utxo the webmaster 🧑‍💻's avatar
utxo the webmaster 🧑‍💻 _@utxo.one 2 years ago
So many lightning companies are getting rekt right now by compliance, I know first hand. I think rug risk is up a LOT right now. If you just keep a balance in a custodial wallet, for zapping, keep it to an absolute minimum and be ready to truly lose it. If you have more than you want to lose, but not enough to justify on chain fees, consider swapping them for L-BTC on boltz.exchange Imho

Replies (40)

Jestopher's avatar
Jestopher Jestopher@Amboss.space 2 years ago
Either play by the rules or build around them. Either way, we can help with the engineering lift. Reporting needs on the compliance side versus scaling and liquidity on the other side.
no₿ody™ 🧱's avatar
no₿ody™ 🧱 noBody@nostrplebs.com 2 years ago
Member that time elon was a rich and powerful gobermint titsucker and accepted corn for teslas for like a week and then fudded bitcoin and stopped and people said lightning exists and he was like “dO yoU neEd a MonEy tRansMitTer liCenSe fOr tHat?” and then a year or two later he told everyone Xitter™️ would be an everything app and people will do all their banking there and at about that same time lightning companies started getting rugged by compliance demands? Kinda interesting. If gobermint accepted bribes and stuff this might be a fishy sequence of events. So glad we live in The Greatest Country in the World™️ and so this is all just a big coincidence
gsovereignty's avatar
gsovereignty gsovereignty@nostrovia.org 2 years ago
Another way to look at it is if you get rugged by a Bitcoin or lightning company because the State made them comply, you only have yourself to blame for using a branch of the state as your interface to a technology that exists to undermine the state.
gsovereignty's avatar
gsovereignty gsovereignty@nostrovia.org 2 years ago
Another reminder that there is no such thing as a Bitcoin company. The State is not going allow "Bitcoin companies" to undermine the state's ability to control the monetary system. If they would allow this, we wouldn't need Bitcoin in the first place. If you use a registered company to interface with Bitcoin, the company *will* comply and you *will* be rugged. No other outcome is possible. A registered company is not free enterprise, it's controlled opposition. View quoted note →
2 replies ↓
Default avatar
npub1gfzp...0r0j 2 years ago
I moved everything out, but the satograms kept coming in. Impossible to empty the thing.
mark tyler's avatar
mark tyler 2 years ago
Yeah I’ve finally been reading about Liquid. Early on still, but my initial, likely to be inaccurate impression is it just custody with more steps?
2 replies ↓
mark tyler's avatar
mark tyler 2 years ago
Custodial* The difference is kinda crucial 😂😅
Ben's BTC stories's avatar
Ben's BTC stories 2 years ago
The hard lesson that doing business in socialist US is not only painful, but probably destructive to your business. The next century is looking more and more as if it will be written in another place. The US is choosing war with BTC and will not likely win that war.
Default avatar
g0ldeneagle 2 years ago
Do any P2P exchanges offer fiat for L-BTC trades yet? I was playing around with swapping from lightning to L-BTC over the weekend but I’m thinking I’d like to skip a step and on-ramp my fiat for L-BTC directly.
1 replies ↓
Default avatar
g0ldeneagle 2 years ago
Going to ask a second question too. From what I understand Breez is non custodial lightning on my phone, but to be honest I really don’t like the opaqueness of it. Is this less risky than say an Alby but more risky than running my own lightning node?
Default avatar
npub1ytwc...t58k 2 years ago
What you asked is, "Is Liquid custodial or not?", it is custodial. But, to me, it is worse than other custodial services and it is just one of shitcoins. Liquid clouds #Bitcoin-ers' eyes. I dare saying it is a #Bitcoin affinity scam. LN is layer 2, not product of one company. Custodial LN is product. Some people run their own LN nodes. Some people use custodial LN with considering tradeoffs. To me, it is acceptable whether I use or not. Liquid is different from LN. It is hyper centralized in the first place. It is product of Blockstream. Some people use Liquid with considering tradeoffs. To me, it is not acceptable. Stacking liquid instead of #Bitcoin due to the low fee is equal to stacking paper gold instead of gold due to the interest. It will repeat the history.
Uxellodunum's avatar
Uxellodunum uxellodunum@proxymana.net 2 years ago
I don't think that's what they're saying. I think they're suggesting that LN offers choice by way of having a product which companies can then offer by way of custody, but also said product can be utilised without such companies and taken up by ourselves. Whereas in Liquid you can't, at all, have that same choice. The infrastructure is a federation (of 16?) corporate entities. Users have no way to run their own infrastructure. As much as we're going through a rough patch with lightning, truth is, EVERYONE is free to take their sats and run their own nodes, especially nowadays with things like @ZEUS Wallet allowing anyone to run their own mobile wallet (it's still in beta, but close.) - That's the distinguishing feature here and as much I have my own uncertainties about lightning, it's something worth protecting rather than jumping boat to something that just seems to work, potentially because it has very little usage compared, without really looking behind those curtains.
1 replies ↓
Default avatar
npub18x5t...tv0k 2 years ago
Hello @ZEUS friend, I installed v 080 arm64 from github and now it shows my channel with you as inactive and the UI channels page is blinking nonstop. Suggestions? Should I just wait for next release or nuke and install from playstore from now on? image
1 replies ↓
Default avatar
npub18x5t...tv0k 2 years ago
That fixed the blinking :). But channel remains offline/Olympus peer status inactive. Deleted cache, restarted, same. 👀 image
1 replies ↓
Ryu Santiago's avatar
Ryu Santiago Suiglide@ditto.pub 2 years ago
Sometimes the node just conks out, and eventually resolves itself and works again (maybe Evan turns it on and off again, lol). Try refreshing from the channel screen, and see if that changes anything. Nine times out of ten, it does.
↑