weev's avatar
weev 6 days ago
> The point is that I and others have the option to self custody Only because nobody is using Lightning. There is not enough bytes on the L1 to accommodate any significant number of people doing self-custody with their own node and channels. The vision of LN is a future where everyone is using a shitcoin called Cashu or Lightning that can be rugpulled at any given moment and only a handful of people can afford to do an immutable transaction on the blockchain. The only reason you can self-custody is that Lightning is a ghost town, and the number of Lightning channels open is extremely small. There’s over an order of magnitude more Bitcoin in WBTC, for example.

Replies (1)

l1 is the bottleneck, sure. but phoenix uses splicing to optimize footprints. wbtc is just a centralized iou; ln is a protocol. ln isn't a ghost town, most just suck at channel management.