Roger Ver Takes a Shot at Bitcoin’s Lightning Network
Roger Ver is at it again, this time taking a solid shot at the validity of Bitcoin’s Lightning Network. The BCH founder put out a new YT video declaring the network pure hype with no backing of it’s actual effectiveness. To put it simple, he doesn’t believe in the network one bit. Which should come of no surprise considering he continually slanders the network whenever he can.
His viewpoint was spoken directly to another cryptocurrency specialists named Andreas Antonopolous, a Greek bitcoin enthusiast. Regarding Ver, the BTC lover stated:
“It is the idea that routing on lighting network is not a solved problem and that is absolutely right. In fact lighting network is still under heavy development and is in it very early early stages of development and most of the clients are still in BETA category. They’re pre-production software and even though you can run lighting on Mainnet it is still not really suitable for production use, there are bugs too..”
Ver has supposedly been relaying the same information, according to him of course. He believes the Lightning Network ruined the cryptocurrency, making it unreliable with constant failed transactions. Prior to the development, the network was great, now it’s basically useless according to Ver. This is of course strictly his personal opinion and something that that has attracted plenty of retaliation from people who support the network.
If you’re not familiar with the Lightning Network, it’s a new layer operating on top of the Bitcoin blockchain. The new payment protocol gives users fast transactions but has been known to fail quite often. As Roger Ver put it, the effectiveness of the network isn’t nearly as valuable as Bitcoin’s – being even worse than BTC was when it started back in 2009. He believes they’ve tried to hard to make something new, effectively breaking the old system, so that it is barely functional now. Creators of the network report it was developed to end the slow transaction times of Bitcoin and low TPS. The company states:
“If we presume a large network of channels on the Bitcoin blockchain, and all Bitcoin users are participating on this graph by having at least one channel open on the Bitcoin blockchain, it is possible to create a near-infinite amount of transactions inside this network. The only transactions that are broadcast on the Bitcoin blockchain prematurely are with uncooperative channel counterparties.”