Can anyone confirm?
This seems like the exemplar of why sidechains are a problem. At least for the fools who trust them to not lose their BTC.
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Can anyone confirm?
This seems like the exemplar of why sidechains are a problem. At least for the fools who trust them to not lose their BTC.
I could be completely wrong but this isn't really a secret, right? Blockstream is a corporation that controls Liquid. I never thought of it as trustless. I have never used it for just that reason. Still, I trust @k00b not to steal my stack here. To each his own.
Indeed. If I wanted to do business on Liquid it would likely be a result of trusting Blockstream as a business. The same me leaving sats on stacker news. I wouldn't do that if I didn't trust the crew. But also, for their effort, if they decide to rug pull they earned ever sat!
Nothing honest about a rug pull, and nothing ethical about failure of duty of care as a custodian.
Could be avoided, but you speak like someone who never has been robbed. I don't think that makes a good endorsement of this approach.
Who called a rug pull honest?
Also, my approach? Unless you live off grid and produce all your own goods you follow the same approach!
Explain how this is not praising an act of mischief.
Why does living in a society equate to submitting to tyrants?
I actually aim to praise the efforts of the Stacker News developers, which I consider much more valuable than the sats I have custodied here. I do not want them to steal anyone's sats. You mistake a sarcastic comment with some generalization about my ethics
I only trust a 3rd party up to a certain amount of sats, after that, it goes to cold storage.
Similar to how I go around the street with a small amount of cash, that can be lost or stolen, etc.
Yes, but you wouldn't go out with any amount of money if you expect to get robbed
The OP on snort sounds braindead. NIST defines a backdoor to be an "undocumented way of gaining access to computer system." There is nothing undocumented about this, it's literally in the whitepaper on the official website. The whitepaper also says the offline signing keys held by Blockstream need the cooperation of the corresponding participants to decrypt. It also says the emergency keys can only be used after a relative timelock.
Liquid still requires trust in the federation and is different from Bitcoin in that way, but being conspiratorial about an openly documented thing feels like engagement farming.
Liquid is a completely closed, trusted system sidechain. They're open about it.
It requires trust.
From an engineering perspective, making it a decentralised system doesn't make any sense, if it already depends on this level of trust.
I don't really understand Liquid. I downloaded green wallet and sent a small amount of Bitcoin to it. I thought I could convert that to Liquid Bitcoin but apparently that's not how it works. At some point I will go down the liquid rabbit hole.
You can swap LBTC <-> BTC via https://boltz.exchange/
Thanks. I will give it a try. I was just surprised the swap wasn't available in app.
I did this and got a transaction confirmed but for the past half hour it just says claiming transaction now. Fortunately I only converted 10k sats as a test so if it goes awry it's not a big deal but I am even more confused then when I started.
Did it went well?
Failed. Sats went back to my WoS. Maybe I will try again.
Just tried again and it worked instantly. That was odd the first time. Now I have some L-BTC and I need to figure out what to do with it. Can I buy 2 dollars in volcano bonds?
Yeah, I remember playing around with Green and was quite surprised that there wasn't an inbuilt way to swap between BTC / LBTC and other Liquid tokens (such as USDT).
Aqua wallet has side swap
Yes I have aqua as well now. Much easier experience for swapping.
Side swap app