You can’t trust liquid with your bitcoin.
We need trustless sidechains like bip300 describes
Did you know that there is a backdoor on Liquid and bLoCKsTreAm is able to access it?
"all signing keys are backed up and encrypted to both Blockstream and ... "
"The Liquid emergency keys are held offline by non-overlapping components of Blockstream ..."
#liquidisrespector
https://void.cat/d/TtQazw4TgotEy6gjPMmcme.webp
https://blockstream.com/assets/downloads/pdf/liquid-whitepaper.pdf
nostr:note1uukxt34p4v8s05w30ztr3qu3hxnll6xvhkqh8hmwjsxfnfna3whs7gq2mv
Discussion
Like most shitcoins, I don't yet know how the drivechain works. However, here are my basic thoughts on blockchain.
I don't think drivechain is trustless trust, because for a blockchain to be trustless trust, it must be cheap enough to run nodes as usage grown up. This is why Bitcoin has a small block size - PoW alone isn't enough.
I don't know if this is possible outside of Bitcoin. I don't think another blockchain can be a solution.
Lightning is vertical scaling.
Drivechain is horizontal scaling.
Allows for more experimentation and free market competition for scaling and features.
Its trustless in the sense that the only trust you are dependent on is that bitcoin miners are profit seeking and will merge mine sidechain blocks for extra revenue.
Its an opt in system so only those who wish to use side chains will use them. If you are not interested then just continue to use lightning and mainchain. 🤙🏻
I'm worried that it's the same logic as a bunch of shitcoins.
Anyway, I'll look around drivechain later. We can talk about it again🤙