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ynniv

Some Bitcoin Deposits game theory:

- people trust established auditors

- auditors rank vaults based on operators, channel partners, and the reputation of the party of last resort

- auditors rank operators based on following the rules and uptime metrics

- most available reputable partners will be honest from self-interest

- you need to collude with your partner in order to steal funds

- if you stop operating, your partner will force close

- if your partner force closes without reason, they lose reputation

- if the channel force closes the party of last resort uses the security deposit to re-home the managed funds

- if you want out, you pay other vaults that auditors trust to take on each deposit

https://deposits.ynniv.com

Bitcoineros del Occidente de El Salvador 7mo ago

Fan'sat'ic proposal, ynniv!

We'll read your paper tomorrow (it's 2 am here, lol) but its aim, to make Lightning Network accessible to users below the UTXO level without depending on a single company (usually a big custodial wallet provider) is spot on for most potential Bitcoin users, and even more when Bitcoin is envisioned as an unbanking tool instead of subverted as a KYC'd banking trap, in countries like El Salvador, where 70% of the population doesn't use a bank account.

Props to you!!!

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Discussion

ynniv 7mo ago

To me that is the essential Bitcoin market! Deposits is still a work in progress, but so far I think it might actually work 🤞

Much of the core idea was worked out on a sandy Central American beach 😎🏝️