The former Core Dev Garzik says Bitcoin Lightning is a dead end star-news.press/wp

Fifteen years after the Bitcoin Core code for the first time, Jeff Garzik still believes that the protocol “will exceed everything”, but it no longer believes that the main scaling project can keep up with the user’s request. During a conversation with the Bitcoin Pete Rizzo historian, the Hem founder rejected the Lightning Network as “red herring” and put a road map in which the Layer 2, not the payment channels, not the payment channels, brought the following billions to BTC.

Bitcoin Lightning is a dead end

“Lightning is failure. Few people use it, and the BTC kept closed on bad Sidetrack,” Garzikk He saidAdding that the network “was a way to pump lightning instead of alternative work solutions like the Twos layer.”
He referred to solid numbers: “Look at the result. We have approximately 5000 BTC on lightning after seven years. Bitcoin wrapped on ethereum alone is 25 x. I have already voted capital.”

Garzik blames the limited Lightning on what it calls “Vetocracy” for Bitcoin – a governance culture that any faction can change its consensus. He claims that this culture has the “O-Mifty” layer since the stalemate of 2017: “Bitcoin development has mainly stopped after 2017. OP_cat, covenants-have been fully studied-they went to where they could ship.”

According to the previous basic index, the trip is measurable. Public lightning capacity is hovering near 5300 BTC, or approximately $ 500 million, while BTC wrapped and relevant symbols that now exceed 130,000 BTC – more than $ 14 billion of crude guarantee. The number of the node tells the same story: about 16,000 of the visible lightning nodes for the public for more than 600,000 titles wrapped.

Garzik’s criticism is philosophical and technical. He repeated a line stunning the direct audience: “Bitcoin is a social network first and a second cash network. Its value comes from the people who coordinate it, and not from any line of code. But that social class itself can intend to innovate, and so we stumble.”

Since social consensus resists changing the basic layer, Garzik sees the future in Sidechains like his project, Hemi. The platform includes the BTC node completely in a roll compatible with ETHEREUM, guaranteed by the resistant mining guide to prove broadcast and Bitvm fraud. He said that smart contracts can “read and dispose of the Bitcoin 1 layer without guard bridges,” describing the design “EVM -By-Fire inlaid on Bitcoin’s high coin.”

“All the things that have been built over the past fifteen years – Stablecoins, Defi, ID – are coming to Bitcoin. The only question is whether the fanaticism will stand on the way.”

Lightning supporters note that capacity numbers exclude private channels and that guidance revenues began to attract professional operators. However, the bullish research from the Digital Assets recognizes that the general capacity has been corrected between 4,400 BTC and 5600 BTC since 2022, as it grows much more than the dollar compared to coins.

Garzik argues that the stagnation is a structural: “Lightning is great if you want to move the value of Bitcoin that reaches coffee coffee at light. It is useless if you want independent lending, derivatives, or a billion dollar settlement. So you need to be trivial and vulnerable, and you do not have lightning.”

But bitcoin will exceed everything

Despite criticism, Garzik stressed that BTC’s critical role is safe. He said: “Bitcoin will live alongside gold. It is the trunk; everything else is foliage.” The inevitable thesis depends on the effects of the network, organizational clarity, and deep pocket holders such as sovereign wealth boxes: “Every incentive in the system refers to Bitcoin. This will not change.”

But the inevitability warned that it is not a growth: “Bitcoin does not disappear, but it is not upgraded either. If we want to want to have a self-fors for eight billion people, we must extend the programming capacity without prejudice to the origin that the world already trusts. This means Layer-2S-and this means leaving lightning in the back vision mirror.”

Whether the broader ecosystem agrees on concrete measures next year: the capital allocated to the emerging Bitvm groups, the number of the node for the BTC supplies wrapped, and ultimately, users want to pay the fees to pay each path. Currently, Garzik’s message is explicit: the future Bitcoin, but Lightning is not.

At the time of the press, BTC was traded at $ 108,838.

Distinctive image created with Dall.e, Chart from TradingView.com

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