Replying to Avatar sommerfeld

All IoUs are stablecoins. Instead of being a USD stablecoin, it's a BTC stablecoin, i.e. it's some other token that mirrors the value of real bitcoin according to someone else's promise.
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Cyph3rp9nk 1y ago

The definition of stablecoin is associated with fiat money as opposed to the volatility of Bitcoin.

L-BTC is an IOU, I agree, and I will never deny it, but if you understand how it works and its risks, it is another scaling solution, I will never say that L-BTC is Bitcoin, LN-BTC for example is Bitcoin.

But from there to say that L-BTC is fiat, I do not think it is fair beyond creating controversy in the same way that it is not a stablecoin.

When a better scaling solution comes out (as I think ARK is) do not doubt that I will use it and stop using worse solutions.

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sommerfeld 1y ago

L-BTC is a stablecoin the exact same way WBTC is a stablecoin. It does not need to represent a Fiat currency to be a stablecoin. It's "stable" because someone is guaranteeing the peg.

ed
ede3d957... 1y ago

Blockstream runs almost all if not all federated nodes. In that case anybody is better off using fully custodial ecash protocols.

Him advertising Liquid as much as he does makes me highly sceptical of his other judgements.

ed
ede3d957... 1y ago

L-BTC is as much a shitcoin as Monero.

I prefer to use decentralized and private Monero as a scaling method over Blockstream's federated Liquid protocol.