Lightning Labs is the primary developer of Bitcoin Legacy's Lightning Network, together with Blockstream and supposedly Blockchain.info (Thunder) which haven't updated their code in years last time I checked. Jack Dorsey recently

ominously said he believes that Bitcoin Legacy will be the one global currency that will win out.

If you remember well. Square

has had been testing buying and selling Bitcoin on their cash app with no option to withdraw.

Wonder why? My theory is EVERYONE mentioned directly or indirectly knows the game plan. Bitcoin Legacy (or 1mb Bitcoin) was always going to be a settlement layer,

but not in the way people had thought previously.

(Time to get your tin foil hats on!) Square is the answer. Because Square is the perfect custodial wallet for the Lightning Network. (Remember Jack Dorsey owns both Lightning Labs and Square) The Lightning Network (Headed by Elizabeth Stark) has a

bunch of problems

, an on-boarding fee, routing issues, withdrawal fees, all of which can be conveniently solved by implementing these two things: 1. Centralized Hubs and 2. BOTH sender and recipient HAS TO use a Lightning Network wallet. Square IS the perfect custodial wallet for the Lightning Network. Square IS the perfect Lightning hub.

It is to be feared, because if this is true this will be the biggest blow to decentralised digital currency ever made.

Square payments system is widely adopted in many mom and pop shops, online store.

The size of Square's payment system network cannot be underestimated.

They have 600 employees and valued at 3.25 billion dollars. I don't have the exact number of how many merchants use Square, but I'm sure anyone living in the United States have used or seen it in one way or another. This is the device that is used in those hipster coffeeshops that the Bitcoin crowd has always wanted to accept Bitcoin to prove its usable as a currency.

The implications of what this could mean CANNOT be understated: 1) People will own Bitcoin on Square but their money will always be on the Lightning Network, all that money is being forced off-chained and put under control of supervision of Square, meaning the loss of censorship resistance and more. The liquidity Square gains from being a Lightning Hub will be used to invest in various ways. 2) Merchants will use Square Lightning Wallets to receive Bitcoins quickly, there is essentially little reason to keep any Bitcoins on the 1mb chain. Merchants will be incentivised to use LN and keep money in channels also. 3) Square will essentially become the Bank of Bitcoin with users not really touching the actual settlement layer. To spend their Bitcoin users have to use LN, which means they move their funds into the hub off-chain. 4) Fiat 2.0 , the bankers wet dream is reality. The incumbents basically get to stay on and keep taking fees. Users get the illusion they are using something better (Bitcoin), but they are just using the same old system the banks have used to charge them before. 5) Square is a fiat gateway, meaning merchants can receive fiat. Users can also deposit AND withdraw using fiat methods such as credit cards, this would create a entirely seamless experience. 6) Lightning Hubs are likely legally money transmitters, t

hus license are likely required to run them

, and who better than the big banks and Paypal? This is the endgame. It's their

Checkmate

move, in case you guys are not seeing it yet. Once Square show their card, Paypal will want in. They too will allow customers to buy and sell Bitcoin, but they will hold it for them because the only way to spend them is on the Lightning Network. Which by the way.

Paypal IS a bank by many definitions