Lightning Network user lost $ 30,000

[VovaLacoste 39]

One of the US users of the Lightning Network bitcoin network reported that it had lost 4 MTCs after the forced closure of the payment channel. Such incidents cast doubt on the viability of technology designed to increase the scale and speed up the operation of blockchain networks, experts say.

The affected user said that he decided to stop the transaction by forcibly closing the channel using a multi-day node backup. This method is used by many experienced PTS holders, however, it requires the exact performance of certain actions in order not to lose money.

It can be argued that the user himself is to blame for using technology that is far from ready for mass deployment and intended for micropayments to transfer a large amount of cryptocurrency. On the other hand, the situation raises many pressing issues regarding the effectiveness and security of the Lightning Network in its current form.

Some participants in the discussion of the problem in Reddit believe that backing up "in minutes can lead to channel disruption." Since the network has a dynamic structure, the operation of the channel may be unstable.

Similar situations are also a reminder that new technologies are imperfect. Many operations in blockchain networks do not have a return function. In this case, another owner of the site can send money back or pretend that nothing happened. However, when it comes to more than $ 30,000, you should not experiment with untested solutions.

[dentolas 551]

Lightning network might be the leverage that is needed to get BTC ready for adoption, but it is in fact far from a working product...

User is to blame for experimenting with such tech using $30.000, but unfortuntely the point is that the system is not yet working and BTC is not ready for global adoption

[Ghetto workout 6263]

The user lost money due to his own mistake, do I understand what is written correctly? If so, then unfortunately there is no help center in cryptocurrency, due to it is decentralized

Edited July 23, 2020 by Ghetto workout

[Akbor 1042]

We all should be aware about this mistake. i am also very sorry for your lost. But crypto market has many opportunity to make profit also have option to lost money. so i wish you not do this type of mistake any more. best of luck.

[teminalibug 309]

This tech (Lighting network) I never understood it's mechanisms but i know a little about and I wanted to adopt  this but, this news is very discouraging.

[Sagor 500]

In crypto if you want to make profit you need to take risk. as there are ways to make money also you have option to loss money. so need to be careful all time.

[mani982 286]

I think lighting network is  bitcoin Fast Transaction method and we transfer funds very fast .If we put right address where we want to send funds then there is no chance of loosing our funds.

[Amirul Islam 382]

On 10/24/2019 at 10:29 PM, VovaLacoste said:

One of the US users of the Lightning Network bitcoin network reported that it had lost 4 MTCs after the forced closure of the payment channel. Such incidents cast doubt on the viability of technology designed to increase the scale and speed up the operation of blockchain networks, experts say.

The affected user said that he decided to stop the transaction by forcibly closing the channel using a multi-day node backup. This method is used by many experienced PTS holders, however, it requires the exact performance of certain actions in order not to lose money.

It can be argued that the user himself is to blame for using technology that is far from ready for mass deployment and intended for micropayments to transfer a large amount of cryptocurrency. On the other hand, the situation raises many pressing issues regarding the effectiveness and security of the Lightning Network in its current form.

Some participants in the discussion of the problem in Reddit believe that backing up "in minutes can lead to channel disruption." Since the network has a dynamic structure, the operation of the channel may be unstable.

Similar situations are also a reminder that new technologies are imperfect. Many operations in blockchain networks do not have a return function. In this case, another owner of the site can send money back or pretend that nothing happened. However, when it comes to more than $ 30,000, you should not experiment with untested solutions.

I think in the begging of this upgrade people will face some problems. But it will fix the bitcoin developers. Without any problems occur they can't know where they should upgrade.

[bentayebsalah 2280]

With problems such as these occurring on the Lightning Network, this means that they are not yet ready to use and complete the global and there may be some problems that must be solved

[Afrizal rahman 2636]

This seems to be the fault of the users themselves because they have installed technology that is still not ready. For this reason we do not rush in doing things. Yes we have to see the technology first before using it .

[Yanadia 1517]

2 hours ago, Kona said:

User is to blame for experimenting with such tech using $30.000, but unfortuntely the point is that the system is not yet working and BTC is not ready for global adoption

I am agree whit you about this from began the Lighting Network it has been called a double-edged sword for Bitcoin and if we really read about LN then we will find a lot of debate about this also the LN security system, the conclusion is that LN is not really ready to launch.

"LN will make everything difficult.  The number of transactions will probably not be as many as imagined.  A study has modeled what happened to bitcoin after 2140, and the results are quite alarming.  Without the subsidies provided by the system to miners in the form of new coins, mining activities will decline sharply, so the Bitcoin system is exposed to security problems that have never been a serious threat to Bitcoin, such as 51% attack or selfish mining. "

[Maaz sultan 265]

So he lost his money but why just he spend this high amount i think we need to check any crypto transaction with some less amount before a high transaction this tells that if we transferring our money with real or fake website and on this incidence i just say why he cancelled his order in crypto world we need to sure before do any thing .

[Amir YT 202]

On 10/24/2019 at 10:29 PM, VovaLacoste said:

One of the US users of the Lightning Network bitcoin network reported that it had lost 4 MTCs after the forced closure of the payment channel. Such incidents cast doubt on the viability of technology designed to increase the scale and speed up the operation of blockchain networks, experts say.

The affected user said that he decided to stop the transaction by forcibly closing the channel using a multi-day node backup. This method is used by many experienced PTS holders, however, it requires the exact performance of certain actions in order not to lose money.

It can be argued that the user himself is to blame for using technology that is far from ready for mass deployment and intended for micropayments to transfer a large amount of cryptocurrency. On the other hand, the situation raises many pressing issues regarding the effectiveness and security of the Lightning Network in its current form.

Some participants in the discussion of the problem in Reddit believe that backing up "in minutes can lead to channel disruption." Since the network has a dynamic structure, the operation of the channel may be unstable.

Similar situations are also a reminder that new technologies are imperfect. Many operations in blockchain networks do not have a return function. In this case, another owner of the site can send money back or pretend that nothing happened. However, when it comes to more than $ 30,000, you should not experiment with untested solutions.

Lightning network is an upgrade system of previous network. We saw in 2019 some satellie sent to space for it's upgradation. But it has now many bugs. It's didn't upgraded successfully. And that's why they lose the fund.

[Captain Karim 0]

This is unfortunate news, but do you have a reference to this news so that we can see all the details, maybe Al-Barq network needs more study and development, and the news may be false.

[BTC Future 3946]

I've read what happened to this poor guy and felt sad. The moral of the story is that the Lightning Network is still in development and in order for someone to use it safely he should be highly experienced right now, as there are many bugs and features that are still not complete. People want to rush and run a LN node but it is still better to do it with just a small amount for testing purposes right now. The LN developers have warned for this many times.

[tienda 8776]

The majority of lost people is when they do the mistake, so is very important to do some search and learn about anything around the cryptocurrency.

[Shaza Ahmad 1682]

I am surprised how he lost money? Where did the money go? We know that we are in a digital world and these cryptocurrencies must eventually find a place for them or can they be destroyed? I hope someone makes this point clear.

[bliznec 22267]

How could you lose $ 30,000 I don’t understand. Stop the nodes that you need to be able to use and be sure how to do it. You have to do this, I don’t understand. 

[Saj555 2250]

The user is mostly got that loss because of his own mistake. Maybe everyone should be aware about these things provided in the post while using lightning network. But this will make the lightning network more valuable and secure after all these things. But you should be more delighted about the news and learn from it. 

[jamesvince 2389]

What is lightning net work and networking. We are not bound to used this network. It means we used this net work for making quick transfors of crypto market transaction. So we need to be wise and don't use Anthing which are not beneficial for us. 

[Brand1 1336]

The field of encryption is full of risks, and every person who wishes to work within this field must know that he is exposed to risks and losses at any time possible, but also he must know as it is full of risks that can be full of profits.

[Amir Vao 341]

On 10/24/2019 at 10:29 PM, VovaLacoste said:

One of the US users of the Lightning Network bitcoin network reported that it had lost 4 MTCs after the forced closure of the payment channel. Such incidents cast doubt on the viability of technology designed to increase the scale and speed up the operation of blockchain networks, experts say.

The affected user said that he decided to stop the transaction by forcibly closing the channel using a multi-day node backup. This method is used by many experienced PTS holders, however, it requires the exact performance of certain actions in order not to lose money.

It can be argued that the user himself is to blame for using technology that is far from ready for mass deployment and intended for micropayments to transfer a large amount of cryptocurrency. On the other hand, the situation raises many pressing issues regarding the effectiveness and security of the Lightning Network in its current form.

Some participants in the discussion of the problem in Reddit believe that backing up "in minutes can lead to channel disruption." Since the network has a dynamic structure, the operation of the channel may be unstable.

Similar situations are also a reminder that new technologies are imperfect. Many operations in blockchain networks do not have a return function. In this case, another owner of the site can send money back or pretend that nothing happened. However, when it comes to more than $ 30,000, you should not experiment with untested solutions.

In the last year lighting network create hyip news because of it's usecase. People thought that it will solve problems of bitcoin. But it has many bugs now.

[Zaino34 0]

This is really sad. Losing all this amount of money. We must know what is wrong with it so that people avoid it in the future because we know that working in the field of encryption is at risk and we can sometimes lose our money.

[George10 9932]

That's to bad to have such a huge loss in cryptocurrency I know many crypto users undergo through this from just a slight mistake one can lose million of dollars without having anyone to assist you get your money back since cryptocurrency transactions can not be reversed it's for this reason we must be careful when processing payments or transacting vai wallets.

[Mcd0d0 5882]

On 10/26/2019 at 3:04 AM, dentolas said:

Lightning network might be the leverage that is needed to get BTC ready for adoption, but it is in fact far from a working product...

User is to blame for experimenting with such tech using $30.000, but unfortuntely the point is that the system is not yet working and BTC is not ready for global adoption

This will be the saddest part here mate because losing this lightning network has decreased the chance the adoption of bitcoin in the world. I hope that this will be accepted for all countries.