The Lightning Network (a proposed solution to the bitcoin scalability problem) was planned to be deployed in January 2018 but I find it hard to believe that it is already ready for prime time use.Well let's all hope that it is true.

I just found an article which states that Lightning network is already in use and it states that more than $33000 in bitcoin has been transacted via Lightning Networks.
Sound's interesting isn't it!?
Have a look https://www.coindesk.com/bitcoins-lightning-network-problem-people-already-using/

I guess it's not only testing on the testnet, but also on the mainnet a few nodes are running "on their own risk". It hasn't been deployed for general use yet, more of beta/bugs.

https://p2sh.info/dashboard/db/lightning-network?orgId=1

No concrete article to really tell if it is live or not, but while it has been on the testnet, some, out of excitement have decided to start utilizing it on the mainnet. I was reading an article recently online, I guess on coindesk (not sure), on how the devs were complaining how its use on the mainnet is becoming a distraction for them, as well as how it can be very risky unless you know what you are doing.

Like the OP guessed, the present use on the mainnet right now should be more like a test as well, but on a larger level, and that is really the only way it can be so easy to discover bugs on the system and also check out how usable it is, before it goes premium, with the risk being considered by whoever wants to use it like krishnapramod mentioned. I just hope the use on the mainnet for some would not be a costly one.

Yes ,. of course (LN) when life goes well, and smoothly. hopefully hope LN application will be much better again for bitcoin users .. Watch out for users to not suffer huge losses ,, because do not know the arrival of the problem .. or disruption of the network!

Anyone expecting a Bitconnect style launch event with music videos and screaming Mexicans is going to be disappointed. There won't be a formal launch. It's on the mainnet right now with many a caveat issued.

I expect it'll continue creeping out there until one day you'll find yourself using it. Its eventual ubiquity will be gradual. It looks like KYC stuff may be impossible to keep tabs on so I'm not sure it'll ever be used by legit exchanges or uptight services.

If that is the case then many a user may have no use for it.

Because of the channel hopping I presume. They can't keep tabs on who's sending what, where they're sending it to or where anything is coming from. Once you've entered it in a KYC ish manner via the main chain your money can be subsumed.

Anyway this is only an initial thought but quite a few people have voiced it.

Exchanges don't need to keep track of the whole blockchain and each Lightning transaction though. All they do and should care about is coins and fiat entering and leaving their system. I don't think KYC AML regulations require anything beyond that. Otherwise you wouldn't see the likes of XMR and ZEC on Kraken, for example. But maybe I misunderstood your concern.



Why shouldn't people switch to LN and what do exchanges have to gain from preventing LN adoption from happening? Everyone profits from low transaction fees. Looking at the big picture even miners stand to profit from LN in that it will help Bitcoin's adoption and long term sustainability.

Well, this is from someone who knows rather more than me - http://bitcoinist.com/coinbase-exchanges-wont-run-lightning-antonopoulos/

KYC will only get more anal as the years go by and places like Bitpay and Coinbase seem to actively want to scupper Bitcoin's chances at the moment.

I guess I need to listen to the full podcast, but based on the article the concerns still don't make quite sense to me:


I don't understand that argument. LN nodes don't know the origin and destination of transactions that cross them, so far so good. But exchanges still know that they are the destination of a LN transaction -- and who send it. Otherwise how would anyone know that they received a Lightning transaction from the correct counterparty? Unless the argument is that running a LN node makes you a money transmitter according to US law, but that would open a whole different can of worms with exchanges being the least of our problems.

I share your opinion here. I have observed that fees have gone down lately which I thought was weird, but now it starts to make sense. It does seem like the lightning network is indeed active, but it seems like a beta version currently since they tell us to be careful and be aware of the risks involved. Personally, I am happy that it is active and people have begun to test it and I am expecting all users to enjoy the lightning network benefits within a few months.