TD₿: The State of Lightning: Volume 2 by Arcane Research
TL;DR The Lightning Network has reached a level of development, liquidity, and critical mass that has pushed it over the line into being a truly usable network.
Hey Bitcoiners,
I woke up this morning to the news that FTX CEO Sam Bankman-Fried was quoted in a recent FT article saying, “Bitcoin has no future as a payment network.”
He cites Bitcoin’s environmental issues, and its slow transaction speeds as reasons but fails to mention the Lightning Network, which allows Bitcoin to transact millions of transactions per second.
The piece received a couple of replies from Bitcoiners…
Of course, there’s a reason Sam fails to mention the Lightning Network. The agenda that Preston alludes to above is that his crypto casino relies on selling insecure and risky tokens to its clients.
FTX makes revenues off of listing fees from listing these digital penny stocks and from trading fees. It wants clients to trade these tokens that only exist because of the perceived shortcomings of Bitcoin marketed by these centralized teams.
This was never more evident than in the recent Luna fiasco. FTX listed Luna despite Bankman-Fried stating after the crash, “It [Luna] was going to falter according to the publicly available information.”
It’s evident that SBF needs to read this report from Arcane Research that dug into the ecosystem currently growing around the Lightning Network (04/02/2022).
What SBF apparently doesn’t want people to know is that Lightning Network is growing and succeeding.
He doesn’t want people to know this because the Lightning Network will make a majority of these other “cryptos” obsolete and thus will hurt FTX’s casino business in the process.
Tick tock next block,
Cory Klippsten
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Quote of the Day
“Bitcoin’s second-layer Lightning Network makes 99% of altcoins obsolete with superior speed and cost. Pipeline features to improve privacy will obsolete the remaining 1%.” - cointillionaire, Bitcoiner
Meme of the Day
(h/t @corndalorian)