It’s more accurate to call it “fictional reserve banking”
Fractional reserve was in the good old days
Stablesats - Transact USD over Lightning without stablecoins or fiat integration: https://stablesats.com/
Very interesting. But in the end it’s a stablecoin that might lose peg, if I understand correctly.
Discrete Log Contracts channels will be total game changer
After all the talk about crypto creating systemic risks for the larger financial system
We’re now waiting to see how much failing banks will spread their shit show to stablecoins and beyond.
If you never thought much about counterparty risk — there’s a good primer on today.
SVB thing is scary.
It you think a financial meltdown will not affect you bc you own BTC, think twice.
In the long run you might have a life boat.
But in the short term things can get ugly and pressure to sell BTC to pay for bills might make your long term impossible.
I think we’ll have QE. But a gigantic hard default isn’t impossible.
You should get funding man.
Either investors or donors or charging people.
Bankruptcy and burn out isn’t how it’s supposed to be.
Peace and may the sats flow to you.
I don’t think it’s a matter of fixing the code.
We need a novel protocol distinct from Nostr, though once such protocol exists it might be possible to use it as a transport layer for Nostr.
I’m working on a candidate solution.
But we we’ll have to wait and see if it actually works — and if it is adopted by any significant number of people.
That is if I actually get around implementing and publishing it.
Without cryptography
It would have been better computers had never been invented.
Cryptography is our only defense against machines destroying society.
So ultimately based on law enforcement.
I was thinking if there is a trustless protocol or if there could be one theoretically.
Or I just don’t understand the physical layer and it doesn’t even make sense to ask.
If it wasn’t for Nostr
I would be reading Shakespeare
While I wait for `cargo build`
Nostr is killing our culture
Just give me time to sell my phone so I can get the sats
Ok. No need to beg. I’ll give you the money.
Did you already spend the million sats Jack sent you?
If I pay this how do I know you’re not going to spend all of it on drugs?
The fact that the US Federal government plans to use 24 billion from taxing crypto transactions is in fact quite bullish.
It means the government is budgeting counting on there being a crypto industry.
Of course there are unexpected consequences and so on.
But AFAICT it doesn’t reduce incentives for hodling.
The proxy server doesn’t need to be an actual Nostr relay, and could have even a different API, devised to be optimal for mobile apps.
However, that might make adoption harder.
I know there’s some work going on about proxy relays, but I’m not sure it’s the same thing.
Also note that you need to trust the proxy, or run a proxy yourself (and only have to trust that the set of relays you’re connecting to isn’t censoring or manipulating your feed).
If signature checks are indeed too expensive for mobile — then I think the next best thing would be to connect to exactly one proxy server that would connect to the relays you ask it and then fetch events and do all validations.
This would also save more battery as you don’t need multiple expensive Websocket connections.
You could either use a default server provided by the app developer, or run your own proxy server.
A bit like you can have your wallet app connect to your own full node.