yea the kids who use it right will become so much smarter than the previous generations π€
the kids who use it wrongly will become dumber π
but overall a big and important leap forward for humanity!
Ooooooh - my first zap π€©
That was so cool!!!
And quick β‘οΈ good stuff π
Problem is you have several competing channel-update transactions just hanging there until one of them is used and then it's a race where someone with a newer update-transaction can overrule the old, but only for a limited time period.
So the participants can be perceived as creditor or debitor of each other.
Also with ln you need your machinery online and so the last resort option of buy and hold for 10 years while being in a gullack camp doesn't work well with your ln node
@pkt can I get an amen?
You oc has the challenge of keeping you keys safe, but you will have those challenges after settling a lightning channel anyways, so those evens out.
For a channel specifically you have something unsettled. That is, there can exist multiple unpublished txs in competition with each other. We use timelocks to try to favor one tx over the other.
I see it as a hare vs tortoise version of the double spend problem.
If the hare sleeps or it's house burns down and it looses its TX it looses the race to the tortoise.
Only when settled the Bitcoin is yours.
I'd still claim that the lightning-network is based on a form of IOUs and I love it regardless π§‘
Fedimint transactions potentially both faster and cheaper than lightning transactions.
You do give up custody, so there is that.
But backed by Bitcoin, so no shitcoin!
Haha thanks Max!
Perhaps you are right in the long run, but for now I think the definition of "run your lightning node software correctly" is too vague, cuz all sorts of details on how to keep your offchain utxo dry so to speak...
Like if you have a watchtower, then you don't want to SSH into it from the same machine as you SSH into your lightning node, cuz if you are hacked, chances are that the hacker got access to both node and watchtower(s).
Little things like that. And who runs a watchtower these days anyways π
#stillearly
nostr:note1xm0tjtnknnw65tj4gxlaxrmqzdxcxgmz3697uv06m63pcyfwda8qkq0vmd
Testing if I can figure out how to refer to a nostr note from a nostr note π€
Topic: #btc #lightning-network #zaps
nostr:note1xm0tjtnknnw65tj4gxlaxrmqzdxcxgmz3697uv06m63pcyfwda8qkq0vmd
Which does not seem to work, so great π
I think this is a bit of the same topic, but I'm really just testing the #nostr link feature (sorry):
@note1xm0tjtnknnw65tj4gxlaxrmqzdxcxgmz3697uv06m63pcyfwda8qkq0vmd
Yeah, federations can in theory rugpull, but you lightning balance is also not fully secured until onchain settlement.
Your lightning node can break down like a bank can go bankrupt and then funny stuff can happen.
Hello world!
This is my first note on nostr π
It has been popular to compare Btc txs to cross border bank txs and conclude that Bitcoin is faster.
It has also been popular to compare lightning-network txs to credit card txs
and conclude that those two are about equally fast.
However since a Bitcoin transaction is actually changing custody of something scarce, I think it's more appropriate to compare Bitcoin txs to physical gold/money transports.
And since you need your lightning node to be online, and only transfer "kind of" IOUs (unsettled txs), I think it's fair to compare lightning nodes to banks, and compare lightning txs to bank transfers.
So what is then the Bitcoin equivalent of credit card txs?
Well, cutting corners by letting others handle liquidity/transfer for you.
We see this with nostr when sending zaps where people, as of now, mostly use Wallet of Satoshi.
Also federated services like Blockstream's Liquid network and Fedi's ecash system optimize transfer speed and fee costs.
These services are still so new that I'd argue we can't really make proper comparisons to the credit card systems just yet.
In other words Bitcoin txs will become much faster and cheaper in the future.
We are (even now) still early!
Actually I'll pull back my endorsement, cuz closed source bugs me a bit, but UX is nice :)
Hilarious π