Thread by @DavidShares

At the end of February, it marked 6 years since the Lightning Network (LN) launched in 2015. For 6 years #Bitcoin #BTC onchain development was halted in favor of non-existent tech (at the time) for a second layer solution to scaling. Sadly, not much has changed over the years.

It took 3 years before LN devs were able to do a soft-launch, where it was discovered that to use LN, you would need a full node running 24/7, you needed Watchtowers to keep your funds safe, and the network may centralize to a Hub and Spoke topography

https://twitter.com/DavidShares/status/974643681146888192

Back in the day, it was thought that LN would be ready for public use in less than 6 months, at least that is what was being said

Then 6 months turned into 18 months, which has become a meme on it's own where everyone makes fun of the 18 months statement because we're now over 6 years into this. For the 18 month origin, watch here (timestamped)

Now, it's looking instead of months it will be many years before LN is ready as a decentralized payment channel network

https://twitter.com/DavidShares/status/1101524232033439744

Maybe even 30-50 years

https://twitter.com/DavidShares/status/1121186667375865857

One of the main reasons why LN isn't ready is because devs haven't solved the decentralized path routing problem (so they wouldn't need Hub and Spoke model and custodial wallets)

https://twitter.com/DavidShares/status/1023938397788880898

Even Andreas chimed in on this

https://twitter.com/DavidShares/status/1100543649455239168

Over time people have realized that LN custodial wallets are the go-to option in order to use LN without all the extra baggage of having to do is properly if you want to use it right, but that came with a lot of risks

https://twitter.com/DavidShares/status/1227942892766932992

But sadly, #BTC maxis have continued to push noobs to custodial LN wallets

https://twitter.com/DavidShares/status/1100113132830232578

So where are we now? Well, over the years LN has been mainly drownings in technical issues, bugs, flaws, and exploits

https://twitter.com/DavidShares/status/1214968869833596928

Lightning Network is Vulnerable to Congestion Attacks
medium.com/blockchains-hu…

Bitcoin’s Lightning Network Is Growing ‘Increasingly Centralized,’ Researchers Find coindesk.com/bitcoins-light…

LN users leaking their data

https://twitter.com/DavidShares/status/1217107432175853569

Full list of Lightning Network flaws, issues, bugs member.cash/p/f53b5a88ae

I think it's safe to say, after 6 years, Lightning Network is vaporware. It's dead. It's time to put this thing to bed and call it a day.