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RE: 💬 A Simple Explanation Of The Lightning Network For Bitcoin, The Off-chain Solution To The Current Scalability Issues
There is a big centralization concern if all transactions are routed through some few big hubs. At some point, those big hubs are likely to reject (censor) transactions that haven't submitted KYC identity documents. At that time it will be too late to try to route around those hubs, as 99% of the customers and businesses will only be reachable through those hubs.
That might indeed happen and basically then we are back to banks, aren't we? It will be interesting to see where the ideology and profitability scale tips. Maybe there will be even ICOs for hubs that promise to not demand KYC :-P