fees are high, so we move towards lightning even more than we have in the past. this movement onboards new users. these new users find it very expensive and tedious to open their own lightning channels on their own node, so they'll gravitate towards custodial wallets. this isn't good, but this will pass given enough time.
Discussion
yes, so I'm seriously considering doing my own BTC and LN nodes
LN for the plebs, on chain for the whales? π #plebchain
Opening up channels is still expensive for plebs.
Channel management and liquidity balance is an art form too.
I wouldn't say it's an art form. It's more of a pain in the ass.
Really not even an option for plebs like me.
Maybe this is the push we need to get self-custody wallets on the level of custodial. More people would be self custody if it didn't take a certain nerdiness to get setup. Let's be honest, the average user isn't going to run a lightning node and even those who do struggle with getting a lightning address pointed to it.
Let's make self-custody accessible.
You're right, the average user is not going to run their own node. Wallets on phones that are seamless are most likely the future here. However, the issue right now is is that it's going to be very expensive to open up multiple channels.
Exactly. So let's put on our thinking caps and make it better.
#believeinnostr
High fees also make channel settlement more fragile. LN is not there yet as a full solution :(
It's a full working solution. If a channel force oses because of a stuck transaction because a node went down, then it's working as intended to protect the funds. Having a channel close sucks. I'm sure it can be improved though.
The end state is, Grandpa and Grandma use it without knowing or caring that theyβre using it.
absolutely. the best technology falls into the background.
I think as important and integral as self custody is, the hyperbitcoinized future will most likely rhyme with current times. The masses are simple and want the path of least resistance, such as a βcustodianβ to store their funds. You can lead a horse to waterβ¦
The least resistive path doesn't have to be custodial though. We just need non-custodial to be easier and seamless. People should not even know what these terms mean. Technology should fade into the background.
100% tech should be transparent to the average person, just a great easy user experience
This isn't good but it is good???? Lmao the mental gumnastics you people put yourselves through is so reminiscent of ETH bros. Yall all say the exact same shit. Maybe take a few hours everyday to study deflation and its effects on humanity with a verifiably scarce asset as its reserve currency. If more people did that they would realize this is all a waste of time and get to building shit that actually matters
you should work on your reading comprehension a little bit more, unless it was my that worded this badly. please let me know where i said this was good. thanks π
I juat assumed more people using lightning was seen as a net positive to lightning bros. Maybe y'all are starting to wake up to reality! Praise Satoshi! More users=bad
More users using custodial solutions is bad, but Lightning itself isn't bad. Is Lightning perfect? Absolutely not. I've said this many times. Hell I said this on stage at Nostrica. Channel and liquidity management is hard and a pain in the ass that no one wants to deal with. We'll get there though. I'm hopeful.
That is the same stuff shitcoiners say. Is ETH perfect? No. But I am hopeful we will figure it out later!" But lightning is different because it uses #bitcoin right? Have fun being hopeful you can get 8 billion+ plus people to open their own channels at affordable mining in a 100% decentralized manner. Very realistic goals
Have you used Phoenix wallet?
I have. Itβs βnoncustodialβ but it really is 100% custodial. I do not like being forced to use ACINQ nodes. Wonβt be long until the government demands ACINQ turn over all txs that go through them. And itβs only a matter of time before ACINQ jacks up their fees. Corner the market and increase prices. Economics 101. Iβll then have to close that channel and open a new one using a Phoenix wallet knock off. I sure hope these new devs are good actors that donβt let bugs through π€
Have you used blitz wallet? you can open your own channels on Blitz in 2 steps.
Is that LND, CLN, or another centralized protocol entirely controlled by the devs?
Itβs plain LND running on your phone. You need to keep the app open to receive LN payments.
The same LND that bugged out a few months back and prevented all channels from closing and then forced everyonr to update to get their money back? Yeah no thanks. But you have fun with that