Is Lightning Network a bank controlled second layer for bitcoin?
I just debunked a conspiracy theory by Catherine Austin Fitts about bitcoin being a deep state project. I can say that because I've been playing with the open source code on github. However this one needs to be taken more seriously.
The argument is that the hubs that manage the excess funds to keep open channels between users of bitcoin will operate as a KYC and AML layer for the banking industry. Unfortunately I can't dismiss that possibility because I haven't seen that code. I'd be more concerned if they make that code proprietary and then it becomes highly suspicious. But so far it looks like it's open source. I haven't had the time to look through this as much as the bitcoin source so I can't really say one way or the other so I just put it out there as something to be aware of.
I have no doubt that the banking industry will try to exert as much control as possible over cryptocurrencies. One needs to remember one thing though; there are thousands of them now. If bitcoin becomes a FedCoin fork, there's no guarantee that the rest of the world will follow. There are several other altcoins out there. A few of them actually appear to be superior technologically, such as Dan Larimers EOS, Bitshares and Steem...
It's important to remember that the exit from the system still exists in the other forms of crypto.
Very important observations, thanks! As long as we have open competition in currency, we will have strident progress in this area and for all humanity.
Hopefully the present trend of cheaters being "Outed" will continue and wrong-doers will always be caught and punished by no one in particular but that mighty invisible hand -- the market.
I tend to agree if they do indeed make second layer solutions that are not open source it would be bad but i am inclined to thinking that this won't happen given how fast the community is growing and how active core's been about transparency we might see that it is open source would be interesting to see though.Great post btw you got yourself a new follower :D
Bitcoin is the most valuable coin in present age by online. I think if bank allow Bitcoin currency then economics development will be increase. thanks for share @zoidsoft
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good post @bijoy123