10 sats \ 6 replies \ @GregAsks 23 Jan \ on: ⚡️ 🌊 Driving Global Adoption Using Bitcoin Layer-2s: Lightning and Liquid bitcoin
Liquid - Another worthless shitcoin pretending to be real bitcoin. No thx
Liquid can be called many things, but calling it a shitcoin isn't valid.
L-BTC only exist in 1:1 ratio with BTC locked in multisig address. The balance of BTC in that multisig is known, and the issued L-BTC is known...therefore it can be proven that both balance out.
There is no "independent supply" of L-BTC outside of the above. In fact, the chain itself has no utility at all unless there is BTC is locked into it....it is very similar to LN that regard (not in technical approach, but in overall Layer-2 concept).
So calling Liquid a shitcoin, is like calling LN a shitcoin.
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Can you find any documented instance where Liquid has prevented someone from pegging-out? Surely there must be at least one person who has been forbidden from pegging-out for this trope to carry on for last 5 years?
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Because Liquid uses Confidential Transactions, bypassing any such "ban on your address from pegging out" would be simple to evade. Simply send your L-BTC to a few other addresses and peg-out from there. The federation wouldn't know who those addresses were nor what was being transferred....
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