10 sats \ 2 replies \ @nikotsla 3 Dec 2023 \ parent \ on: Why all the UMA hate? bitcoin
if a bank can’t be connected
The main idea of BTC and all the tech on top of it is... to fuck the banks... so, why we need to connect to them?
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0 sats \ 1 reply \ @lawndough OP 3 Dec 2023
I agree for the long term. I just see UMA as a way for non-bitcoin businesses to start benefiting from faster, cheaper, cross-border payments. By using Lightning as the rails, it entrenches bitcoin so when fiat currencies do eventually lose favor, it should be a seamless transition to sats.
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110 sats \ 0 replies \ @nikotsla 3 Dec 2023
non-bitcoin businesses could start right now without UMA, and get faster, cheaper, cross-border payments, just use LNURL.
The business will have to do "a lot" of work anyway, UMA don't add value to them, just a bad blueprint to follow, but "they" don't touch anything. The rate, conversion and change from fiat to btc (in best case scenario) or shitcoins are in the business orbit, the business need to "compliance" to local authorities and be enabled to accept btc and change for fiat.
From my view, UMA it's just trying to size an opportunity without risk, follow my recipe (pay me) and I am clean.
I need to dig a little more into the infrastructure they are using, because seems a "private" network on top off lightning, their nodes router only kyc/compliance invoices, so if a normal node try to connect with them, it will be forbidden.
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