Despite the much anticipated Lightning network’s launch over a year ago being touted as the perfect way to reduce fees when using BTC, statistics revealing the network’s size now point to an ongoing reduction in the number of channels and tokens on the network. It seems adoption is decreasing as more and more people close their Lightning channels.
But advocates of the Lightning network and BTC say this is a actually great news for BTC.
Twitter user and BTC evangelist @hodlDEEZbits69 says that while the numbers might appear to paint a negative story for the future of BTC, the truth was easy to understand for pure bitcoiners. “What you see in the numbers is that because Lightning wallets are all hot wallets essentially broadcasting their location to anyone in the world, we’re seeing an uptick in the amount of BTC being stolen. And that’s great news. If it’s being stolen, that shows that it’s super valuable. Thieves only steal things that are valuable, and things they can liquidate quickly. So these channels shutting down is just more proof that BTC is the coin of choice for thieves, which I think is a message that will really help us get that ETF we’ve been working towards for so long.”
Other members of the BTC camp had a different interpretation of the shrinking numbers, but still managed to see the news in a positive light. Reddit user u/100XonBITMEX4lyfe_69 said that the Lightning network shrinking could largely be explained by the impure users closing their channels. “This is an important part in the growth story of BTC. Running a lightning node is hard work. Really hard. You basically need to be a rocket scientist to do it safely. So these people closing their channels are essentially people who are not worthy of using BTC finally saying goodbye. I say good riddance to them. They’re dirty, unfaithful sinners who don’t deserve to own any money.”
Not everyone in the cryptocoin space sees the news as a positive thing for BTC. AXA Venture Partners is an investor in Blockstream, a key Lightning network proponent and developer. François Robinet, Managing Partner at AXA VP spoke with CBD, saying he was getting fed up. “Honestly we didn’t know what the frick we were investing in when we gave money to Adam Back. Their presentation was so convoluted I just think no-one in the room wanted to look stupid and say they didn’t understand a thing he was talking about, so we all just nodded and signed the check. All they’ve done with our money is make a WORSE way to send crypto, and hire a team of 300 social media ‘account managers’ to shitpost all day long. I have to report our figures later this month and I think we might just have to write that investment off completely. Honestly I made more money personally by buying BitCoin SV last month than I can expect to make from Blockstream in the next decade. I still don’t think they actually have a business model!”