fuck lightning
lightning is a shitcoin
i lost money on lightning
Discussion
Ark is just an idea and I don't see how it's any better than cashu.
The question I ask myself is whether these techs are dilutive or additive to overall adoption.
I genuinely don’t know the answer.
The current technical design of Ark would be bad for adoption imho.
From an end user standpoint,they'd need a custom wallet to support it and manage recycling vtxos to themself on a regular basis. There would not be much incentive to build competing wallets for it, so very likely there'd be 1 for some time.
And each centralized instance of Ark (the ark service provider) would take on average 120 transactions per block, and about 20kb of blockspace, so there's a maximum number of service providers that could exist.
As these service providers don't interoperate with each other it further creates adoption challenges to users recreating the same problems that exist today where say.. Venmo users cant send money directly to WeChat users. It's one of the things that makes lightning so awesome as it's an interoperable protocol with multiple server implementations.
For silo payment hubs where one wants faster transaction settlements and confidentiality, to me it makes more sense to spin up custom versions of elements (the framework for liquid) and tweak for faster block times within that federation. That frees up the block space on main chain Bitcoin and simplifies the tx operations.
you write in lightning technicalities which i do not understand because
i have never tried to understand it after i opened an umbrel channel. i gave up on lightning.
last year i installed umbrel and umbrel lost my funds forever.
total shitcoin. i never lost anything on crypto.
for you, who owns many channels, the situation is certainly different than for the normal user who wants to send money anywhere privately.
the user needs to use a lightning wallet and exchange btc to lightning. the wallet provider needs to make money. it cannot subsidize users forever. the wallet has to generate fees in order to survive and in order to pay developers. hampus who is the developer of the blixt wallet, says on twitter ,that lightning does not work in a high fee environment. people report 0.60 eur fees on a coffee on lightning.
if i want to send money to other countries or pay higher amounts(which lightning cannot do) i will use the cake wallet which is self custody and private. i can send monero, even litecoin with superlow fees. in the cake wallet change it to any other coin, btc if you want, also with very low fees 0.2% which does not need to be done all the time but it is worth for 100% privacy.
i do not know anything about cashu. if ark can keep what it promises and it can be used like a cake wallet, i will also use ark.
I have #[3] to thank for avoiding that outcome on Umbrel. This happened because he spoke generally to me about how Lightning works and I went deep to understand the risks he was speaking of. They have nothing to do with Umbrel.
Technical mastery is really the only way to trustless conviction.
but it has to be taken seriously
he is a bitcorn developer
he can even code it himself in a month. i am sure many other developers will help him so it could be done even faster.
i do not know anything about cashu. is it private? does it work offline? does it require to generate costly liquidity?
I consider ark like pure hopium until proven otherwise