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by chill1 1956 days ago
Your comment is so obviously disingenuous. It makes absolutely no sense to open a Lightning Network channel to send one transaction and then immediately close it.
2 comments

It was a joke.

OTOH lightning is IMHO a joke as well, for many reasons. Funds need to be tied up, nodes generally need to be online, routing is a (mathematically) hard issue, and the channel open and close transactions (or 'add funds') would certainly become an issue on the main chain if lightning became popular.

Why? If I want to send money to Bob in Venezuela I need a connection to him. And I'm not interested in sending further transactions to him. And he is in Venezuela and cannot rely on institutions (this is the real scenario that advocates keep bringing up). How am I going to pull this off without an on-chain transaction?
You both use your lightning app connected to a LN payment processor which already has the necessary channels open with other nodes and/or payment processors.
Can't do it in Venezuela. The whole point of that scenario when raised as a reason why btc is awesome is that you don't need an attached institution and your transactions cannot be censored.
An LN payment processor is not institution, it's just a LN node which has channels open to many other nodes and to which you as a user can connect to, so you don't need to open separate channels with everyone you are doing transactions with. And if your LN node becomes unreachable due to censoring: they are often available over Tor too.
Such a node becomes a payment processor, and must have a lot of BTC tied up in its channels in order to facilitate these payments.

It's basically a bank at that point. Or a worse Visa.

It doesn’t need a lot of BTC tied up in channels. It’s enough to have one channel open with another well connected node. Transactions can jump over several nodes to reach their destinations. And everybody can become a bank/payment processor for their friends and family with an LN node, no need for big centralized institutions.