Subnostr

I'd like to see more nuance in the discussion. Lightning is actually a credit system, final settlement occurs on chain.

True, good point. Perhaps I should start with asking how much a person knows about the legacy system before diving in hard and putting them off.

Many people have no idea how any monetary system works and they think banks print money out of thin air.

TBF the fact that commercial and central banks virtually *can* create new money out of thin air is part of the open secret that I think deserves a lot more attention from normies 😂

https://github.com/libbitcoin/libbitcoin-system/wiki/Thin-Air-Fallacy

https://github.com/libbitcoin/libbitcoin-system/wiki/State-Banking-Principle

Thank you! Tipped you once this am, but have another few sats now ...

So you say the sats in my LN wallet aren’t actually my sats? 😱

The UTXOs on chain have not changed, but you can think about it as a system of balances off-chain that have been updated. I tend to think that we should keep only small 'cash' balances in a lightning wallet, like your real world wallet, and sweep any larger amounts into your cold storage (on chain). Muun offer a good service that lets you send on chain as well, so if you are worried you can send LN payments to Muun then transfer on chain into cold.

Heard about that. Muun is non custodial right? And if i remember they store tge wallet balance on chain?

That's also my understanding - they use LN via 'submarine swaps' where the LN payments take place whenever you send or receive. Ostensibly non-custodial, although they don't use a traditional 12/24 word list (and I have not yet done a full delete ans recover). I'd suggest using them as a simple workaround to get comfortable with moving from LN back in chain and vice versa.

Thats what i plan to do. I want to try sending back on chain from muun but wanted to wait until network fees have come down again 😅

Did you successfully sent back on chain with muun?

Absolutely, very good UX and simple to use 🤙

Thanks for confirmation 🙏💜

They are unsettled sats, and typically not in your custody.

So if i send from WoS to Muun than they will be settled and in my custody?

I'm not sure what triggers an on-chain transaction when you are receiving small lightning payments.

594e3f1f... 2y ago

I think what’s missing is a conversation about that person overcoming the inconvenience of shifting over and the habit of going here has to be implemented. It’s probably safer here in terms of privacy than anywhere else.

normies are unimpressed because they’ve only seen money as one way..the dollar, boom and bust cycles, money creation through credit, inflation being ‘good and needed for GDP growth’ etc etc

All the Keynesian talking points

They think it’s the only way

They’ll never get bitcoin

You *MUST* ask deeper questions before you can even begin to approach bitcoin

Let alone Nostr

She’s a long ways out

Agree. I need to believe that everyone *can* get bitcoin though. I appreciate she may not yet do so, because living in a fairly free, fairly safe country with (until now) relatively low inflation, she doesn't yet think she needs it. Also I need to take a step back as I clearly come in too strong!

EVERYONE AROUND ME IRL will not and cannot get bitcoin yet

I am a tiny island in a sea of fiat consumerism

You know who gets bitcoin immediately?

Venezuelans

Argentinians

Lebanese

Nigerians

Who else is experiencing hyperinflation?

America will, eventually

Every fiat currency in human history has eventually gone to zero

and 99.9% of Americans would insist it’ll never happen to them, i promise you

Very good point. I'm from Zimbabwe originally and I always wondered if this was one of the reasons bitcoin really grabbed me.

I suspect yes

Zimbabwe has legendary stories about hyperinflation

If I may ask, did you experience that in your real life?

We did, but not to the insane extent that some did. When we left, it was already more or less impossible to get money out (so we did what a lot of families did - sold our house, bought the most expensive car we could, and drive it over the border). We then drove across South Africa, sailed to the UK with the car in a container, and sold it when we got there.

I keep these on my wall - a 2 dollar note I got when I lost a tooth as a kid, and a note from just a few years later when the currency had collapsed....

Wow

Oh my God

What a story

Most ppl around the world can’t begin to think this could ever happen to them, they think they’re immune from this

Moving your entire life, uprooting your family, basically escaping!

Thank you for sharing this 💜🙏

Thanks! Weird to think about now. Funny thing is, I adored Zim and I still miss it now, all these years later. I suppose main takeaway is - don't think it can't happen to you. I believe currency collapse could happen anywhere.

💯

https://damus.io/note165wsuuq7lte4fq8htnksmmxmccnu4zt9atz5j00cs02kyp4k58ms3wdwut

Awful story - thanks for flagging. Afraid this is just another case of a government punishing its own citizens. But Nigeria is full of smart people - am sure that as many as possible are buying bitcoin and protecting themselves as far as they can. Doesn't change government incompetence, sadly....

I’m grateful for the existence of #bitcoin and #nostr

One simply needs a smartphone to transact value peer to peer, and communicate peer to peer

Tyrannical government cannot stop it

cloud fodder 2y ago

Now that we have nostr we don't need to explain why Bitcoin anymore. Start with advertising and big tech? Nobody likes those. But they use it grudgingly because they are addicted or they have no choices. When was the last time somebody sent PayPal to someone they follow on Twitter or to their favorite streamer? When was the last time a creator said, gosh darn I love how YouTube scares me into line with demonetization? Or an indie author published a book on Amazon and was like, I love that Amazon takes a 80% cut of my profit, it's just so worth it?

Show how instead of likes and watching endless ads we can send a few feeless pennies or dollars and not watch ads and not be controlled by the algo that big tech picks for us or be deplatformed for saying one 'wrong' thing. Show how it all goes direct to the creator and that anyone can be a creator.

If they think that's cool they can start to understand why micropayments are cool.. then they're hooked ⚡