pull down to refresh
10 sats \ 10 replies \ @skreep_ 2 May \ parent \ on: Wasabi Wallet is shutting down its coinjoin coordination service bitcoin
it's just how he is.
this is the purpose of the coinjoin
this is the purpose of the coinjoin
Coinjoin isn't just about KYC. All coins have privacy concerns associated with them. I don't want people I pay onchain to know how much money I have in my wallet regardless of KYC. Without coinjoin they can figure that out pretty well.
Would you want your landlord to know how much money is in your bank account every time you pay rent? Of course not. Thats why banks are required to keep all kinds of financial data private. Bitcoin wallets need to provide the same protections.
reply
Always use the 3 levels stash.
Think like a bank.
LN is the payment network.
Onchain is only the settlement, the cold storage.
I will send you 5000 sats over LN. Please find out the original UTXO, and how much other sats I have.
reply
reply
Did you ever used MPP?
Open multiple channels with several nodes and do a MPP payment.
None of them will know where and how much you send.
Use multiple private nodes that allows you to open as many channels you want, not like Phoenix, Breez, Green that you can open only with a walled garden LSP.
Seems that you don't know too much about running private nodes and how to operate with them.
I personally stopped doing coinjoins after LN nodes software start being stable. I simply do not need to do it. All my cold stash is not touched, I only operate in the cache and spending level, as I described in above scheme. I don't have to touch that stash or move it.
And absolutely nobody will know about it.
reply
MPP doesn't stop your peers from getting information on how big your stash is. They know what UTXO's you used and can follow that back.
Private nodes and private channels don't solve that problem either. The likes of Chainalysis are certainly running nodes themselves, and finding ways to buy and steal data from nodes not run by them.
Coinjoin+LN is basic defense in depth. I always fund my channels from coinjoined funds.
reply
As I said: I will send you an amount of sats you want from my private LN node and you will not be able to find any UTXO from where are originated, not my stash, not my identity, nor where I live or from where I acquired those sats.
reply
You forgot to add L-BTC in the mix. Liquid swaps into Lightning are much cheaper and can be done trustless peer-to-peer with confidential on-chain transactions.
reply
Liquid is a crap. Read more here: #318849
Please stop shilling Blockstream failed experiment.
The only use case for liquid is ordinals crap.
reply
The narrative that liquid is crap because lightning is better is miopic. Lightning circular rebalancing exploits smaller nodes. It is parasitic. It relies on some folks down the food chain routing sats with negative net income. No wonder a lot of plebs got disappointed and shut down their nodes. Others sit with high fees and their channels barely flow.
Liquid is not a safe store of value, but a good temporary asset to acquire fron one peer and pass on to the next. The swap currently costs about 300 sats, and this will be reduced to 30 with the next upgrade. For a 5m rebalancing that is 6 ppm.
reply
+1
People also use liquid to balance their lightning channels
reply