10 sats \ 0 replies \ @fiatbad 26 Apr \ parent \ on: Should we be concerned about JoinMarket? bitcoin
This is why Jack has been pushing so hard for a Nostr implementation of Github.
We need an open source, relay-based system for hosting open source repositories.
Yea, it seems like there are dozens of potential ways to do it, and most of them will still be cheaper than on-chain was.
I wonder if this is part of the reason they moved to FPPS for rewards. Allows them to take out the fees more conspicuously.
But overall, total fees should be much lower for all parties involved, and that's what matters.
This is really good news.
I mine with Braiins because they are BITCOIN ONLY. I boycott any company who allows altcoins on their platforms. I really want to move to Ocean, but I also really like Braiins. I hate having to choose.
On a different note, I'm VERY curious how Braiins is managing their channel liquidity. I assume 99% of their transactions will be leaving their platform, due to the nature of their business. Everyone withdraws their mining rewards. Are they constantly having to loop-in to add liquidity? Do they just open one massive channel to a node such as OpenNode and just let it slowly drain and open a new one when it does?
I'm super curious about the economics of this. How are they implementing it without losing money?
We now live in a system where good news is bad news and bad news is good news.
When good economic data is "bad" news for equities, because the money printer has become more powerful than the market, it's a sign of a deep sickness in the system. There's something terribly wrong.
Bitcoin is the only way I know to escape this madness. Everything else, even Gold, is part of their system.
Good response, thanks.
I've been running my node and managing my own channels for a few years and have never experienced any of these cases. But you helped me understand better what the potential threats could be.
I wonder if the benefits of using Lightning make up for these rare events that can be more costly than we wanted? Maybe we're focusing so much on these potential negatives and not enough on the positives, and it's stinting the growth of the network and scaring people away?
Just pondering here.
Don't let perfect be the enemy of good.
Even if LN becomes hyper-centralized around a few major routing nodes, it's still many times more decentralized than the legacy financial system.
I'm not saying we should be okay with a hyper-centralized Lightning network.... I'm just trying to bring some balance to the conversation. We ARE NOT making the same mistakes all over again, even if some of the tradeoffs do look similar.
We all need to be cognizant of a potential Slippery-Slope-Fallacy, cuz it can happen at both ends of the debate.
If Trump himself actually believed that the election was stolen, there's no way in hell he would be running again. It's dangerous to have people like him spreading obvious lies for their own political gain in the highest offices.
What I just said above is not an endorsement of Biden. They all corrupt and/or incompetent on both sides.
Vote with your money by buying Bitcoin. Vote with your feet by moving to El Salvador.
Yea, I get that.
But companies like Start9 make it really easy. Buy one of their nodes. Setup takes a minute, similar difficulty to a new router setup which everyone already does.
Once you've installed Core, LND, and Thunderhub, let the blockchain sync.
Then, open 2 LARGE channels. One to OpenNode, and one to WalletOfSatoshi. I'm talking 10 Million Sats each. This should last you a LONG time. After you buy a few things from the venders on Oshi or other local merchants, then you have inbound and outbound liquidity. Don't have to worry much about channel management from this point on. Maybe once per year just to close the old ones and open new ones.
Install Zues on your phone and connect it to your node. Now, you can spend Bitcoin anywhere on your phone using your node at home with those two channels you setup.
I understand that we are creating a hub and spoke model with this. If we only opened channels to Opennode and WoS, then it contributes to them being ever larger hubs. But this is still a massive upgrade from the banks and CC companies we use today. A little centralization in LN is to be expected and tolerated, as long as we don't sacrifice on the base layer's decentralization. We are NOT re-creating the banking system the way haters say. Nowhere close.
Just because I have large channels to WoS and OpenNode doesn't mean I don't open others. I have a few channels open to merchants that I use frequently. For example, a local steakhouse that takes Bitcoin and runs their own LN node. I eat there often, so I opened a direct channel to that steakhouse. I have about 10 channels total, with WoS and Opennode being used most frequently.
Self hosted.
It's really not hard. The worst part is tying up the funds to open a large enough channel that lasts for years. But I see it as similar to keeping dollars in a bank account which millions of idiots do today. Lightning channels are my savings accounts. Open really large ones to major hubs, and I get cheap/fast payments for years before needing to re-open a new channel.
Similar to setting up a LAN in 1999. It was for nerds then, but now everyone has a router in their house. Self hosted Lightning nodes could be plug-n-play within a few years. Apps like Zues are pioneering this concept of spinning up self-hosted LN inside the phone app.
Agree.
On the other hand, if this post was titled "US gov bonds are no longer selling", that would have also been good news from Bitcoin.
Whoever coined the phrase, "Everything is good for Bitcoin", was a prophet!
Mars, because humanity needs to de-centralize itself if it is to survive in the long run.
Mars is still within the Sol system, so I don't necessarily consider that very good decentralization, but it's a step in the right direction. Need to be interstellar ASAP.
People living paycheck-to-paycheck are going to approach it differently. Their only concern is paying the next bill, which they know can't be paid with Bitcoin.
They should learn about how unethical the dollar is, and move their family to El Salvador so they can pay their bills with Bitcoin. But that's a big ask.
"Gold is nice for jewelry, but has failed several times in history as a reserve asset."
I can't believe how apparently lost this fact is on 99% of the population. They seem to think we could simply gO BacK tO a GoLd StaNdArD.
I'll never own or buy gold.
Tradeoffs are inevitable in nature. They're all around us. They are the reason for adaptability and evolution.
I find it cringy that big-blockers think everything can be accomplished at the base-layer with zero tradeoffs. Many of the tradeoffs they make, they seem unaware of.... and they won't be made aware until maybe years down the road with stress testing and large-scale attacks.
That's why it's so important to work in layers.... ensuring the base layer does one thing really super duper well, better than others. That matters more than anything.
Then, we can start working our way up, making some tradeoffs in order to gain something, knowing that we will lose some things, but always have the base layer to fall back on.
BTCMap.org especially when traveling to find local merchants.
Oshi to buy online from merchants who are usually holding the Bitcoin and trying to build a circular economy with it. Higher integrity merchants. The caveat here is that Oshi has been going through a lot of changes recently. They seem to be phasing out their mobile app and opting to be more web based. So, keep that in mind when using them... there may be bugs and clunky UI for now.
I try to avoid using the gift card sites such as bitrefill because they support altcoins and the merchants are getting paid in fiat. It doesn't make a stand the way paying in Bitcoin does. It doesn't further the revolution. We should want to support merchants who understand the value of Bitcoin, and boycott those who don't.