Liquid has a golden key??? \ stacker news ~bitcoin

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2314 sats \ 22 comments \ @l0k18 16 Aug 2023 bitcoin

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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156 sats \ 7 replies \ @siggy47 16 Aug 2023

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.

32 sats \ 6 replies \ @premitive1 16 Aug 2023

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!

13 sats \ 3 replies \ @l0k18 OP 16 Aug 2023

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.

10 sats \ 2 replies \ @premitive1 16 Aug 2023

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!

0 sats \ 1 reply \ @l0k18 OP 16 Aug 2023

But also, for their effort, if they decide to rug pull they earned ever sat!

Explain how this is not praising an act of mischief.

Why does living in a society equate to submitting to tyrants?

20 sats \ 0 replies \ @premitive1 16 Aug 2023

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

0 sats \ 1 reply \ @nullama 16 Aug 2023

I wouldn't do that if I didn't trust the crew.

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.

2 sats \ 0 replies \ @premitive1 16 Aug 2023

Yes, but you wouldn't go out with any amount of money if you expect to get robbed

62 sats \ 0 replies \ @netstatic 17 Aug 2023

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.

15 sats \ 1 reply \ @SatoshisSkeleton 16 Aug 2023

Liquid is a completely closed, trusted system sidechain. They're open about it.

It requires trust.

0 sats \ 0 replies \ @l0k18 OP 17 Aug 2023

From an engineering perspective, making it a decentralised system doesn't make any sense, if it already depends on this level of trust.

13 sats \ 10 replies \ @grayruby 16 Aug 2023

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.

32 sats \ 5 replies \ @bordalix 17 Aug 2023

You can swap LBTC <-> BTC via https://boltz.exchange/

10 sats \ 4 replies \ @grayruby 17 Aug 2023

Thanks. I will give it a try. I was just surprised the swap wasn't available in app.

0 sats \ 3 replies \ @grayruby 17 Aug 2023

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.

10 sats \ 2 replies \ @bordalix 18 Aug 2023

Did it went well?

0 sats \ 1 reply \ @grayruby 18 Aug 2023

Failed. Sats went back to my WoS. Maybe I will try again.

11 sats \ 0 replies \ @grayruby 18 Aug 2023

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?

22 sats \ 2 replies \ @orthwyrm 17 Aug 2023

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).