Did you know that there is a backdoor on Liquid and bLoCKsTreAm is able to access it?
"all signing keys are backed up and encrypted to both Blockstream and ... "
"The Liquid emergency keys are held offline by non-overlapping components of Blockstream ..."
#liquidisrespector
https://void.cat/d/TtQazw4TgotEy6gjPMmcme.webp
https://blockstream.com/assets/downloads/pdf/liquid-whitepaper.pdf
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I wasn't aware of this.
That is because of how Bitcoin affinity scams work. They capitalize on familiarity and celebrity.
Adam Back, Samson Mow, Max Keiser are pulling the wool over Bitcoiner's eyes.
You can’t trust liquid with your bitcoin.
We need trustless sidechains like bip300 describes
Like most shitcoins, I don't yet know how the drivechain works. However, here are my basic thoughts on blockchain.
I don't think drivechain is trustless trust, because for a blockchain to be trustless trust, it must be cheap enough to run nodes as usage grown up. This is why Bitcoin has a small block size - PoW alone isn't enough.
I don't know if this is possible outside of Bitcoin. I don't think another blockchain can be a solution.
Lightning is vertical scaling.
Drivechain is horizontal scaling.
Allows for more experimentation and free market competition for scaling and features.
Its trustless in the sense that the only trust you are dependent on is that bitcoin miners are profit seeking and will merge mine sidechain blocks for extra revenue.
Its an opt in system so only those who wish to use side chains will use them. If you are not interested then just continue to use lightning and mainchain. 🤙🏻
I'm worried that it's the same logic as a bunch of shitcoins.
Anyway, I'll look around drivechain later. We can talk about it again🤙
Liquid is multisig to begin with... The point is they're transparent with the security model unlike Ethereum which pretends it's something it really isn't in practice.
(Also, IIRC those backups aren't actually accessible by Blockstream without the functionary giving it to them - they're encrypted so the functionary can't use it alone: it functions as an effective 2-of-2)
Thanks for pointing this out! I used to think Liquid was as bad as an alt coin/blockchain and that the Jade/Green multi-sig was shady.
But as I learned more my perspectives totally shifted...
I appreciate the view you're coming from. Yes, trust is antithetical to Bitcoin. And giving over any trust should always be done extremely carefully. But there really isn't anything at 'absolute' zero trust. And getting to such a point is increasingly difficult the less tech savy one is. Exchanges, operating systems, hardware wallets, running software, running firmware, running kernels on your internet connection, running your laptop etc etc. It's technically challenging to eliminate all trust. Yet we ought to try.
So... I appreciate that Liquid is at least transparent about its self to a high degree. It's an 11/15 sig trusted, federated side chain. Private, quick transactions, no KYC, low fees. And now this Watchmen is FOSS too and they do AMAs. Ok. Not bad.
Yes, there is some trust involved here. And like the gold confiscation you pointed to, anytime you don't 100% own your keys outright, you're upping risk.
But Liquid offers some attractive features for those *wanting and comfortable* with its risks. I think more and more federated sidechains will pop up in the future. Adam seems like he has a good reputation and isn't making Liquid to be anything It's not. So I'm good with that.
Like lots of things in life... some things require cold storage, some lukewarm storage and others hot storage is fine.
The BIP300 drivechain IMO creates an attack vector/surface for future ill intentions and is far more risky than some sidechain.
Think... no one saw ordinals coming from Taproot. And they aren't exactly even nefarious. Now imagine what zooming coins in and out of the main chain might open up that we can't currently predict.
Liquid isn't a replacement for L1. It's just a lukewarm storage option with some features.
I knew the day they where on here sending yall zaps... it was ALL BAD.
Go check my past notes from around then, I'm to lazy to.
No?
Would you like a silver platter handed to you too?
Maybe I could just think, for you.
🤣
Yes this is why we need Drivechains > Federated sidechains.
😬
And no, Liquid has no backdoor, at least you could have put the whole sentences, liar and manipulator.
The emergency keys are stored in a multi-signature system, neither blockstream nor federation members can access by themselves.
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