Life savings on lightning \ stacker news ~bitcoin

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324 sats \ 6 comments \ @rafaelasprilla334 28 Nov 2023 bitcoin

In the future, the average person will only own about 260,000 sats. Performing an on chain transaction may be unaffordable for these people

How would it be safe for someone like this to store their bitcoin? Of course there could be a custodial solution but that's not ideal

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11 sats \ 2 replies \ @DarthCoin 28 Nov 2023 freebie

I will repeat this over and over:

onchain is your vault, your central bank, your life savings, the final settlement. You will use onchain ONLY for opening/closing channels. So be prepared from now with good channels.
LN is only for spending on day to day basis.

Use that damn rule of 3 levels stash: hodl, cache, spending

https://i.postimg.cc/MTL2kvT0/3level-stash.jpg

I wrote several guides about these aspects.

208 sats \ 1 reply \ @antic 28 Nov 2023

@DarthCoin is correct here. I think OPs point was that once bitcoin is the global reserve currency, people who are currently living on $1-$2/day will only have something like 100 sats in their wallet/savings and it will be live on lightning. The reality is that those people are living with their life savings exposed to theft/extortion every day and have no sense of monetary security already. once you get more money, you get added concerns and added ability to mitigate those concerns.

0 sats \ 0 replies \ @DarthCoin 28 Nov 2023

I said this over and over: We, as first bitcoiners we have a damn duty for the rest of the world: Learn, develop, test, improve, build new solutions. Then prepare them for the hoards that will come (soon).

As I explained in this guide: The 5 stages to became a bitcoiner.

We need to build those community LN banks, for our family and friends, because we are full of knowledge, we know how to do it, because we studied over and over years and years. They do not have time to do all that when the time will come... they will just want a quick solution.

And you, as a real bitcoiner, if you are NOT prepared... the question is WTF you have done all these years? Your stash of BTC in cold wallets will be NOTHING if nobody around you can't use it.

So start now building those simple solutions. teach your family and friends. Be prepared!

0 sats \ 2 replies \ @AJ1992 28 Nov 2023

This is part of the point i've been trying to make in regards to why bitcoin will fail in favor of other crypto's with much cheaper or feeless tx fees. The btc maxi's are gonna flame you hard for this bro..they fail to see any flaws of bitcoin. They believe none exist. Their wake-up call will come one day.

228 sats \ 0 replies \ @antic 28 Nov 2023

scaling, trust, and security problems affect all those alt-craptos. Blockchains have their own CAP theorem. You can have two of these three on-chain: Scalability, Security, Decentralization. For the third, you need a layer 2 or layer n. Bitcoin is the only thing actively solving these things correctly with computer science rather than with ponzi mechanics and trust-based smoke and mirrors.

1 sat \ 0 replies \ @DarthCoin 28 Nov 2023

why bitcoin will fail in favor of other crypto's

STFU snhitcoiner...

https://i.postimg.cc/jqNs4hW3/ok-shitcoiner.gif