The Anita Posch Show: A Bitcoin Only Podcast

You want to understand Bitcoin, its implications on the world, and gain more financial self-sovereignty and freedom? Anita Posch, author of (L)earn Bitcoin, Founder of “Bitcoin for Fairness” and Bitcoin educator, takes you on a journey to understand the far reaching effects that this technology will have as it is enforcing human rights all around the world. From interviews with the builders of Bitcoin to guides and tutorials around self-custody and privacy. The Anita Posch Show breaks it all down in an understandable manner.

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episode 32: Max Hillebrand is busting FUD about the Lightning Network


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.
Shownotes

Recorded: June 12th 2019, Berlin

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Bitcoin Security: Bubble Boy and the Sewer Rat

The Internet of Money Vol. 1 and Vol. 2 by Andreas M. Antonopoulos

World Crypto Network
towardsliberty.com/economics
towardsliberty.com/bitcoin
Lightning Network Whitepaper
Mastering Bitcoin by Andreas M. Antonopoulos
Grokking Bitcoin by Kalle Rosenbaum
Rene Pickhardt YouTube
My interview with Rene Pickhardt
Optech Newsletter

Links

Max Hillebrands Website
Max Hillebrand on Twitter

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The post Max Hillebrand is busting FUD about the Lightning Network appeared first on Bitcoin & Co. Podcast.


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 September 4, 2019  1h2m