Before someone points out that it would require tons of on-chain transactions to onboard everyone onto it, you can batch thousands of channel open/closes into a single transaction with new protocol upgrades.
Simply put - it can't scale to that kind of throughput for a combination of cultural and technical reasons.
What's the source of your opinion?
I would need to go back and refresh my understand as it's been quite a while since I read the LN whitepaper, much less kept abreast of developments in that space.
With batched channel open/closes, it'll be super cheap to open and close channels. The only cost you'd pay is the opportunity cost if your counterparty isn't sending transactions, so you're not collecting routing fees. If that's the case, you can just close the channel if you need to fund another channel and don't have spare Bitcoin for it, but that's about it.
Even if everyone had channels with the same, single central node it would have more guarantees than Visa does. The single central node could not just decide to keep everyone's money, as participants have the option to create an L1 transaction to withdraw funds if node they have a channel with misbehaves.
Theoretically they have that option, but in practice do they?
Theoretically I can sue visa to get the right outcome too, which is a good guarantee
This is just nonsense because, for instance, each LN hub can configure how much processing it wants to take on by focusing on most profitable subgraph.
In the end, LN will be processing more and more payments and you will keep ignoring that fact and claiming that it can’t scale. This has been happening for years already.
Opinion part: Monero is technically superior to Bitcoin in basically every way.
I see how this is true from a privacy perspective, but how does monero solve the issue of the blockchain eventually becoming too large for an ordinary person to run a node on their pc? the bitcoin blockchain is already several hundred gigabytes
Now that people are starting to realize what bitcoin actually is, and all the lies and misinformation are falling away, the world is gearing up to pounce on it and fully integrate it into society. People are rapidly realizing that it really is the internet of money.
Monero will still have it's place, but only as the dark money network.
I've actually become increasingly worried that Monero is at pretty significant risk of a nation state 51% mining attack, since it mines with generic CPUs. A government could rent out an AWS fleet to attack the network and if not kill it, at least add a lot of friction via this kind of DDOSing that temporarily blocks people and breaks interest, like they do with Tor services today.
I assume you are using “exponentially” in its informal meaning of “somewhat quickly” ? At least I am not aware of any routing issues that scale exponentially with the size of the graph.
To the contrary, if you can pick the graph structure then routing is not very difficult at all.