Any response? What am I missing?
Discussion
You're missing the fact that invalidating the tokens held within a lightning channel is impossible while the channel remains open. There is no possibility to invalidate them without reversing botcoin transactions.
You can continue to spend and receive lightning transactions in USDT even though Tether would be (likely) obligated to invalidate them, but would lack the means to do so.
So you’re telling me that USDT on lightning will be able to avoid all the current confiscation abilities Tether currently has on other chains? That Tether, the company, will have to honor any USDT tokens exchanged on lightning for actual USD?
Yeah, there’s no way. USDT on lightning will have the same confiscation abilities available to other chains.
Want to put some sats on it? I will bet you 10k sats that any wallet that has USDT abilities on lightning will be censorable. You say it won’t. 10k sats on it.
nostr:nprofile1qqsrjxqeute0zwusetrjp9qeadt5aa7q686wsxr8lsjvg73uuh52yjqpremhxue69uhkummnw3ez6ur4vgh8wetvd3hhyer9wghxuet59uq3vamnwvaz7tmjv4kxz7fwd45kcmm49ekx7mp0wm2k4w let’s make it 50k sats. What do you say?
I do love betting but I'm just not interested in this as a bet and I'm already dedicating my company to serve related purposes.
My main interest in this realm is informing as I learn more.
Additionally, there are sufficient bounds for this to be table even if I were interested.
Simply because it would not be possible at launch doesn't rule out future developments that would enable some revokable feature.
I’ll go out on a limb and say, day 1, this will be the case. Remove any ambiguity. Any wallet that accepts USDT on lightning will be censorable, and there will not be a single wallet which can accept USDT without the company being able to invalidate the tokens.
I understand and appreciate you being dedicated to your company. But I think you spoke with such conviction, stating it was I who was wrong, to now go back and say “I’m here to learn” is a cop-out.
Day 1 of what? USDT being issued on lightning or a new wallet adopting it?
What does it mean to be censorable versus an actual enforcement action mandating censorship?
USDT on lightning is live today on speed wallet, but it's a custodial wallet. You could say it's censorable because of its custody design, but not due to the protocol.
You're putting money on cynicism without bothering to define extremely vague terms. The burden then falls on me because I understand the tech. I don't see a way to objectively validate a censorship event, which won't be public, (I'll be under NDA,) or will be a public accusation but it's impossible to validate that a lightning transaction occurred or didn't occur.
This is a stupid bet and I'm not interested. I don't mean to bring these things up to get you to define them. I'm not interested.
It’s simple: if you cannot transfer it for something you value, and it still have value to the individual you transferred it to, it is censorable.
Good luck with your company and NDA. Tether will never be uncensorable (as defined above).