Profile: 789e4172...
You forgot Breez, Phoenix, Mutiny,...
Great news!
I have been using Boltz as a replacement to my Lightning apps for many Lighting invoices. Now, with the new network fees, I can use Boltz exclusively to pay all Lightning invoices.
No need to open and manage lightning channels.
No need to rely on custodial apps like Blink or Wallet of Satoshi.
Apps like Breez, Phoenix, or Mutiny make using lightning easier but you still have to open channels and risk forced closures. Plus you have the added fees. Phoenix charge 0.4% + 4 SATs to send a payment on lighting, 1% to add liquidity, 1,000 SATs for channel opening.
Boltz charges 0.1% to swap from Liquid to Lightning and 14 SATs for network fees.
Why would you use Phoenix, Breeze or Mutiny?
Keep your saving money on the Bitcoin network.
Keep your spending money on the Liquid network.
Pay lightning invoices with Boltz.
Another Testnet reset would be fun.
"There have been three generations of testnet. Testnet2 was just the first testnet reset with a different genesis block, because people were starting to trade testnet coins for real money."
This has to do with the quality of the coffee, timing of consumption and how your body reacts to caffeine.
Addiction is the inability to go through the day without consuming caffeine.
Make sure your decaf doesn't used a chemical process to remove caffeine. You you wouldn't want to drink chemicals everyday.
They are fighting to get backdoors in applications using encryption, some of which they have funded. Why?
As usual nothing of value to offer. Think depicting men having sex as an insult is hilarious.
That's a bad analogy. Bitcoin has a block size limit and an average 10 min block creation hard coded in the protocol.
The internet would have been very different today had a maximum bandwidth been hard coded in 1989.
There are about 1,000,000 active bitcoin addresses. Let say each address is own by a different person, which is not the case, that's 0.0125% of the world population. Blocks are full and there are currently over 290,000 unconfirmed transactions.
Self-custody for everyone is not possible. It is mathematically impossible.
Bitcoin self-custody for all is not possible. Why do people keep saying that it should be the goal?
If waiting and hoping for low fees and better, more efficient tools is not the strategy you are looking for, checks those resources for ideas to DCA, stack and spend while avoiding high fees and unspendable UTXOs using tools currently available.
Hope this helps.
Once a year you dox your Bitcoin transactions to the IRS, your accountant, and an accounting software company. Why? Legislation.
Don't you think that the reporting obligation doesn't change how some people use bitcoin?
They can't stop Bitcoin but they will influence how people use it.
The Bitcoin network relies on businesses for it's infrastructure, users rely on mining pools, LSPs, custodians... All regiter businesses who will follow the laws and regulations, and so will their customers.
Bitcoin didn't do anything. Incompetence and stupidity took down FTX.
I'm not pessimistic about scaling solutions, I'm realistic.
They are a few scaling solutions being currently proposed and discussed. It will take a few years for those who pass the discussion and experimentation phases to actually be available to Bitcoiners.
The Fedimint protocol on the other hand exist and soon Bitcoiners will be able to use it. Fedimint is another custodial option we can chose from. Which I consider to be a good think.
Drivechains are not a noncustodial bitcoin solution. Bitcoin never leaves the Bitcoin network. Users deposit and withdraw their bitcoin in and out of a sidechain with a one-to-one conversion rate.
Drivechains help find new ways to grow the revenue from transaction fees by offering functionalities not available on Bitcoin.
You want zcash privacy without the exposure to the token valuation, you deposit your bitcoin on the zcash sidechain. Want to move back into bitcoin, redeem your sidechain tokens for bitcoin.
You want smart-contract functionalities without etherium, deposit bitcoin on your smat-contract sidechain of choice. When you are done exchange the sidechain tokens for bitcoin.
That's not even bitcoin custody. You exchanged bitcoin for sidechain tokens.
What do you mean by Bitcoin facing vendor lock-in?
Isn't Lighting still experimental? Forced closure seems to be part of running a node.
Is the risk lessened by using apps like Breeze or Phoenix?
I understand your point. But unfortunately self-custody for everyone was never possible. From the start of the project, the scalability issue and the need for second layers was known.
Self-custody is only possible on-chain. Most people will have no choice but to use custodial services.
There is an economical reality. Someone with an annual income of $150 can self-custody, but they can't spend if they have to pay $10-$40 in fees.
I think that onboarding anyone, regardless of where they live, in a custodial manner is irresponsible, unless they want to buy thousands of dollars at once.
Imagine someone, how has been advise to self-custody, DCA $50 on-chain every week, then when they want to consolidate or spend, they have to pay $10-$40 in fee. That's bad advise.
Custodial absolutely works in developed countries. The higher the on-chain, the more people will use custodial solutions.
With Binance you have 1 custodian, with liquid, you have 15 custodians. The federated custody mode has less risk of lost of funds.
You can use Lightning or Liquid to DCA, then, when it's economical for you, send to ColdCard. This lets you consolidate your UTXOs without paying the high on-chain fees.
Which network you chose depends on the size of the UTXO you want on-chain —Lightning is limited by the capacity on the nodes, Liquid is limited to 21 million L-BTC, the custody model you are comfortable with —single custodian (Wallet of Satoshi, Blink, Coinos,...), federated custodians (Liquid), or self-custody (Breeze, Bitkit, Phoenix,...), or signing method —software (Lightning and Liquid) or hardware (Liquid).
If that makes sense for you, you can use both.
Lightning DCA
Buy sats on Robosats, stake on Lightning, swap to on-chain. Use boltz.exchange to swap LN-BTC for BTC (0.5% fee + on-chain fees). If using coinos.io, the swap fee is (0.1% fee + transaction fee).
Liquid DCA
Use Robosats to by sats. For the payout invoice, use Boltz to create a LN-BTC to L-BTC swap (0.25% fee + LN fee). Copy the LN invoice generated by Boltz and past it into Robosats. Complete the trade.
When Boltz invoice is paid, L-BTC is automatically send to your Liquid address.
If the swap invoice expires before the trade is complete, Robosats, after 3 attempts to pay the invoice, will ask for a new invoice. Go back to Boltz and create a new swap.
Need to top up you LN balance. Use Boltz to swap some L-BTC for LN-BTC (0.1% fee + LN fee).
When it's time to send to Coldcard, go to sideswap.io/peg-in-out/ to initiate a peg out (0.1% fee + on-chain fee). Enter your BTC address, use the provided address by SideSwap to send your L-BTC.
It takes 15 to 60 minutes for the peg-out to be processed.
I recommend you read SideSwap FAQ to understand how peg-out works.
If you don't want to wait, you can use classic.coinos.io to swap your L-BTC to BTC. Create an account, send L-BTC to Coinos, send BTC to ColdCard (0.1%fee + on-chain fee).
Liquid network fee is 0.1sat/vb, so a few cents per transaction.
Unchained has an article UTXO size. I found the first table under fee protection goes beyond dust section very usfull to decide on the UTXO size.
https://unchained.com/blog/small-utxo-bitcoin-dust/
Hope this help.