Since the Lightning Network has come to life, the scaling solution has been lauded as a way to fix many of Bitcoin’s current problems in terms of transaction speeds and fees. But, in a recent Twitter rant, Erik Finman, a Bitcoin millionaire who invested in the cryptocurrency when it was under $10 and presumably sold it in the thousands, bashed Lightning.
He explains that Lightning effectively turns Bitcoin into “Visa and Mastercard” — two organizations that Satoshi seemingly wanted to circumvent. Finman adds that BTC with Lightning is put into the hands of Silicon Valley, rather than miners, node operators, and the like. The investor explains that while Lightning isn’t as centralized as the Federal Reserve at “100%,” the introduction of the protocol could introduce risks to the once “12,000,000%” decentralized Bitcoin.