pull down to refresh
For normal people lightning is literally unusable. You all here seem to think that everything is easy, but try to onboard a non btc non tech person and you will see. If you want to send them for example some sats to play with you can't. They don't have a channel open. Your first instinct is to use zero conf channels with an lsp. But you need to send more than 10000 sats to do that as usually 10000 sats is the fee for opening a channel. With fiat you can give somebody the equivalent of 1000 sats in coins, and that's almost zero barrier to entry. That's the way people are usually onboarded to fiat money (as children mind you, try to onboard a child with bitcoin). You can also use cashau or fedimint, but this is not really bitcoin. And you will need to explain what ecash is and how this is not really bitcoin.
And also eben if you send more money you need to explain reserves and why the other person can't slend all the money (good luck with that).
What lightning neads to close the gap (i don't think lightning will ever beat physical cash in this regard, but there is room to get closer at least) :
- Virtual channels
The trust model is similar to the zero conf channel. It can be used for small amounts. It can be standardized in a way where either party can decide unilaterally to broadcast a funding transaction, converting it to a normal channel. - Ability to spend all the funds in a channel. A standard for sending all and closing is needed. (Like sweaping the whole utxo function, but for lightning).
- A user friendly app that just has receive that just works and send that just works. The transactions can have all the options configurable, but the defaults should be enough to show a qr code and receive sats immediately after installing the app.
And just to add: When a something bad happens it shoud be visible in the transaction logs. If a partner channel of a virtual channel doesn't hinkr your sats the log should say "-500 sats - stollen from lsp" "-50000 sats - published old channel state while your mobile node was offline during your vacation" "-100000 sats because of chain reorg and double spending or slmething".
Physical cash is more fungible than bitcoin UTXOs. Physical cash notes are almost identical except for the serial number, which doesn't have a history of previous transactions. UTXOs have a history and with the proper software can easily be traced automatically. The idea of Monero is to quite solve this exact issue. I think some solution (other than monero's) to make utxos in bitcoin more fungible will be beneficial.
I have random question here. Rescanning requires you don't close the app. Do you try to prevent your phone from sleeping during rescan? Because some time ago i was forced to dl that for an hour, otherwise everything got buggy and rescan didn't find all my utxos.
Hm... I would suggest Zeus itself track these things. For example if a transaction appears and then disappears it has two entries in the log (one credit and one debit, explaining that the transaction disappeared for example). Also Zeus can see if its calculated ballance differs from the one lnd reports and either prompt the user to check what's up (with steps) or if possible automatically fix the issue.
Ok, maybe the mosqitoes is your smallest problem, but also the easiest to fix. Why don't you have mosqito nets on the windows?
Zeus is buggy as hell. Is think they should implement some software version of double entry accounting in the app.
Why doesn't someone fork knots and just remove bip110 code from it? I propose the name of the fork be bitcoin bowline.
I don't think this is the case. Individual miners in Ocean using DATUM can construct blocks with lower transaction fees if they want.
Why is this actually needed? As far as I know with DATUM you build your own block, which means that you explixitly chose which fork you put your block on. Isn't using DATUM the point of actually mining with Ocean?
How do you actually do that? Taking your deposit from one bank to another leaves the same amount money in the banking system. Moving your money to fintech company just means that the money goes into fintech's bank account. The money stays in the banks.