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140 sats \ 2 replies \ @TheBTCManual 27 Jan 2023
Why do I feel like I've seen this story before, you could issue assets on omni, liquid, and counterparty and none of those got traction, now you're going to add Taro, RGB and pear credit to the mix and for what marginal gain?
I've heard the whole we can issue stablecoins and people can use them, I don't see how that couldn't be handled by a custodian, this is just a custodian with extra steps
It also muddies the waters and now can you really argue with a shitcoiner when you're promoting token creation?
I think i'll be giving this one a pass, it just seems like a distraction and a low time preference attempt to cope with Ethereum envy
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178 sats \ 0 replies \ @DiracDelta 27 Jan 2023
Yes, your argument is retarded. A shitcoin is both rug-pullable and certainly worthless, whereas an asset with counterparty risk that is not a shitcoin is obviously a different sort of thing. If you are going to be intellectually lazy and sloppy, why even comment? If you are not going to think critically, why even be a bitcoiner.
It is not just custodian with extra step, it is a custodial account that is a UTXO rather than an account, which allows certain types of actions that would otherwise be made illegal since there may be arm's length, and substance vs form arguments since the UTXO is not actually the asset itself.
You are aware that equities are inherently and will always involve trusted 3rd parties, right? There is no such thing as owning stock the way you can own bitcoin, even in your own company! Even in your own company in which you own 100% of the shares!
Envy of Ethereum? You are spouting misplaced gibberish. I am passing on replying for you. This reply is for others who may wander through.
Anyway, there are TWO, not one issues with counterparty risk in custodial assets. One is uncertainty in reserves, the other is uncertainty in liabilities. Typically, both are unknown, whereas Taro allows you to prove liability set with the same trustlessness with which the entire Bitcoin Blockchain can be audited. This is in fact useful despite the counterparty risk remaining.
Edit: the first and currently only 100 sats on your comment are from me, just so I could hack my way to the top of the replies since you obviously did not read my other comment belos.
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0 sats \ 0 replies \ @snow88488 OP 27 Jan 2023
Thanks for reply.
Aren’t you guys happy someone is building something new on bitcoin and Lightning ?
If you are a bitcoin holder success of Taro will make you investment more valuable.
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10 sats \ 8 replies \ @astonvilla 26 Jan 2023
Omni protocol didn't have success , why taro would have, plz ethereum honey pot fiat fail2ban shitcoins on bitcoin
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10 sats \ 7 replies \ @snow88488 OP 26 Jan 2023
I have never heard of omni. Will have to look it up.
I personally just like that Taro is compatible with Lightning.
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12 sats \ 2 replies \ @Lost_dogz 27 Jan 2023
OMNI was what Tether used when it was still on the Bitcoin blockchain, essentially using op_return for transactions. It was so successful, that it outgrew bitcoins transaction capacity, moved to Eth and outgrew that too, and subsequently moved to Tron and some other obscure chains
It's not really comparable to taro imo
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5 sats \ 0 replies \ @snow88488 OP 27 Jan 2023
Thanks 🙏
That’s why I haven’t heard of it.
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0 sats \ 0 replies \ @astonvilla 27 Jan 2023
deleted by author
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10 sats \ 1 reply \ @kevin 27 Jan 2023
Used to be known as Mastercoin when it was used more widely
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0 sats \ 0 replies \ @snow88488 OP 27 Jan 2023
oh, yes I googled and found them. Thanks Kevin
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10 sats \ 1 reply \ @astonvilla 26 Jan 2023
I like the simple ui, too bad they need email, but hey
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0 sats \ 0 replies \ @snow88488 OP 27 Jan 2023
There should be no email needed. It is just username +password.
Sorry if it says email somewhere.
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82 sats \ 1 reply \ @0x32e 27 Jan 2023
I keep getting this error: "please fix the issue with your invoice:
This invoice already exists in our records.". Am I doing something wrong?
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10 sats \ 0 replies \ @snow88488 OP 27 Jan 2023
No you are not doing anything wrong. Thank you for your feedback @0x32e
🙏
Tarod right now errors out if you try paying your own invoice . The wallet runs on single node.
I have raised multiple issues with them e.g. https://github.com/lightninglabs/taro/issues/234
I will have to fix this programatically in the wallet. Sorry for that.
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10 sats \ 2 replies \ @DiracDelta 26 Jan 2023
Lol, so few people understand why Taro matters, and there will not be shitcoins on Taro for the most part since it will not help them scam more people (though perhaps they will figure something out). Counterparty risk and shitcoin are two separate things. All shitcoins have counterparty risk, but not all things with counterparty risk are shitcoins.
Taro is a tool that effectively allows the unlimited transfer and assignment of one side of a contract, with the censorship resistance, seizure resistance, and auditability of bitcoin.
Now, after all that, you are still left with a contract, which is inherently subject to counterparty risk. Would you declare your sin of regularly accepting and continuously holding shitcoins for payment if you are an employee who does work? -- oh, you want to get clever and say your entire salary is continuously streaming LN payments? -- Planck time, motherfucker. I see you holding that obligation for future payment, that is not trustlessly assured because human time cannot be atomically swapped for bitcoin. Anyway...
This "adamcoin" is an edge case where it appears it actually is a shitcoin for those words mean nothing. They do not even contain the fundamental elements of a valid contract. Roasbeef gave an example on twitter of "high fives" on Taro. So if someone put out a faucet of 100 high fives they were issuing on Taro, redeemable at any time I see the person, and I expected I might see them at a conference, then I would be interested in grabbing one off of a faucet (if there were also a convenient app to manage/track the UTXO).
My latest newsletter post covers concepts on Taro that are strangely ignored by Lightning Labs, VCs, and various bitcoin cheerleaders on Twitter who are weirdly over-excited about dollars on Lightning, which is becoming abundantly clear from nostr, will not be a big thing.
https://heaviside.substack.com/p/the-forgotten-fourth-function-of
*Debunking the dollars on Taro hype: https://twitter.com/unitimpulse/status/1618681029753204742
Edit: taking another 30 seconds to look at this, it's a web wallet that requires a login i.e. trash. As a final comment, observe that to most normies, bitcoin also appears as a shitcoiner, so shitcoiners being interested in something is not reason enough to assume that that thing is a shitcoin. I bet most of the people flippantly calling Taro a shitcoin tool have >5% of their net worth in some combination of real estate, equities, business interests, USD, and physical possessions, lmao
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20 sats \ 0 replies \ @snow88488 OP 27 Jan 2023
As for the Adamcoin - yes this is an absolute 0 value shitcoin as it was created to help people test their Taro LND nodes.
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20 sats \ 0 replies \ @snow88488 OP 27 Jan 2023
Thanks for your reply. This is a weekend project so no I could not code a noncustodial solution a this time. I would like to make it non-custodial later on though.
Yes I am curious how far Taro is going to go.
They have solid money and solid developers behind them.
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10 sats \ 1 reply \ @NorthKoreanHostage 26 Jan 2023
What is this? It seems to be like a new way to make shitcoins. To be clear, it seems like a way to separate Bitcoiners from their BTC. That's what shitcoins are.
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0 sats \ 0 replies \ @snow88488 OP 27 Jan 2023
Yes a new way to make alt coins and trade them on lightning.
I think this could bring a lot of good stuff for Bitcoin blockchain.
Taro still requires transaction fees that are paid in Bitcoin.
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10 sats \ 1 reply \ @pi 26 Jan 2023
Cool
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0 sats \ 0 replies \ @snow88488 OP 26 Jan 2023
👍
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