nostr:npub1fl7pr0azlpgk469u034lsgn46dvwguz9g339p03dpetp9cs5pq5qxzeknp
Your boy ain’t doing himself any favors… nostr:note1yadfxnrad2ctlrurjnmu85k5gul9w22s98gak4fklef4v3rjwvuqw8dx08
Discussion
What do you mean ?
They are real payments. But it’s probably not real economic activity like trading goods. Just people sending fractions of penny to each other.
From nostr posts I accumulated 500,000 sats in like 6 months.
But I probably sent that much to others. Its just fun and games. Its not serious market activity taking place.
Not serious, yet. Not serious yet, my friend.
It would be serious if we had a payments network that didnt rely on needing enough liquidity amounts to route payments.
Interesting. Who is working on fixing this? Specifically you are referring to fees?
LSPs address this, and again we end up with some centralizing forces. In the end we still end up with most being custodial.
I am certain > 95% of payments i make goto custodial accounts
Buraq came up with a protocol called Arc to address this issues. There isn't a working demo yet but I think there are people working on it.
If you think LN liquidity is hard. You’re going to love Arc.
Are you saying its worse on Arc? On Arc it's the ASP responsibility, it's easier for the end user and to onbord people.
Very much worse. You end up concentrating HUGE amounts of liquidity at the ASP level. (This is my basic understanding and I’m happy to be corrected.)
Yes but it's ASP liquidity, a new user doesn't need to have funds locked to receive a payment. And it doesn't need to run a node.
How much liquidity does an ASP need?
I think it's all the liquidity required to perform it's clients transactions, so I say it will depend on the ASP size or vice-versa, but I am assuming the norm will be large amounts, basically the same as big LN nodes now but instead of users putting up front it will be the ASP.
Keep digging. How long does the large amount of liquidity have to stay locked up? Iirc, it’s cumulative and massive compared to LN nodes. Even big ones.
It's 4 weeks I think, the user should redeem the txs in this time frame, I think it's because of that, so that liquidity isn't cumulative. But I'm not an expert neither in LN. We can only tell when there is a working wallet. But imo LN just as a user is a pain, but it's still the best we've got.
I believe arc requires a soft fork. But yes buraq says lightning leads to risk of centralisation
We have to tradeoff something in layer 2, either decentralization or thrust. I'm not worried about centralization in LN it's a permissionless protocol. I think Arc might be more centralized but a much better experience.
According to nostr.band you’re doing great.
Nice didn’t realise you can see that ❤️.
I did a post a while back in August. I made roughly 500,000 sats since I started tracking in 6 months. I went through my zaps to 1 bitcoin speculative math haha
I don’t think it counts ZapplePay in your sent zap count so it could be off if you use that. Otherwise I love having these stats to check. Makes me realize I need to #zap harder!
It doesn't also count plenty of Invoice payed and received .. most from when #zap weren't around yet, and sats were much cheaper.. early 2023
lol. That’s why I know he’s good for 500k+ sats.
I don’t own any sats. Wallet of satoshi is in control of them
#YESTR he is 💜🫂🤙
Neither does onchain bitcoin has that much real economic activity I guess, most is just buy and hold probably, LN has probably a lot more usage, Strike uses it as payment rails and many small merchants use LN. But yes it has many problems like liquidity, routing, managing channels, having to run a node. I think other easier protocols will show up and LN will be the interop protocol between them.