Taproot Assets: Good or Bad? \ stacker news ~bitcoin

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3023 sats \ 16 comments \ @siggy47 31 May 2023 bitcoin

I listened to the Bitcoin Audible Podcast episode where Guy read the Ryan Gentry article on taproot assets (formerly known as Taro). From Guy's take, at worst this could solve an onchain problem. At best, it could open up many new lightning use cases. Guy seemed positive, and I usually trust his opinion.

Searching SN for info, I saw that @DarthCoin weighed in with "TapAss" on May 19. I must add that to the Second Edition of the Translation Guide.

What's the consensus here, or is it just wait and see?

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496 sats \ 0 replies \ @nerd2ninja 31 May 2023

In my view, it doesn't matter if you print your corperate scrip on metal, paper, with a merkle tree, on someone else's merkle tree, on the world's merkle tree, in between lightning channels, or whereever or whatever. Shitcoins are shitcoins, coperate scrip results in human suffering, and company shares only work in a regulated model where arbitration and courts and resolve disputes.

610 sats \ 11 replies \ @DarthCoin 31 May 2023

this could solve an onchain problem

And why people think that this will fix something? What is that "problem" with onchain? I do not see any problem onchain. Onchain works as it was designed.

Are some other new improvements to be done onchain? YES, but have patience guys, these changes are not done in few days. Any changes onchain must be weight very carefully not to break things. Don't me wrong, I am not against changes onchain, I just want that to be carefully implemented and discussed, analyzed.

People have a wrong perception and understanding about what really is TARO or for what purpose was created. They immediately jump into conclusion that "will fix x and y problem".. IT IS NOT.

Taro, aka TapAss, is designed to be used by corporations, companies, financial institutions, rentals or whatever other financial entity that need/want to issue digital assets and trade or use them for their financial instruments. Here we can say: a corporation like Microstrategy that wants to issue bonds or shares and want to trade them in a decentralized way or move them between owners, without going to legacy financial systems.

TapAss is not for the plebs to go and buy a coffee! Or will fix your shity node liquidity or will speed up your onchain opening channels etc... Stop thinking about that!

TapAss DOESN'T SOLVE ANYTHING that could be broken. It just create a new friction.

And please think again about this meme...

https://i.postimg.cc/sXmH6BvR/vader-power-dark-side.jpg

1 sat \ 2 replies \ @siggy47 OP 31 May 2023

Great meme! Very good points.

229 sats \ 1 reply \ @DarthCoin 31 May 2023

Nowadays everybody wants to "fix bitcoin", did you notice? Is like is having some kind of disease or something. Bitcoin is just 14 years old, it is nothing, it barely started to walk. LN is a 4 yrs old fucking baby that still suck his mother's milk.

WE ARE SOOO EARLY GUYS, have patience, learn how to use Bitcoin and help BTC and LN developers to build great apps, with feedback, testing, documentation, code etc.

Bitcoin and Lightning is not going ANYWHERE, no matter what some will think with their "fix"...

100 sats \ 0 replies \ @Rsync25 31 May 2023

We need focus in this! Better apps, code, feedback! :)

0 sats \ 1 reply \ @shibe 31 May 2023

I think maybe OP meant this could reduce ordinals usage? I haven't listened to the episode though.

20 sats \ 0 replies \ @DarthCoin 31 May 2023

Not really. Shitcoiners will shitcoinize whatever will be available. In the end the will shit on Bitcoin onchain, LN and Taro and if they can, will do it even on the same time. Just to fuck around, because are IDIOTS. So again, Taro will not fix anything because they will still use bitcoin blockchain until they will remain without money.

0 sats \ 0 replies \ @Rsync25 31 May 2023

Excellent points!

494 sats \ 4 replies \ @nymatix 31 May 2023

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0 sats \ 3 replies \ @siggy47 OP 31 May 2023

I'm not familiar with her. Can you give more context?

0 sats \ 0 replies \ @DarthCoin 31 May 2023

She was at BTC 2023 Conf, she's the CEO of Lightning Labs. https://www.youtube.com/watch?v=1XVALGHVKTY

10 sats \ 1 reply \ @nymatix 31 May 2023

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10 sats \ 0 replies \ @siggy47 OP 31 May 2023

Yes! Now I understand. That was a major point of the podcast I referenced. The analogy to telephone service being improved by running on the internet. Mallers was emphasizing that for a while too. The whole conduit thing for cross border payments, then switching to whatever fiat you choose at the other end.

483 sats \ 0 replies \ @Rsync25 31 May 2023

IMO, Tap will have capture regulatory around Lightning Nodes and companies use this software.

150 sats \ 0 replies \ @rijndael 31 May 2023

the end-game is to get dollar-denominated stablecoins on lightning.

I can list some good things about that. I can list some bad things about that.

It's being built in a permissionless way, meaning that there's not a consensus change needed or a need for anyone who isn't using the system to do anything. So, if there are enough people who want to use Taproot assets, then it'll be used. if nobody actually wants them, then it won't be used.

20 sats \ 0 replies \ @TheBTCManual 31 May 2023

All i see is a way for nodes to get captured and there could be grounds for regulated and unregulated LN nodes, already saw Lightspark talking about having chainalysis on their nodes