15 sats \ 0 replies \ @BlokchainB 5 Apr 2022
Protecting the poor and developing counties from volatility is a good problem to solve. In the long run stable coins will have less utility as BTC finds a stable market price
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14 sats \ 9 replies \ @decentipod 5 Apr 2022 freebie
Not sure how I feel routing shit coins through my node, including eventually, possibly cbdc stablecoins. Actually, I don't feel that great about it, even if it solidifies BTC/ln.
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2 sats \ 7 replies \ @shyfire 5 Apr 2022
by "node" do you mean your BTC full node, or your LND node? As far as I have it, there is some confusion as to whether Taro will require changes to bitcoin-core in order to work, or whether it will run 100% on Lightning. The Taro BIPs make it look like there could be required changes to L1
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14 sats \ 6 replies \ @decentipod 5 Apr 2022
Lnd node. I thought the whole thing was enabled by P2TR. I'm just running simple LN node via RaspberryPi Umbrel, but the idea of USD inbound and then send sats outbound... fuck that!
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0 sats \ 5 replies \ @shyfire 5 Apr 2022
Yeah I'm confused as to why they have created Standards Type BIPs targeting L1 if it's just enabled by P2TR
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11 sats \ 4 replies \ @bitcorn 5 Apr 2022 freebie
Apparently that's most likely a mistake of the current draft of the BIPs, so there shouldn't be any L1 changes.
See: https://reddit.com/r/Bitcoin/comments/twx8ui/announcing_taro_a_new_protocol_for_multiasset/i3j6ffr?context=3
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0 sats \ 3 replies \ @shyfire 5 Apr 2022
Yeah I saw that, good news. Although I wasn't thrilled with the answer to the second question, "the base layer can just keep on trucking, as this protocol is implemented as an overlay on top of the base system." makes me 60% confident that there will be no code changes to bitcoin-core because of Tora, and I prefer 100% confidence on this matter.
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11 sats \ 0 replies \ @k00b 6 Apr 2022
I was talking to @benthecarman and he said it doesn't require a softfork. I'm not sure about other changes ... but it seemed like it doesn't even require code changes and this is merely a spec for anyone wanting to do such things. 🤷♂️ I haven't read the BIP yet.
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0 sats \ 1 reply \ @bitcorn 5 Apr 2022 freebie
Why would you be only 60% confident? To me that sounds like a clear answer that the base layer won't need to change, and hence won't change for Taro.
1 sat \ 0 replies \ @jeff 6 Apr 2022
There is no way CDBCs will ever target LN as a backbone. I definitely heard a rumour that they were almost about to approve Postgresql for internal use. Almost.
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5 sats \ 2 replies \ @TheBTCManual 5 Apr 2022
the race for stable coins on Lightning continues, I wonder which version will hit wallets/markets first
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51 sats \ 1 reply \ @fiatjaf 5 Apr 2022
https://standardsats.github.io/ is already live.
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0 sats \ 0 replies \ @kr OP 5 Apr 2022
Interesting idea!
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0 sats \ 0 replies \ @thrown 5 Apr 2022
Need a comparison of this with Omni and RGB (and any other I don’t know about)
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0 sats \ 2 replies \ @fiatjaf 5 Apr 2022
Stablecoins are useless.
People post pictures of Venezuelans but how on earth are Venezuelans going to use this? If they can use this they very much can use Bitcoin already.
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128 sats \ 0 replies \ @freetx 5 Apr 2022
this is sort missing the forest for the trees though....the importance here isn't the "stablecoins" (even though that may be its most used aspect). This is about arbitrary assets on LN.
Purchase a ticket to a movie?...delivered over LN. Earning your frequent flier miles?....delivered as AirPoints over LN. Own 10 shares of Intel?....delivered over LN.
This turns LN into the default network for all types of transactions.
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14 sats \ 0 replies \ @kr OP 5 Apr 2022
With $186B of stablecoins in circulation, I don’t understand the argument that they are completely useless.
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0 sats \ 2 replies \ @kevkevin 5 Apr 2022
Isn't this similar to what strike does on their platform with usdt?
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3 sats \ 0 replies \ @shyfire 5 Apr 2022
Yeah, except that Strike is proprietary and closed source. Taro will be an open protocol that anybody can use https://lightning.engineering/posts/2022-4-5-taro-launch/
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2 sats \ 0 replies \ @kr OP 5 Apr 2022
The outcome might be similar (fiat money can be sent over Lightning), but the means by which Lightning Labs and Strike are approaching the problem is very different.
Strike accomplishes this with real-world custodians that are swapping USD & BTC, while Taro is an open protocol.
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