Very interesting categorization, but why do you exclude from the analysis account based custodians like wallet of satoshi, while including cashu, fedi and liquid?
not according to the definition i dropped today at the mit bitcoin expo (tho the layer-1 pool/bridge might be) https://gist.github.com/niftynei/5f9373568e2cf6d15db6c7546a43f763
Discussion
Because of the rug pull impossibility and single user final settlement, lightning seems to be in the same category as the base layer, base money with zero counterparty risk.
Everything else seems to be a variant of fiduciary media, with different trust tradeoffs and technological implementation.
UTXO on base still seems to be a different thing than LN balance (still great obv).
Unless he’s changed his definition, I always refer back to this tweet by #[7]: https://twitter.com/peterktodd/status/1034224329058205696
Yet still, lightning (the presigned transaction etc) is equivalent to base money, it is not fiduciary media.
I agree that it's not fiduciary media, but from a property rights prospective they are still fundamentally different assets.
Keys to a UTXO are bearer assets and lightning channels are smart contracts with those bearer assets.
I think they are comparatively different things. 🍎 and 🍊
Thanks for reminding me. It's still a good tweet!
I think we have to assume a correct usage of the software and protocol in order to draw better conclusions.
If I post my private keys, the coins may get stolen.
If I shut down my node, invalid coins may be received.
If I shut down my watchtower, lightning channels may be closed with an old state.
