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11 sats \ 1 reply \ @designsats 17 Sep 2022
Can we perhaps, onboard people slower?
Only educated users will need to hold keys
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0 sats \ 0 replies \ @moneroshill OP 17 Sep 2022
¯\_(ツ)_/¯
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0 sats \ 3 replies \ @faithandcredit 17 Sep 2022
Is it fair to say that Hosted Channels solved this? You can open a channel without touching L1, but you are opening the channel to a host, and he will custody the sats, until you move them on-chain, or to another LN wallet, or just spends them..
So is it fair to fair that that problem is solved?
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0 sats \ 2 replies \ @moneroshill OP 18 Sep 2022
Hosted channel is custodial. I think it is fair to say that the problem remains unsolved.
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0 sats \ 1 reply \ @faithandcredit 18 Sep 2022
if the goal is non custodial perfection then we should just use nuggets of gold and trade peer to peer irl. Why reinvent the wheel
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0 sats \ 0 replies \ @moneroshill OP 18 Sep 2022
It is difficult to trade gold over the internet.
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0 sats \ 4 replies \ @2bithits 17 Sep 2022
I'd like to know more about how these large custodial L wallets like WoS work.
Are they often opening & closing channels? How many users do they currently have?
At the moment lightning adoption is up & to the right, while the mempool is pretty much empty.
I could see some of these problems arising in the next bull run.
There are sidechains and potential for upper layers, fedi mints use of chaumian cash etc. I think its a bit early to be worried about these concerns IMO
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0 sats \ 3 replies \ @moneroshill OP 18 Sep 2022
A sidechain is just another cryptocurrency with more bloat to ensure that it enriches bitcoiners instead. At this point, bitcoiners are desperate to get anyone to use bitcoin that they are willing to completely abandon every feature of bitcoin besides the limited supply. Hmm, I wonder why?
Chaumian cash is custodial. Even so, If chaumian cash is implemented, this will almost completely destroy bitcoin's use-case as cash, because you can just use it without bitcoin (e.g. gold, USD, etc). I would argue that the only reason that bitcoin exists is because banks decided not to implement chaum's e-cash.
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11 sats \ 2 replies \ @2bithits 18 Sep 2022
What do you mean?
No one is really using bitcoin sidechains. What "bloat"
I'm glad we have side chains available though. Having a small portion of BTC in liquid or on the lightning network now might be useful during a period of high demand in the next bull run
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0 sats \ 1 reply \ @moneroshill OP 18 Sep 2022
If there is a "next bullrun", sure I guess you can get your rent-seeking in.
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11 sats \ 0 replies \ @2bithits 18 Sep 2022
GFY
My bitcoin will not be moved until the final bull run
long after monero fails
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0 sats \ 1 reply \ @ln123 17 Sep 2022
I would imagine that the majority of people will never self-host, or hold their own keys.
And lightning providers can avoid the unresponsive member issue by collaborating with users they actually know, and setting up actual agreements with them.
And finally, as the article mentions, sidechains can also alleviate the pressure. We have liquid, and stax, I'm sure there will be more.
One thing is for sure - base chain transactions will be more expensive. I wonder the impact of that on multi-sig..
It's a great article, not a new one though, was released 4th April
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0 sats \ 0 replies \ @moneroshill OP 18 Sep 2022
This is an abysmal compromise and basically implies that bitcoin is going to re-create the conventional banking system by merit of being difficult to use/transport like gold.
We have this custodial system on top of bitcoin/gold, and that gives rise to double spending in the form of fractional-reserve banking which bitcoin was supposed to combat in the first place. At this point, just give up?
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