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0 sats \ 6 replies \ @justin_shocknet 9 Apr \ on: SideSwap: A Wallet, Bridge and Decentralized Exchange for Liquid Network Assets bitcoin
This is shitcoinery
Nothing about it is decentralized or non-custodial... Liquid itself is centralized and custodial
You're not pegging anything, you're selling bitcoin for an IOU ... hoping you'll get it back
These are scams that prey on technical ignorance just like every other shitcoin
This is shitcoineryNothing about it is decentralized or non-custodial... Liquid itself is centralized and custodialYou're not pegging anything, you're selling bitcoin for an IOU ... hoping you'll get it backThese are scams that prey on technical ignorance just like every other shitcoin Yes, trusting your coins on the multisig federation is a major decentralization trade-off. Liquid BTC is nothing like real BTC.
However, you could argue that 11 functionaries out of 15 colluding against its own user base seems unlikely and against their incentives, and the scenario of e.g. a censoring government getting hold of 11 functionaries at the same time also seems unlikely since the functionaries' hardware modules' locations are unknown.
I see Liquid as a temporary Bitcoin layer with trade-offs until better solutions emerge.
Hardware wallet support is a nice bonus. I like Lightning, but the downside is that I can't hold Lightning BTC on a hardware wallet.
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11 of 15
You don't know that, you have to trust the governance structure is what they say... you may as well the regulator and regulated relationship in classical banking.
against their incentives
Their incentive is to get your Bitcoin, and you're falling for it
Liquid as a temporary Bitcoin layer
You're just making up words to justify this nonsense, it's not a layer, it's not even Bitcoin
Hardware wallet support is a nice
Custodial while still having to manage your own keys, literally the worst of both worlds
I can't hold Lightning BTC on a hardware wallet
So you're just not holding Bitcoin at all