pull down to refresh
1 sat \ 2 replies \ @whoami OP 1 Sep 2021 freebie \ parent \ on: RFC: HODLN for zero fees bitcoin
Good question. Thanks. Feedback is actually what I am looking for the most.
My idea so far is that a (philantropist) investor sends me on-chain funds using which I can open channels. And anytime they want their funds back, I can send to them via Lightning Network.
Example: someone wants to mix their full UTXO. They send it to my node, sign a message with the key of an address it comes from saying anything (even establishing a different communication channel). I then open the channels they ask for and my node now has funds to zero-fee route with. Others can open channels to my node or to other nodes with zero-fee and do channel rebalancing for free. I hope it makes sense. Definitely does to me :) and time will tell if it was a good idea.
I see you want someone to invest in your node's liquidity - perhaps without getting anything in return.
I guess the main problem I see with this is that it requires them trusting you. So I guess the question is, why should they trust that you won't just steal their funds?
reply
@k00b thanks! Some say "do not trust, verify" and we can try it on testnet or signet first.
I would actually even go for a mainnet 2of2 multi-sig wallet with you to prove my point. Will gladly send there 0.1 btc and to move it , your signature will be required as well as mine (and we first share the SHA256 hash of the public keys to prove that both keys were generated independently and not as a product of the other key --- which is the only downside of old multisig, i.e. non-MuSig, correct me if I am wrong). Now you may ask, why don't I fund my C-Lightning node with the funds instead. And the answer is I am getting old and weak. I need someone's help and I rather trust people than myself alone. 2of2 multisig is ideal for this as I can share my private key with someone young and healthy in my close family. So even without me the funds can be released from the multisig.
This all works well and I have been using similar technique to teach others about Bitcoin practically and in long-term. The only difference now is that you (the other party) is not to send their funds on this multisig wallet, but rather to my LN node, redeemable on LN anytime (again, human trust only but what are we if not humans?). The records with pointers to Bitcoin chain explorer with no personal identification other than addresses will be publically shared. I will happily make myself vulnerable with option that you take funds on LN and do not reveal me your part of multisig where my fonds will reside. I will trust you. See how the whole idea is turned around now? :)
Happy new year, by the way!