August/002130.html

May 29, 2019: "PSA: The Lightning Network is being heavily data mined right now. Opening channels
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| allows anyone to cluster your wallet and associate your keys with your IP address." https://old.reddit.com/r/btc/comments/budmfh/on_twitter_psa_the_lightning_network_is_being/

April
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| 24, 2019: Forget 18 months: it’s now 30-50 years until Lightning Network is ready https://old.reddit.com/r/btc/comments/bh1gzw/forget_18_months_its_now_3050_years_until/

March 29,
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| 2019: Analysis Shows Lightning Network Suffers From Trust Issues Exacerbated by Rising Fees https://news.bitcoin.com/analysis-shows-lightning-network-suffers-form-trust-issues-exacer
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|bated-by-rising-fees/

March 4, 2019: Lightning users must be online to make a payment, funds must be locked to use, is a honey pot, completion rate deminishes with high value
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| payments, and more https://medium.com/starkware/when-lightning-starks-a90819be37ba

March 17, 2019: TIL that Lightning Network conceptual design and focus to layer 2 scaling for BTC
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| was introduced in February 2013, over 6 years ago (LN whitepaper released February 2015, 4 years ago) https://old.reddit.com/r/btc/comments/b201kd/til_that_lightning_network_conceptu
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|al_design_and/

February 28, 2019: "Out of the 1,500 orders submitted on the first day [using Lightning Network], only around 10 percent were successful" https://breakermag.com/i-orde
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|red-lightning-pizza-and-lived-to-tell-the-tale/

March 1, 2019: Lightning Network has become a complete train wreck. Oh by the way, it's no longer 18 months but YEARS until it's ready
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| for mass-consumption. https://old.reddit.com/r/btc/comments/aw71q8/lightning_network_has_become_a_complete_train/

February 28, 2019: Decentralized path routing is still an unsolved
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| problem for Lightning Network (currently "source routing" works at this scale) https://old.reddit.com/r/btc/comments/avt6ow/do_people_agree_with_andreas_antonopoulos_that/

February
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| 25, 2019: Lightning Network bank-wallet is "kind of centralized but it has to be this way if you want mass-adoption" https://old.reddit.com/r/btc/comments/aup68s/lightning_network_ba
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|nkwallet_is_kind_of/

February 23, 2019: 5 Things I Learned Getting Rekt on Lightning Network https://old.reddit.com/r/btc/comments/atx8jq/psa_important_video_to_watch_if_you_use_ligh
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|tning/

February 22, 2019: Listen to this great talk on the problems and complexities of using HTLC's on the Lightning Network ⚡️, and possible alternatives. https://old.reddit.co
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|m/r/btc/comments/atmlnp/listen_to_this_great_talk_on_the_problems_and/

February 20, 2019: The current state of Bitcoin companies & dealing with Lightning Network ⚡Highlights: Hard
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| to implement, takes a ton of man hours, with no return on investment. LN adds zero utility. The only reason some companies support it is for marketing reasons. https://old.reddit.com
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|/r/lightningnetwork/comments/asuoyy/the_current_state_of_bitcoin_companies_dealing/

February 20, 2019: Current requirements to run BTC/LN: 2 hard drives + zfs mirrors, need to run a
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| BTC full node, LN full node + satellite, Watchtower and use a VPN service. And BTC fees are expensive, slow, unreliable. https://old.reddit.com/r/btc/comments/aspkj2/current_requirem
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|ents_to_run_btcln_2_hard_drives/

January 17, 2019: 18 Months Away? Latest Lightning Network Study Calls System a 'Small Central Clique' https://news.bitcoin.com/18-months-away-latest
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|-lightning-network-study-calls-system-a-small-central-clique/

March 21, 2018: Lightning Network DDoS Sends 20% of Nodes Down https://www.trustnodes.com/2018/03/21/lightning-network-d
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|dos-sends-20-nodes

October 10, 2018: Watchtowers (third party services) are introduced as a way to monitor your funds when you can't be online 24/7 so they aren't stolen https://medi
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|um.com/@akumaigorodski/watchtower-support-is-coming-to-bitcoin-lightning-wallet-8f969ac206b2

June 25, 2018: Study finds that the probability of routing $200 on LN between any two
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White men are people too
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LN being total rubbish has been known for a very long time. My take is that it sort of de-solves the problems Bitcoin solved, and adds lots of new problems, then the programmers try
White men are people too
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|to debug their way out of poor design, which obviously will just lead to repeated cycles of trouble. Rick Falkvinge is a must watch on LN:
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You shouldn't use Bitcoin BTC at all. On-chain fees are expensive and LN routing fees are also expensive, bc node operators want more money for their liquirity. I've written about it
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September 2020: LN channels cannot hold more than 483 htlcs at a time, regardless of the channel capacity. Sending 483 micro-payments to yourself and holding on to the htlcs is enough
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| to incapacitate a channel for up to two weeks

October 8, 2020: Lightning Vulnerability Discovered; LND Node Operators Urged
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| to Upgrade ASAP https://www.coindesk.com/lightning-vulnerability-ind-node-operators-upgrade-asap

October 21, 2020: Two Lightning Network CVE's were made public:
A malicious peer
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| could force an lnd node to accept a high-S ECDSA signature when updating new off-chain states. https://lists.linuxfoundation.org/pipermail/lightning-dev/2020-October/002858.html
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|

LND node could be coerced into revealing an invoice preimage for a forwarded HTLC with a colliding payment hash.https://lists.linuxfoundation.org/pipermail/lightning-dev/2020-Octob
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|er/002857.html

October 29, 2020: PSA: High onchain BTC fees have impact for you Lightning Channels: Pre negotiated fees might not be sufficient for your commitment tx to be included
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Your post was remembered https://member.cash/p/2f9fbad59f