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0 sats \ 3 replies \ @k00b 25 Aug \ parent \ on: Sunday Survey: Do you want covenants? bitcoin
fwiw I couldn't get my dad to figure this stuff out easily. It would probably be a month of work for us both. Some share of that is generic education though.
Do you have theory for us not educating people better? I wonder if it's because we aren't certain what we teach will survive a high fee environment. Maybe that's why everyone is teaching people how to use ecash when fees are low?
If i had to teach a newperson... it would be the phoenix model - open channels when fees are low, use the LSP and spend. Then when the utxo is big enough (at least a few hundred dollars) move it to cold storage like a jade or maybe a hotwallet depending on the amount/time frame.
Then to fill up a lightning channel... move funds on lightning from your exchange to the lightning channel directly. No fee (practically) and it's instant. TaDa you have plenty of sats to spend without touching on chain. I believe this basically could be done today... but instead some people are a little lazy and stupid and so that's why they aren't doing it already.
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Phoenix's model is the best to date, I agree. It remains to be seen if it's sustainable though or if it can be replicated such that phoenix's LSP isn't effectively a single, centralized sidechain.
some people are a little lazy and stupid and so that's why they aren't doing it already
Is this what education changes?
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I think education helps. +1 to phoenix and it looks like (although I haven't used their LSP) that zeus is doing the same thing.
There are those that believe... that the US fiscal situation over the next 10 years will have the greatest impact. 34 -> 50
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