Every time I zap a post or someone and see the destination node is a custodial wallet, it hurts a little bit.
There are better options.
#m=image%2Fjpeg&dim=769x287&blurhash=Q38M%7Eq-oE2xGIpxGNHt6Rk%7EAR%2Bs%3Aj%5BR%2BjuWCs.WV9IM%7DOTSexZW.oeafoL&x=a80bc484f8f012fc614baed2966fdbaa6383eb85ea4aaef6785a91ef877823a5
Given the potential and amount of block rewards (along with the ever-increasing value), it's part of Bitcoin's incentives mechanisms to have an investment be put down prior to gaining that reward.
It's another of Bitcoin's low-time-preference conditions. You find cheap energy, you invest in a certain amount of miners - What makes sense for your financial and also energy/price position versus how quickly you expect an RoI).
Personally, I've found the best way is to stop asking that question and jump in as soon as possible - If you're able to.
You can get good deals via hosting services that offer cheaper energy, for instance, kaboomracks sell you a miner and also host it for you, so you can have them host it for a monthly fee (price of energy). Once the contract runs out (usually annual but can be longer) and you choose to no longer renew it, they'll ship the miner to you as it's yours.
What all #shitcoin communities are slowly going through?
#bitcoin #nostr #crypto
Reminder for all to check out Nostr's #Global feed once in a while.
Due to a lack of algorithms pushing stuff at you, it's easy to just keep to the main following tab (I know I do this too often) and often wonder if there's more.
There is. Much more.
This is true.
People are relying too much on
#custodial solutions. Looking forward to seeing further developments to shift this mind-set.
Having someone take custody of your sats goes against the
#Bitcoin ethos and the reason it was created in the first place.
Couple other upcoming developments that may help:
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nostr:npub1jg552aulj07skd6e7y2hu0vl5g8nl5jvfw8jhn6jpjk0vjd0waksvl6n8n
#Greenlight
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#ARK Protocol
This is probably the lowest we'll see #fees for a while.
If you need to do any #UTXO consolidation, this could be the one time to do so.
My default zap of 21 sats is too high.
Yea it is!
LFG!!
Welcoming any #RumbleRefugees on #Nostr
Nice satire.
📰📰📰 #BTC #News #Alert 📰📰📰
Bitcoin profits are taxable, Denmark Supreme Court rules - CoinGeek
Source: https://tinyurl.com/2lh5r4tr
Ahh, weeding out the paper hands.
Excellent.
I stand on the grounds that the free market will win, but I think L2 will massively benefit from their annoyance.
That being said, I agree on Ordinals, I don't think the market they are supposedly backed by actually exists in its current form and will massively backfire at some point, be it loudly, or be it silently (in the form of the amount of money their perpetrators are spending currently).
Personally, I think NFTs have applicable technology in the vein of Liquid assets when backed by the Bitcoin blockchain (example: Notaries. An NFT that proves one's ownership over property, be it a piece of art or a house), but their execution so far has been terrible and often backed by nothing, and with no actual market of their own with no serious purpose.
To clarify, Jade is a hardware wallet, but it also has a software app that pairs with the hardware.
Right now fees on the main chain are very high due to Ordinals. However, the good side of this is that by necessity it'll force accelerated development of the Lightning eco-system (it's the only reason why Liquid suddenly came into play. Liquid has been around for years now, but was ignored by most), as well as other Layer 2 solutions such as Ark, as well as other Layer 1 developments such as Covenants.
It's just not a great time to transact on the main-chain, and hence, cold storage is affected. There are theories that the main chain will never see cheap fees again, which could be true, in which case cold storage will need to happen in Layer 2 implementations such as Liquid, or with other developments that are on the way. For now though, best thing is to wait it out as best as possible. You may not realise, but we're going through a bit of a storm :D
We have the technology with atomic swaps but nobody has built the interface yet. Or am I missing something?
For reference https://boltz.exchange/
I may have misunderstood.
If you're talking about cold-storing sats as lightning, then not possible/feasible at this time.
If you're talking about swapping lightning sats to Bitcoin on-chain, then that's just the case of a wallet integrating, for example, Boltz's API.
One that's done this I believe is Breez.
That being said, for the time being you could use the WebApp - Generate a Bitcoin address from your Jade, and input it as the destination for the Boltz swap. But yes, the Jade Software app would need to integrate Boltz's API.
Regarding Boltz, careful with the fees. It seems they're doing a double on-chain TX, not sure why, but ends up being quite expensive. Still trying to figure out what I'm missing there.
Also, I know you mention boltz as an example, but there aren't many trustworthy services that do this yet, especially with lightning. Some of the others that do this delve too much into shitcoinery, and from what I've seen Boltz is recent but their API is comprehensive and approachable. So quite possibly, in a few months, we might see a lot more integration.
Jade wallet seems to combine #liquid #bitcoin with cold storage. Is there such a thing for #lightning ?
#asknostr nostr:npub14un6d98pa48kleqjjqfe5jqekxpdcwd7lkwc2hm3s2z4gmd60j8sstgg48
Not to my knowledge, but there's good reason for this.
Make sure to DYOR though after reading the below.
Liquid assets are stable and harder, in the sense that they get added to a ledger, not unlike L1 Bitcoin.
Lightning is different. It's has superior decentralisation, but due to the nature of how LN channels work, you can't have cold storage. Channels are always at the mercy of both ends. Even if I'm looking to maintain a channel active forever, the other end may not (not to mention, you should settle on-chain at some point anyway).
Worth noting,
Jade as a hardware wallet is made by Blockstream.
Blockstream made Liquid.
Liquid is federated.
While you may hold your own Liquid assets, the federation is highly centralised (about 16 entities I believe), hence it's easier to organise such things like an 'L2 cold storage'.