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> Note, 1/40 of a penny would cover essentially any amount — you could buy a house with Lightning for 1/40 penny.

This is factually incorrect. Lightning fees have two components, the base fee (it's often zero to make future pathfinding algorithms work better but the default is 1 sat) and the ppm (parts per million). The total fee would be base_fee+amount*fee_ppm/1000000. So no, you'll pay a significant fee for such a transaction but most importantly there's simply not enough liquidity and no good splitting algorithms currently to move hundreds of thousands dollars. LN is for small and fast payments, on-chain is for big and slow ones. They complement each other, not replace. To buy a car or a house an on-chain payment with a fixed fee would be most optimal. You pay for block space on-chain (and that space doesn't depend on the amount) and in LN you pay for using liquidity (which depends on the amount).

Besides, if you use BlueWallet with their LndHub and you send money to someone else who also uses BW with their LndHub you don't even use Lightning. They just correct your balances because LndHub is a custodial service that manages user accounts. You can install it on your own node and use it with BW (I do that for example!) but if it's among the same hub users the money doesn't move at all. Because of that of course the payments would be completely free and instant.

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