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,,WARNING: If you try to use the Lightning Network (LN) you are at HIGH RISK of losing funds and it is not recommended or safe to do at this time or for the for
by xiphias2 5y ago
,,WARNING: If you try to use the Lightning Network (LN) you are at HIGH RISK of losing funds and it is not recommended or safe to do at this time or for the foreseeable future.''
This looks outdated. This warning was true a few years ago, but nowdays the risk is low enough for everyday use (as a checking account, not as a savings account).
- jeroenhd 5y agoHow is any system that risks spontaneously losing funds any better than just using the existing banking infrastructure that has this down to an absolute minimum? Of course market speculation has made any cryptocurrency system completely unusable for long term value storage so I wouldn't put my savings in there anyway, but even for a checking account the existence of risk of spontaneously losing money that you can never get back while using the system normally seems like a massive design flaw.
- xiphias2 5y agoIt's never spontaneous. Banks and transaction processors lose money regularly, they just don't expose merchant fees and chargbacks to the buyers directly, but when you remit money to another banking system or want to cash out your balance, you are exposed to those fees and times and limits. Bitcoin and lightning network exposes the end users to all the potential security issues, but gives finality and no bank bailouts in return.