[CryptoPunk]

>>Actually, Square via CASH App just enabled LN tx on it app to both iOS and Android users

LN has less than 3.5K BTC for channel collateral, meaning relatively few people use it.

>>With that said, you don't have to run a node to take advantage of low tx fees:

I didn't say you need to run a node to use it. I said you needed an always online hot wallet. You need it because even to receive a LN transaction, your private keys need to sign a series HTLC of transactions linking the originating node with yours.

[Melting_Harps]

> LN has less than 3.5K BTC for channel collateral, meaning relatively few people use it.

Seeing as how the 2nd layer network is optimized for instant micro txs, that still is not accurate; the point is to be able to have low/no cost instant txs for small sums in order to not clog up the mempool on layer 1.

> I didn't say you need to run a node to use it. I said you needed an always online hot wallet. You need it because even to receive a LN transaction, your private keys need to sign a series HTLC of transactions linking the originating node with yours.

Sure, but that is like saying you need an internet connection to post on HN and decrying it as a pitfall of a system.

But even that is being worked on as we speak [0].

0: https://protos.com/bitcoin-lightning-dev-fix-existential-pro...

[CryptoPunk]

>>Seeing as how the 2nd layer network is optimized for instant micro txs, that still is not accurate; the point is to be able to have low/no cost instant txs for small sums in order to not clog up the mempool on layer 1.

It was also marketed as being a substitute for ordinary retail transactions, like purchasing a coffee, not solely micro-transactions.

>>Sure, but that is like saying you need an internet connection to post on HN and decrying it as a pitfall of a system.

Having to have your hot-wallet always online just to receive transactions is different than needing to connect to the internet to submit a comment on HN. You can still receive replies on HN when you're not connected to the internet. And connecting to the internet to post on HN doesn't expose your money to theft the way exposing your hot wallet to the internet does.