10101 - We just published our roadmap \ stacker news ~bitcoin

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10101 - We just published our roadmap 10101.substack.com/p/10101-roadmap

961 sats \ 14 comments \ @10101 1 Feb 2023 bitcoin

59 sats \ 5 replies \ @DarthCoin 1 Feb 2023

Can you explain what is the use case in real life for this?

10 sats \ 3 replies \ @10101 OP 2 Feb 2023

I assume you are already aware of the general use case for trading.

The use case for a self-custodial on-chain and off-chain wallet is that it gives users full control over their assets and eliminates the need to trust a third party with their private keys, i.e. it is self-custodial!

In 10101, we add an additional feature to the wallet which allows users to trade right out of their lightning channel without having to trust their counterparty. A positive side effect of the derivatives we are offering is that if you are shorting Bitcoin, you are stable in USD terms. This results in the creation of a synthetic stablecoin that does not require trust in the issuer, such as Tether or Circle.

Trades (and Stablesats) are always fully collateralized and users can be sure that they will be able to retrieve the profits.

This is particularly useful for individuals who prioritize security and privacy in their financial transactions.

By keeping control of their own keys, users can ensure that their assets are always under their own control and cannot be compromised by hacks or malicious actors (e.g. FTX, MtGox, etc). This allows for more secure and decentralized trading.

We believe that a synthetic stable coin (Stablesats) and self-custodial trading can help to increase user adoption of Bitcoin itself.

10 sats \ 2 replies \ @DarthCoin 2 Feb 2023

Thanks for detailed explanation. In other words you push people into more greed, like it wasn't enough in this fucked up world. And to funnel this greed, you've created a shitcoin, that we didn't have enough shitcoins in this fucked up world.

So no thanks, this is pure garbage for me.

10 sats \ 0 replies \ @luckysori 2 Feb 2023

Just to clarify: there is no other coin involved, so we haven't created a shitcoin. It's just a mechanism to stabilise a part of your Bitcoin holdings with respect to USD. It's all sats under the hood.

And to your first point, I think giving people the option to do something that they already do (trading) in a way that respects the self-custodial principles of Bitcoin is hardly pushing people towards greed. Whether you like it or not, people will trade with Bitcoin and if they do it on custodial exchanges their funds are always at risk.

0 sats \ 0 replies \ @NotMeNeither 2 Feb 2023

Where's the shitcoin in their approach?

0 sats \ 0 replies \ @notgeld 2 Feb 2023

Just like Standard Sats they probably want to help people to bear volatility. It may be important for poor people.

Hugo Conteras, a shirtless twentysomething, stands on the shore with a long lens, photographing them. Later, he offers to sell them a series of the best shots for about $20. He tells me surfers sometimes ask if he’ll take Bitcoin. He’s taken it on a few occasions, but the dips in price burned him. “Now I tell them it’s $25 if they want to pay in Bitcoin,” he tells me. “You don’t know when it’s going to go down.”

From here.

Standard Sats though has different strategy with less technical risks and less costs for end-user.

122 sats \ 1 reply \ @super_testnet 2 Feb 2023

I'm not sure you guys realize this but you've created a way to run a federated lightning node. Lightning dlc payments don't happen without an oracle's say-so. The oracle functions as a transaction gateway: nothing comes in or goes out without his or her approval. It would be cool to see more tooling in this direction. What if node operators could set up and control a suite of one or more oracles who have to sign off on transactions out of their node? They could create setups like ensuring they get 2/4 approval for payments over $200, 3/4 approval for payments over $1000, and 4/4 approval for payments over $5000. Companies would probably like that a lot. But individuals could also use it for 2 factor authentication by running the "main app" on their desktop and an oracle on their phone that needs to approve transactions over a certain amount.

0 sats \ 0 replies \ @10101 OP 2 Feb 2023

Thanks @super_testnet for the response.

We always see the oracle as a judge of last resort, i.e. if two parties engage in a trade and open a DLC then they can always settle the DLC collaboratively. Only if the parties do not agree they take the oracle's signature and go on-chain to get their funds. The core idea behind these oracles is that they are not even aware that they are involved in a DLC. That being said, a DLC can always be settled without the oracle say-so.

What you are describing I would not call an oracle anymore as it is actively involved in the transaction creation. It is nevertheless an interesting idea, I'd consider a setup like this for my kids: i.e. if they want to spend more than X they have to at least get a second signature from their mum or dad 😅

The same solution can obviously also be used as a 2FA as you describe, i.e. you have one key on your phone and on on desktop and you need both devices to confirm tx over a specific amount.

11 sats \ 0 replies \ @cecil 2 Feb 2023

stablecoins and derivatives, 2 of the four horsemen.

1 sat \ 0 replies \ @CryptoniteBull 2 Feb 2023 freebie

Good luck and Lets Go !

0 sats \ 0 replies \ @P2E 2 Feb 2023

Use it in real life?

0 sats \ 1 reply \ @go 2 Feb 2023

You throw around DLC as if everyone knows what that is. Might want to do a little word smithing in your marketing

0 sats \ 0 replies \ @10101 OP 2 Feb 2023

Thanks for pointing it out. It's good to be reminded sometimes that we are living in our own little bubble :)

We will see to improve on that.

0 sats \ 0 replies \ @Jonathan_Adly 2 Feb 2023

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