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Bitcoin Lightning - a step back
17 sats \ 7 comments \ @03a4fd68fe 28 Nov 2022 bitcoin freebie
Lightning is a step back. A step towards custodial wallets. If most bitcoin/multicoin wallets are taught not to trust a third party, lightning wallets are taught the opposite.
Bitcoin-maxi will protest: buy a Raspberry Pi for 200-300 $ thousand , a terabyte SSD for it, download 600 GB of blockchain and use the fruits of non-custodial lightning, having previously opened the channels. At worst, rent and set up a remote server. It doesn't work like that..
If the Bitcoin-maxi figured out how to install the node and removed the YouTube guide, do the same and there will be no problem with custodial wallets. Seriously? How many people use swapping smart contracts directly? 1% of uniswap users? But to use contracts, you don’t need to buy hardware for $300 or rent a server.
Lightning-based decentralized applications are a joke. Send a fax, play 1000 Satoshi in a casino, pay a tip for a podcast - is this your DeFi?
It's time to admit there will be no massadopshin in non-custodial lighting. And without a non-custodial, this is the complete opposite of the ideas of Satoshi. Not your keys, not your coins.
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248 sats \ 0 replies \ @DarthCoin 28 Nov 2022
Nice try bcasher...
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15 sats \ 2 replies \ @siggy47 28 Nov 2022
Is it your belief that the main goal of the lightning network is defi and smart contracts?
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5 sats \ 0 replies \ @ama 28 Nov 2022
Of course it isn't, but it allows for them to be developed. Have a look at RGB and Lumino Network. Actual DeFi (truly decentralised) will happen on top (2nd, 3rd, ... levels) of Bitcoin (and probably Litecoin) or it won't happen.
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0 sats \ 0 replies \ @03a4fd68fe OP 28 Nov 2022 freebie
lightning network has a chance in defi, but we will achieve in 10 years what is already on the ethereum. And the problem of custodial wallets due to the requirement to install nodes remains the main one for the masses of adoption.
21 sats \ 1 reply \ @pillar 28 Nov 2022
Lightning and complementary tools allow for the ordinary super-user Joe to run a lightning node and become a custodian for others.
I agree that not absolutely everyone is going to run a node. But with all of the following...
  • Going from a situation where you only have a handful of possible custodians (the banking oligopoly) to thousands of options (anyone capable of running an LN node with a decent service level).
  • A new money that can be moved and settled instantly with a click, spread upon many entities and programmed to do all sorts of stuff.
  • A system that escapes regulatory handcuffs and basically follows natural law.
  • Innovations appearing and evolving at an exponential rate, with tremendously promising stuff like Fedimint on the horizon.
... I believe we are going to see a very competitive market for custody that will give end users plenty of options to have a great experience with a more than decent trade-off in terms security.
And now that I'm finished with my polite and reasonable answer: you sound like a pretty sad fudster. Your bold statements (Lightning is a step back), usage of stupid buzzwords (swapping smart contracts) and imperative-collectivist speech (It's time to admit) give away that you are not here to help, build or celebrate, but rather to misinform and confuse.
Here is to all the sats your post is not going to collect.
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112 sats \ 0 replies \ @03a4fd68fe OP 28 Nov 2022 freebie
It's not as easy as downloading bitcoin core or sparrow and owning your keys. That's the problem
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0 sats \ 0 replies \ @nerd2ninja 28 Nov 2022
Someone hasn't used the Breez wallet or Phoenix.
As far as I'm aware, DeFi is a scam. A PayDay loan scam to screw people over. All smart contracts I've ever seen where scams. Either ICO scams, NFT scams, and all manner of things better done on an SQL database, and that includes RGB, that includes Taro, and that includes RSK.
What I will admit, is that I've seen other Bitcoin maxis encouraging custodial solutions. Wallet of Satoshi, Strike, and I'm not sure what to think about fedi mints some days (this isn't even lightning by the way its E-Cash on Bitcoin), but I believe that as for me and the people that I meet with and talk to, I will teach the non-custodial ways, and that will make the difference.
This is a very easy and useful tool for doing that. https://lightsats.com/
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