Subnostr

Iirc liquid is open source, anyone could spin up a federation. Also fees are extremely low on liquid. I'd imagine blocksteeam and all their stakeholders benefit more from NGU than from use of liquid, even at a large scale.

Gildong.Hong 2y ago

Even if they open source code, it is meaningless because there is a backdoor which can be accessed by blockstream.

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Joining federation requires permission.

https://community.liquid.net/c/knowledge-base/how-to-become-a-liquid-federation-member

NGU implies existence of fiat. It is not my future. Blockstream also shill fiat-pegged-shitcoin, a.k.a tether for extending lifecycle of fiat.

It is weird to me that #Bitcoin-ers who says "Fxxx fiat" love blockstream at the same time.

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Discussion

HODLBurger 2y ago

Wait so you're both concerned that they'll offer such a useful service that they'll be making exorbitant transaction fees, but also concerned that they'll steal coins & kill their reputation (and other income streams).

Maybe clarify your arguments a bit more before yelling into the wind. I'm not even sure you know what exactly you're actually mad at. Iirc there's quite a long timeout before the emergency keys are useable.

Gildong.Hong 2y ago

We should learn from the history of gold. Due to the physical limitations of gold, gold IOUs were used instead. And then the gold IOU became an early form of the dollar through the Bretton Woods system. The U.S. then stopped backing gold through the Nixon Shock with a lot of bullshit excuses.

It's impossible to accurately predict the future, but if no one pays attention, the same thing will happen again.

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dr.fred 2y ago

gold is abundant, not scarce

Gildong.Hong 2y ago

Even that abundant thing gave a crazy strong power to the state. What if that scarce thing will be given to them?

Gildong.Hong 2y ago

And one more thing, they have an economical incentive to prevent us from finding the right solution.

HODLBurger 2y ago

I generally agree with your sentiment here but there is a difference between an IOU and an IOU that can be redeemed on chain unilaterally.

Gildong.Hong 2y ago

What is the meaning of 'unilaterally'?

If it means trustless trust, like LN-BTC, It is not an IOU. Unlike this, if some permissions are required, It is an just IOU what I'm talking about.

Liquid requires trust to redeem.

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HODLBurger 2y ago

Agreed, although in practice there's decent liquidity that doesn't require an official peg-out with liquid. Perhaps bitVM can give us a real trustees two way peg? Although it sounds over hyped as of now.