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0 sats \ 6 replies \ @nerd2ninja 3 Dec 2023 freebie \ parent \ on: Why all the UMA hate? bitcoin
Have you heard of strike or CashApp? They both have this thing called "pay with lightning". Fiat to btc to send, payment app with connected bank account converts btc to fiat on the receive, but Fiat is only on the ends. Either end could not use Fiat at all. Its more interoperable that way.
And that's without Bolt-12
Ya, I have both Strike and Cashapp accounts. I had to KYC with both.
I am not an expert but it seems UMA and Strike are solving the same problem: cross border, multi-currency payments using Lightning payment rails. UMA is trying to do it in a way so any company or institution can use the protocol and create UMA addresses for their users. Whereas, with Strike, in order to do cross border transactions, the sender and receiver need a Strike account or the receiver has to be in a country where Strike has a banking partner. (I am not actually sure about this, but that’s what it seems like.)
Both Strike and UMA allow for bitcoin payments from their user accounts to other Lightning addresses so I find them equally interoperable?
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it seems UMA and Strike are solving the same problem: cross border, multi-currency payments using Lightning payment rails
Is just another paypal over LN...
Bitcoin was created EXACTLY to avoid that !
we don't need that. We just have to use Bitcoin. That's it. We are not going back to fiat.
Please read again...
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Do you think the white paper is a holy book or something?
"Please see Satoshi 2:6 on why the Central Banking is the root of all evil"
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You have a protocol and payment services tangled together and I need you to untangle them stat!
the sender and receiver need a Strike account or the receiver has to be in a country where Strike has a banking partner.
I genuinely do not comprehend why you assume that. We're just using a different protocol remember. Its almost like you've never used Bitcoin before. You can withdraw from one exchange and directly into another, you can withdraw into a wallet with full noncustodial control over the funds and then where ever including an exchange if so desired.
Okay, so now that we remember that we're using Bitcoin, Strike and CashApp say "Pay with lightning". When you hit the button, it goes into your fiat balance, buys Bitcoin and sends it off to where ever the fuck you tell it to send it off to. That could be your wallet (no fucking banking partner) that could be another payment app that's selling the Bitcoin in some other country that doesn't share the same bank because banks are not relevant to what's going on except for the Fiat side stuff.
I can not break this down any further
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Good point on protocol vs payment service- I am definitely tangling those.
Re: Strike, I’m talking about the “send globally” feature. It seems like to send a remittance to someone in one of those countries in their preferred currency, you’re relying on Strike having a banking partner in that country. I know you can send money out of your bank account to any other Lightning account. It’s just the “fiat currency -> BTC -> BTC -> different fiat currency” piece that I can’t tell the difference between UMA and Strike.
I am genuinely trying to learn, not trying to be divisive.
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Strike is a payment app, UMA is a protocol. Strike can use the protocol called lnurl (which is what UMA is based on)
So really, you need to understand the difference between lnurl and UMA first
https://thebitcoinmanual.com/articles/what-is-ln-url-and-how-does-it-work/
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