1458 sats \ 11 replies \ @OT 17 Dec 2023 \ on: Liquid is not a scaling solution bitcoin
Unfortunately, fedimints are not available TODAY. When they're out and ready there's still likely going to be a few "issues" in the early releases (as with everything). So really, we're a few years away from a safe and working fedimint option.
Liquid IS working today. I'm personally glad I have been making use of it for refilling LN channels and consolidating small UTXO's. In small amounts of course.
Make use of what's available today. Not what is coming in the future.
okay when mutiny has fedimint support later this month then we can stop using liquid
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If it's working well after a few years we'll see
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Mutiny is a promising project but many of the early users/testers have lost sats. Liquid works now and I haven’t lost a single sat due to some funky bug that never got solved
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I haven’t lost a single sat due to some funky bug that never got solved
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The same can be said about this whole space. Bitcoin will always have a zero day bug risk that can Nuke all of us. It’s not 100% risk free
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That's true
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fedimints are not available TODAY
Liquid IS working today
mhh, something tells me what kind of time preference you seem to have 🤔
If Liquid also no longer works, will you move to BCH because BCH "works"?
The main point of @benthecarman's post was to say that L-BTC is NOT BTC:
So why does Liquid exist? People lately have been touting it as a way to ease fee pressure but in my opinion this is a fool's errand, no different than people back in 2017 saying to use litecoin because fees on bitcoin were too high. Liquid is just a fork of bitcoin, it has the exact same scaling problems and the only reason it has smaller fees is because it is never really been used.
What you're doing is basically the same as swapping into BCH, ETH, XMR or whatever new fork of bitcoin seems to suit your need for transactions and when you're done, you swap back into BTC to pretend what you just did never happened. Imo, there is no difference.
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The difference is that liquid is 1:1 BTC. Yes, its not actually BTC but like a BTC stablecoin.
So you don't need to worry about losing the purchasing power of your sats. IDK, its been through a couple of bear markets without rugging....
I have a longer time preference that most. But sometimes you need to spend some sats TODAY. Thats why I use the tools available.
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Okay, I see, fair points. At least you seem to know what you're doing. :)
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oh, edit timer ran out:
However, I give you one point: At least you can refill LN channels with L-BTC, unlike BCH, ETH, XMR, ... I am not aware of any other fork of bitcoin that makes this possible as seamless.
However, I don't have any first hand experience with it. So I don't really know how seamless it is.
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The fact that you don't see the seam doesn't mean it's seamless. Some provider simply accepts L-BTC and sends roughly the same amount via LN (minus fees of all kinds). There's absolutely no difference from accepting any other shitcoin and sending the converted balance via LN. For example, you can do that at FixedFloat.
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