Can we take a moment to appreciate how far lightning has come \ stacker news ~bitcoin

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Can we take a moment to appreciate how far lightning has come

9765 sats \ 19 comments \ @richnost 17 Feb 2023 bitcoin

I have a self-custodial desktop LN wallet connected to my full node running Core Lightning. Using it ...

I fund a mobile neutrino wallet called Blixt for walking around Bitcoin. Using it ...

I fund a custodial Stacker News wallet so I can tip cool posts.
I also use Blixt to tip and Zap people on Nostr.
I also use it as a Lightning Address target for people that want to tip and zap me on nostr

So using all this software, I can permissionlessly transact how I want, where I want, outside banking hours, in whatever amount I want. I can open a channel using coinjoined bitcoin with a complete stranger. Bitcoiners at a meetup can pay me to build them a SeedSigner. With that bitcoin, I can zap someone, and in turn, someone can zap me on nostr for the lulz, and I can l, in turn, use that bitcoon to tip SN commentors for their insight.

Step back a minute. Think about this.

None of the people who write and maintain these pieces of software work for the same company. They don't have operating API license agreements with each other. None of them needed permission to write the software that touches our bitcoin. And all their software interoperates with each other.

And the end result? Pure, seamless electronic cash, slung around the world in peer-to-peer and face-to-face and value-for-value transactions.

Not a single bank involved.

We are SO winning.

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100 sats \ 0 replies \ @Jorj_X_McKie 17 Feb 2023

Fedimints could be a big deal too. Agreed, we’re sorta winning.

26 sats \ 0 replies \ @2bithits 17 Feb 2023

Its good to look at the improvement in lightning and have appreciation for that.

Still a long way to go IMHO

10 sats \ 0 replies \ @kepford 17 Feb 2023

Lightning has come a loooong way.

24 sats \ 3 replies \ @mallardshead 17 Feb 2023

It's stunning, and the fools on Bitcoin Twitter arguing about L1 irrelevancies need to move the passion up a layer. Taproot hasn't even been loosed fully, neither has miniscript, and PSBTv2 talk... If you don't know what an LNurl address is, you need to pack your bags, tell your hardware wallet to sleep well, and join the revolution upstairs. There's much work to do. L1 is complete. The janitors will keep it clean.

26 sats \ 1 reply \ @gandlaf21 17 Feb 2023

layer 1 will never be irrelevant and is constantly under attack. Software is NEVER complete. but i agree with you, people need to wake up to L2

10 sats \ 0 replies \ @Anonomoto 18 Feb 2023 freebie

Does L2 also include sidechains like RSK? Or is L2 a pure derivative of the native chain?

0 sats \ 0 replies \ @theinstagibbs 17 Feb 2023

L1 still has a long way to go to properly support L2s

38 sats \ 0 replies \ @DarthCoin 17 Feb 2023

Don't stop there... go beyond. For the last 4 years I was testing intensively many LN solutions, more to learn how to use them at maximum potential and then trying to help the devs to improve them.

Here is a use case for that could go far beyond than you can imagine: be a LN bank for your local community https://darthcoin.substack.com/p/bitcoin-private-banks-over-lightning

24 sats \ 0 replies \ @timechain 17 Feb 2023

I forgot who... hmmm. Someone who worked for a Lightning Service Provider said that in 2018 a $5 noncustodial LN payment had a 50% chance of going through 1st try. Now it's over 98%.

6 sats \ 0 replies \ @poe7645 17 Feb 2023

I posted a similar sentiment earlier. As a general user. This shit is wild.

1 sat \ 2 replies \ @BlokchainB 17 Feb 2023

I use Lightning every single day. I’m always amazed how it worked since the first time I tinkered with it on blue wallet many moons ago! This is a great summary of how far things have come.

Remember the zap wallet? Haha while lightning is no where near perfect I am very appreciative of how far the technology/software has come. I often dream where lightning would be if more companies poured real resources into it . Time will tell and I’m excited for what the future may bring with this humanity changing technology

55 sats \ 1 reply \ @downtownjj 20 Feb 2023

yeah and stating the obvious, liquidity is based on sats and most lightning transactions are measured in fiat so if and when the price of bitcoin doubles, a 100$ lightning transaction will consist of 50% less sats and therefore require 50% less liquidity.

16 sats \ 0 replies \ @BlokchainB 20 Feb 2023

I agree. 1m sat channel seems like nothing now but what if bitcoin is $500k a coin. Channel liquidity hopefully wouldn’t have to be rebalanced so often

1 sat \ 3 replies \ @spraveenitpro 17 Feb 2023

Does your mobile wallet talk directly to the full node or you just fund it from the node?

0 sats \ 2 replies \ @richnost OP 18 Feb 2023

I know what it would take to maintain connectivity to the node from my phone outside my home network, and it seems like a fragile arrangement.

I don't really want to depend on my ISP or tor or whatever VPN port forwarding solution would be necessary just to have "walking around" sats spent directly from the node.

It's much easier to use a custodial or neutrino-based self-custodial solution. So I simply keysend some sats from the home node to the mobile wallet, and I don't have to worry about all the moving pieces I would have to maintain to have a wallet that "phones home".

0 sats \ 1 reply \ @orangesurf 19 Feb 2023

FYI Zeus + Tailscale or Zerotier makes this painless, albeit with a trust tradeoff.

https://orange.surf/guide-tailscale-on-umbrel/ https://orange.surf/guide-zerotier-on-raspiblitz/

0 sats \ 0 replies \ @richnost OP 19 Feb 2023

It's not just the ease part of it, I should say. It's that my lightning transactions would now depend on the service continuity of a node at home, my ISP, and a VPN service. That's a pretty fragile arrangement, especially in an extended travel scenario. Neutrino lightning wallets are a much more resiliant non-custodial solution for mobile.

1 sat \ 0 replies \ @Busybe3z 17 Feb 2023

Choo choo!

0 sats \ 0 replies \ @hernandoh807 17 Feb 2023 freebie

Hasta ahora estoy empezando, me gustan dos cosas valor por valor y anonimato