0 sats \ 16 replies \ @Coinsreporter 17 Mar \ on: I'm losing my faith (II) bitcoin
Totally agree. They aren't and they shouldn't be the alternatives. But what can we do? As your title mentioned 'losing faith'. Yes, I am also in the same mood.
Is it time when we accept them or stop finding the way out? If not then what we can do? It's been 15 years now and we haven't witnessed a real solution for scalability.
Liquid swaps will dramatically drive down the cost of lightning channel management, and by extension, lightning fees.
No need to put your life savings on liquid, it will just be useful as a bit of infrastructure to keep things balanced.
I wonder how many people here are using custodial lightning? That's far more risky than using Liquid. A lot of people would have to collude to rug everyone.
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Besides that, you still have to pay fees to put the money into Liquid and then into Bitcoin again. You could as well put it into Lightning directly...
Yeah, I know you can move a bigger amount into Liquid first, but we don't want to put a lot of money there, right?
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Besides that, you still have to pay fees to put the money into Liquid and then into Bitcoin again.
You sure don't. Why would you swap back into L1 bitcoin? You keep liquid sats in the wallet for cheap submarine swaps to keep your channels balanced. The whole point is that you use L2 liquid to rebalance L2 lightning without paying expensive-ass L1 fees or fucking up your peers' channels with circular rebalances
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I lot of people would have to collude to rug my bank account, but you know... we're not into banking people :)
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I think in the end we'll make it, but it's going to take more time. Incentives aren't always aligned, and bitcoiners are not always using critical thinking while supporting some projects. We mostly follow what the influencers tell us to do, without even thinking if a specific project complies with the things that make Bitcoin such a revolution.
We need to remain vigilant about enterprise solutions and VC-funded ones, if they go contrary to what we think should be promoted/supported.
And very important: when you see something, say something. Don't let them propose something as an alternative if you think it's not an alternative, without denouncing it very loud and clear.
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About what, specifically?
Thanks for your valuable inputs. Ishall oblige sir.
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Lightening is solution with limitations. Here it was about a large scale solution.
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I think I agree. However, up until recently, I felt like those limitations would get ironed out. I feel like the mood has changed in the last few months?
In terms of details, I believe opening channels was a limitation which could eventually be solved with channel factories. Another was initial inbound liquidity for new users which LSPs was meant to alleviate. Another was being online which watchtowers was meant to help with. What other limitations are there?
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You still have to be online to receive a payment...
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I don't know that one. I know the "hodl invoices" (or whatever is called) implemented by Zeus, but other actors like Mutiny said that "it's not good for the ecosystem" or something :)