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Thaeus01

Monero has no more reason after the lighting network

Saberhagen The Nameless 1y ago

Reasons why you would want to use Monero over running your own Lightning node:

-No need to fund channels before you can even use it

-Has static/offline addresses

-Cant be rugged if node goes offline

-Cant be force closed (wasting time and money)

-Cant fail to route a payment

-Larger payments wont fail

-Has strong privacy by default (no technical hurdles to jump to achieve okayish privacy)

Reasons why you would want to use Monero over non-custodial wallets that require LSPs:

-Permissionless

-Stronger default privacy than the previous comparison

-Don't want to pay extra to a third party to transact

-Wallet isn't useless if their centralized node goes down

Reasons why you would want to use Monero over custodial Lightning:

-Self-custodial

-Permissionless

-Even STRONGER default privacy than the previous two comparison

-Wallet isn't useless if a centralized database goes down

-All your BTC isn't obliterated if a centralized database goes down

Hope this helps

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Saberhagen The Nameless 1y ago

Forgot to add that the last two can also fail to route, don't have static/offline addresses, and the LSP can inadvertently get you rugged if they drop the ball

Cheers!

Thaeus01 1y ago

I agree with this but look the lighting network is really new and will improve with time e caju is here and the things will become better

Saberhagen The Nameless 1y ago

Ok, maybe so, we'll see what happens, but in the meanwhile users might need the combination of these properties *today* and Monero is the only thing that offers them at the moment.

Ecash is great privacy, really the only real contender as far as privacy goes, but it is custodial and mints can covertly print tokens unbacked by the base asset (Bitcoin). Not censorship resistant or permissionless en masse: if the mint disappears, or simply refuses to exchange or redeem any tokens, your eCash instantly becomes useless.

Thaeus01 1y ago

I think Monero was a good test for privacity ideas that will be implement in the Lighting with time

goatmeal 1y ago

listen, I first used bitcoin in 2012. my first wallet was bitcoin-qt and my second wallet was multibit HD. I have been hearing this for years and years. bitcoin will implement all the wonderful things that alts have done and make them all obsolete. except it never happens. the only example I can think of is groestl being brave enough to try out segwit before bitcoin, and that's not really even a good example. what I have seen is the bitcoin developers have a terminal case of not-invented-here syndrome. bitcoin has a sidechain with permissionless validation and full smart contract capability RIGHT NOW and nobody will even talk about it because it's similar to ethereum, and we just can't have that. half life 3 will come out before any bitcoin developers give us anything that is as good as monero.

Thaeus01 1y ago

the L2 is here for this for do things that don't need be part of L1

Saberhagen The Nameless 1y ago

This is just a narrative

There is no general technical reason that you *need* an L2 unless you are limiting yourself to old tech and need it to scale immediately

Even Bitcoin L1 has potential to scale over time. It all heavily depends on rate of adoption, consumer tech advances, and protocol scalability improvements. Think of increase in bandwidth and hard drive size in only a decade and decreasing cost.

If you still don't think so, here are only two examples of L1 tech that can easily scale *today*: MimbleWimble (LitecoinMWEB, Grin, Beam) and DAGs (Nano)

Thaeus01 1y ago

The issue is the size of the block

Saberhagen The Nameless 1y ago

That's only an issue if you can't upgrade to better tech and/or need for it to scale immediately