Failsafe emergency transaction:
Cellular network connected device w/ a big red button with “break glass” cover to avoid accidental trigger. Device holds signed TXs to move your UTXOs to offsite multisig cold storage. You could also use a time lock but you would need update with new signed transactions more frequently. Maybe the device starts an audio call with 911 too.
Scenario: home invasion, you smash the red button bedside loud alarm goes off. High fee TX shifts your coin to (multiple sioffsite storage.
If the invaders persist despite alarm and get the gun to your head, your coins are shifted safely offsite. Maybe keep some gold coins on hand to encourage them fuck off promptly.
For plebs with no trusted friend/ family or hidey holes 🕳️ , a trusted 3rd party custody provider could be used w/ counterparty risks associated.
Dumb idea? Trying to game out the future. Pseudonymity will only get you through the few bitcoiners phase.
Lightning Network does not solve #Bitcoin scalability
Those who argue that the emergence of Ordinals drives the use of Lightning and that this is positive for Bitcoin are wrong. The emergence of NFT in the network only benefits the miners because the increased activity and consequent congestion increases fees.
When competition for block space increases as it did in May, even a large exchange like Binance may need to suspend BTC withdrawals, because the cost of network fees becomes a money-loser.
If we look at the figures on the usage of this network in the last month, after two weeks of congestion, we observe a decrease in liquidity by almost 5% (at least 230 BTC less capacity) and in the number of channels by almost 2% (1,180 channels), according to Amboss Space https://amboss.space
In fact, the main monitors of the Lightning network did not express increases in usage during either congestion.
Why not use the Lightning network during a congestion such as those we have experienced with the Ordinals boom, if it is cheaper and faster than using the main network?
Because there is a barrier to entry due to the difficulty of opening payment channels.
Whoever wishes to make a payment needs his counterparty to be connected to the network, otherwise he has to hand over the trust of that operation to a third party that injects liquidity into a mediating channel.
The main services of the Lightning network are custodian services and perform this task for users, in exchange for a fee. The most common procedure used by these services is payment routing.
A company, which manages one or several nodes, offers a way to connect someone who sends BTC to someone who receives them through a channel funded by them.
The transaction becomes less private, because the operator might know the origin and destination of the funds involved.
LN *may* not be THE sole long term scaling solution, but I think we need to encourage LN routing nodes to dynamically respond to on-chain fee environment. LN routing fees are currently too cheap and LN is being unwisely subsidized by routing nodes charging too low fees.
Every single one of us should post something like this and then follow up with something along the lines of “I am glad I lost all my bitcoin in the fire/boating accident/etc”.
Don’t come for me I’m not a bitcoiner; I’m a very good boy and happy wage slave.
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Great talk. I do think the “hope” quote at the end is a strange bedfellow to his comments. He’s not ‘hoping’ for an outcome. He’s making rational decisions based on his belief in the values of the system and further highlights the emotional and irrational response by others to their continued accumulation of Bitcoin exposure.
Works better than described (no funds lost).
Sooooo cool 😎
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Custodians, no matter how noble, can be bought/sold/seized.
Give your kids/partner/beneficiaries bitcoin for the holidays, then teach them how to spend it.
I meant….. that ransomware groups target entities with perceived value. Each day that entity with perceived value more and more becomes the Bitcoiners. Never forget a hot wallet is a slip up away from an empty hot wallet.
But generally.. “keep your coins in cold storage” is pretty much a universal truth and applicable in all situations:
“Good morning” : ”Keep your coins in cold storage”
“More tea, sir?” : ”Keep your coins in cold storage”
“Body of Christ” : ”Keep your coins in cold storage, Padre”
When your soul travels the infinite sea to Osiris, don’t forget to mention that you kept your coins in cold storage and he will know heart is balanced.
We have reached the “moving to the woods” point in the bear/bull cycle.
Whose resenting? He rightfully identified bitcoin as the undoing of the empire he built having exploited the infinite money machine to gobble up medium-sized businesses to crush small businesses across America.
He crassly called Bitcoin rat poison and we crassly ask back how the dirt tastes. I believe in this rare case, turnabout is fair play.
I hear the cause of death was rat poison. ⚡️
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A time is coming in the (too near) future where a bitcoin deposited into or purchased from regulates exchanges managed by the fiat banking world will never be returned self-custody. When the jack boots arrive assault rifles in hand (it’s ok for *them* to have assault rifles), your favorite exchange CEO will bend the knee to Lord Fiat.
They are already starting to build a framework to do the same with cash:
Sent a test; curious how long it takes to get notified.
