545 sats \ 6 replies \ @DarthCoin 16 Nov 2023 \ parent \ on: deleted by author bitcoin
Liquid is not a L2... is a sidechain.
Liquid was a good intention. It was coming up early in the block size wars as a proposal for exchanges, to have some kind of interoperable network to move funds between them, faster and cheaper than BTC onchain, but still using BTC.
I kinda agree with that use case. A federation that is moving funds privately between them.
But then LN was launched and come in force and Liquid kinda lost the use case.
The block size war was also over, segwit in place and onchain mempool liberated, so even the exchanges that were excited about Liquid, they were still preferring to do it over onchain as usual.
LN got more and more grip and Liquid was slowly forgotten and became useless.
Now Blockstream, want to push people into using it as it would be a "cheapest and fastest" way instead of LN, because they do not want to see it terminated (as nobody is using it). In the end they put a lot of effort and money to build it.
IMHO they should go back to the original idea to be used for private entities and not pushed to large masses of users.
Now all those onchain maxis want to use Liquid instead of preparing in time, with calm new LN channels. That's why this crazy mania with Liquid. But as usual when the onchain fees are going down, Liquid use is going to meaningless until zero.
A TLDR:
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while I do agree, not everyone is smart enough to make the right plays at the right time, is liquid not a usable as a transitory tool for legit 80IQ plebs still in the learning phase? Getting from exchange to liquid and then get inbound liquidity to LN from liquid atomic swap could offload at least 50% of the transaction fees (for me when I used exhanges it would be 1 tx for off the exchange an 5 more for CJ plus ln channel tx), leaving potentially alot more space in the mempool in a high fee enviroment. unless im mistaken? while its not cheaper and faster than LN, its still cheaper and faster than onchain. Lets not make good the enemy of perfect.
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Keep it simple. Why over complicate for nothing?
As I said so many times: use the 3 levels stash damn it: hodl, cache, spending.
When are high fees - spend over LN
When the fees goes lower, swap into LN more sats, using multiple swap services.
Done.
Why is so hard?
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I like Liquid, I use it combined with LN until I stack enough to move on-chain. I have quite sats on my Phoenix on phone but I'm not comfortable carrying it around. At least Liquid is giving me cold-storage option of their IOU. And its better than any custodial wallet/exchange in this specter of trade-offs.
I am completely aware of trade-offs and that it can be next to get attacked. About some 2% of my Bitcoin (IOU) there.
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Link?
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