7 ms·
Bitcoin is regulated as hell
by anon1395 1y ago
Bitcoin is regulated as hell
- littlecranky67 1y agoAs far as I understand as a non-US citizen, the recent presidential bills anchor your (US citizen-) right to deal in bitcoin between private entities. So the "good" kind of regulation.
- nunobrito 1y agoNot everyone there is a bitcoin boomer. You'll find plenty of monero users and things that are a bit more serious than that.
- littlecranky67 1y agoIt is noteworthy that zapps are based on lightning (which is Layer-2 for bitcoin), and similar in privacy as monero (and instantaneous).
- mettamage 1y agoDoes lightning work now? A few years ago, I remember they had quite some difficulties. Maybe I should brush up my knowledge.
- nunobrito 1y agoIt is OK for small amounts like paying a coffee or a few cents. Not reliable for larger values.
- Karrot_Kream 1y agoWhat's the "meta" like to find payment channels? That's the thing I found weirdest with LN, I needed to find a channel with enough funding. I presume the custodial LN providers just have their own payment channels?
- littlecranky67 1y agoThere is a sweet spot between custodial and self-custodial wallets: "non-custodial" wallets like Phoenix Wallet or Electrum. You keys, your coins - but expect higher fees (which are still way less than CC providers or other payment processors). No need to manage channels yourself.
- Karrot_Kream 1y agoInteresting, they manage channels for you and charge some fees? Makes sense, I'm not averse to paying for convenience.
- digitalbase 1y agoIt works but requires technical knowledge. I zap (on nostr) every day
- phaedrus30 1y ago[dead]
- akimbostrawman 1y agoLightning is not anywhere near as private as monero. It's a band aid at best. If it was actually private it would get banned and suppressed like monero.
- irusensei 1y agoThen let’s write a nip and create a Nostr client that uses monero. What are you waiting for?
- nunobrito 1y agoAlready here: https://github.com/moStard-org/moStard https://github.com/moStard-org/moStard
- derangedHorse 1y agoThis is just an ignorant take on the technology used: https://x.com/SuperTestnet/status/1917510496376197446 https://x.com/SuperTestnet/status/1917510496376197446 Monero has other things working for it though, like the absence of liquidity issues you might face using Lightning.
- nunobrito 1y agoIt nowhere similar to Monero in privacy, because it was never private to begin with. Please read: https://bitcoinmagazine.com/technical/state-of-bitcoin-lightning-network-privacy https://bitcoinmagazine.com/technical/state-of-bitcoin-light... And attention that Monero isn't the only privacy coin in town, but it is the one that is without doubt more attacked by governments due to its privacy. You don't see the same treatment for neither LN nor bitcoin, instead you see governments supporting it. There is a big difference.
- littlecranky67 1y agoYour link is from 2022 - blinded paths are now here in lightning. Async- and trampoline payments are around the corner. The article is heavily outdated. I am involved in Lightning and run my own node - it is pretty much private enough for all sorts of micro payments for content creators. Not private enough for organized crime to move large sums, agreed. You also forget to mention the 51% attack monero recently suffered. Lightning is bitcoin based and way more resilient to that.
- nunobrito 1y agoBy all means, here is a study from 2024 documenting the hard facts about lack of privacy and lack of resiliency: https://www.sciencedirect.com/science/article/pii/S0308596123002070 https://www.sciencedirect.com/science/article/pii/S030859612... That 51% attack on Monero never happened, despite much noise and headlines saying initially otherwise. You can verify this for yourself.
- littlecranky67 1y agoThe paper does not state what you make it out to be (it sees theoretical privacy-lowering attacks, but not as you state it "lack of privacy"). Practical attacks are not even proven. And it - too - does not look into trampoline payments. Trampoline payments are a new feature that are not yet in a BOLT standard, but tried and tested in beta and used i.e. by Phoenix Wallet or Electrum.
- deleted 1y ago[deleted]
- t1E9mE7JTRjf 1y agoThere is a world outside of USA, and there is even a world within it too - where you can just do things.
- anon1395 1y agoWhy do you think i'm in the USA...? I am in the UK and it is impossible to buy bitcoin without regulations.
- sak5sk 1y agoYou could just earn it on nostr...
- t1E9mE7JTRjf 1y agobingo
- littlecranky67 1y agoWith "impossible" you mean you can't use Tor Browser and fire up Robosats to buy Bitcoin via Revolut or Wise?
- anon1395 1y agoWhat if I need to buy something on Coinbase Commerce?
- littlecranky67 1y agoWhat has that todo with anyhting? For Nostr you need bitcoin (lightning) and there is plenty of ways to acquire/buy it anywhere in the world. No need to limit yourself to coinbase. P.S: anon1395 is likely a new, mere troll account. Well played.
- nout 1y agoThat's like saying "what if I punch myself in the face, why does my face hurt?" Try different ways. Don't buy on Coinbase Commerce.
- Karrot_Kream 1y agoOnly for tax purposes in the US. If you're worried that your speech will be censored by the government (importantly: corporate social media can censor you on their platforms but can't censor your BTC usage in most developed countries), then declaring BTC for tax purposes is probably the least of your worries in most places.
- Yizahi 1y agoAnd extremely centralized in the so-called Lightning version. Due to ridiculously absurd requirements of the Lightning layer (bidirectional channels on L1, locking funds in advance, solving NP-hard problem thousand times per second a scale etc.) everyone basically resorts to using very few centralized entities as a pseudo-bank, who issues virtual paper, IOUs, which which wallets trade on L2. Basically all negatives of the banks and all negatives of crypto-tokens combined, with no positive sides at all.
- Karrot_Kream 1y agoOkay this was what I thought would happen. I looked into Lightning a few years ago and found the whole concept to be quite dense and not something that a "regular person" does. I don't have a strong opinion on the Bitcoiner vs Shitcoiner debate and have been happy to participate in BTC/BCH/XMR style chains, and the ETH/SOL/EVM-style chains as well. But I felt like Lightning ended up acting a lot like the Ethereum L2s with weaker guarantees.
- enether 1y agoIt's still pretty affordable and not-hard to run your own Lightning node; The pseudo-bank hosted wallets people use (e.g Wallet of Satoshi) is purely out of convenience. The real lesson is that most people don't care enough about the underlying risks - they care about convenience.
- Karrot_Kream 1y agoHow much BTC do you need to run a node? And what are the failure modes if the node goes down or becomes network unreachable or something? I'm not trying to be critical, just curious myself what happens if I run a node. Would be happy for any resources you have on hand if that's too much for an HN comment.
- phaedrus30 1y agoI’m with you. It’s too complicated to run self-custodial node. I’m an engineer and can do it and yet I gave up after a year of constant baby sitting my node. Hopefully future versions of Start9 or Umbrell make it easier. Or some hybrid solutions like Greenlight/Breez or Spark.