Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Technical Discussion => Topic started by: Yamane_Keto on July 24, 2024, 05:57:26 PM
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With this release, assets can be minted on bitcoin and sent via the Lightning Network instantly for low fees. As such, we now have the ability to make bitcoin and Lightning multi-asset networks in a scalable manner anchored in bitcoin's security and decentralization. This step forward will give users access to the world's currencies on an open, interoperable payments network while routing through bitcoin liquidity, making bitcoin the global routing network for the internet of money.
The article talked about the importance of stablecoins, but I think it is somewhat exaggerated.
https://lightning.engineering/posts/2024-07-23-taproot-assets-LN/
https://github.com/lightninglabs/taproot-assets/releases/tag/v0.4.0
Developers can now open Lightning channels denominated in the unit of account of their choice, which means we may see stablecoins moving to the Lightning Network.
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It makes Runes and Ordinals obsolete. But I think Ordinals had already been obsoleted by Runes before that.
I'm sure there will definitely be competition from the two camps who think that Runes is better than Taproot Assets, or vice versa. (The third category, who unsurprisingly hate any sort of assets being on Bitcoin, is ignored in this debate.)
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Still centralized, still not user friendly, that is lightning network, but since nobody is using it let's add stablecoins, this was the logic.
All this Bitcoin maxi purist have been talking bitcoin-only, and now they are going to bring back stable coins and other crap on lightning network.
Meanwhile, 90% of LN users is still using custodial wallets... jus sayin.
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It makes Runes and Ordinals obsolete. But I think Ordinals had already been obsoleted by Runes before that.
I'm sure there will definitely be competition from the two camps who think that Runes is better than Taproot Assets, or vice versa. (The third category, who unsurprisingly hate any sort of assets being on Bitcoin, is ignored in this debate.)
But those who use Ordinal and Runes usually ignore similar technology outside Bitcoin on-chain though. They already did that with Liquid and RSK, so i expect they'll ignore Taproot Assets as well.
--snip--
Meanwhile, 90% of LN users is still using custodial wallets... jus sayin.
I wouldn't be surprised if majority of average user use custodial LN wallet, but are there any source for 90%?
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Developers can now open Lightning channels denominated in the unit of account of their choice, which means we may see stablecoins moving to the Lightning Network.
This Taproot asset could be an alternative for NFTs or collectibles users so that transactions can be faster and at lower costs using the Lightning Network.
Support for Various Asset Types: The protocol supports different assets, from divisible standard assets to non-divisible collectibles. Each type of asset can have unique rules and structures for issuance, transfer, and management.
--snip--
Meanwhile, 90% of LN users is still using custodial wallets... jus sayin.
I wouldn't be surprised if majority of average user use custodial LN wallet, but are there any source for 90%?
Regarding statistical data, most Lightning users choose a custodial wallet; I found one of the sources here: https://zapalytics.com/ (https://zapalytics.com/)
(https://i.imgur.com/N7YwLbG.png)
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--snip--
Meanwhile, 90% of LN users is still using custodial wallets... jus sayin.
I wouldn't be surprised if majority of average user use custodial LN wallet, but are there any source for 90%?
Regarding statistical data, most Lightning users choose a custodial wallet; I found one of the sources here: https://zapalytics.com/ (https://zapalytics.com/)
(https://i.imgur.com/N7YwLbG.png)
Thanks for sharing the source. Although it seems the statistic is a bit skewed due to zbd.gg, which is also platform for play to earn and microtask.
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--snip--
Meanwhile, 90% of LN users is still using custodial wallets... jus sayin.
I wouldn't be surprised if majority of average user use custodial LN wallet, but are there any source for 90%?
It is sad to see that after all those years lightning really didn't make any improvements regarding user experience and interface.
I don't see any other l2 alternative yet. Liquid is centralized and barely used, although much more simple than LN.
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--snip--
Meanwhile, 90% of LN users is still using custodial wallets... jus sayin.
I wouldn't be surprised if majority of average user use custodial LN wallet, but are there any source for 90%?
It is sad to see that after all those years lightning really didn't make any improvements regarding user experience and interface.
Actually there are some improvement compared with >5 years ago, although it's not enough to make average user use LN. I don't expect Taproot Assets would encourage many people to use LN either.
I don't see any other l2 alternative yet. Liquid is centralized and barely used, although much more simple than LN.
Rootstock (RSK) is less centralized than Liquid, while also simpler than LN. But unfortunately it has less promotion and wallet which support it.
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Actually there are some improvement compared with >5 years ago, although it's not enough to make average user use LN. I don't expect Taproot Assets would encourage many people to use LN either.
I consider myself an "advanced user" with higher knowledge than the average
I simple don't fell comfortable using LN yet.
I don't trust holsojg large amounts in it. I don't know if a transaction will.really go through, if some weird invoice problem will show up, etc
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Regarding statistical data, most Lightning users choose a custodial wallet; I found one of the sources here: https://zapalytics.com/ (https://zapalytics.com/)
It's even worse than I said with over 90%, just another confirmation that entire Lightning Network is one big circus show.
I recently saw reports from several payment processors and websites that accept bitcoin, monero, with other coins and Lightning Network, and almost nobody is using Lightning payments.
Lot of wasted time and resources and we are still waiting for magical ''Lightning adoption'' :P
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Lot of wasted time and resources and we are still waiting for magical ''Lightning adoption'' :P
Simple won't happen... too complicated, bad UI.. the best implementations are custodical. What I am going to say may look absurd, but the best Lightning Wallet I have ever used was my Binance account :D
Worked very well.
Aqua wallet is also a good one, but there are some problems with the invoice value as Aqua wallet requires an invoice with amounts (so I couldnt use it with Exch.cx)
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Simple won't happen... too complicated, bad UI.. the best implementations are custodical. What I am going to say may look absurd, but the best Lightning Wallet I have ever used was my Binance account :D
But that is not really a wallet, and you can be sure that everything is tracked and recorded by them.
Aqua wallet is also a good one, but there are some problems with the invoice value as Aqua wallet requires an invoice with amounts (so I couldnt use it with Exch.cx)
I think they made some updates in latest version, but I don't know if this issue was fixed.
There are other LN that seem decent enbouh like Zeus or Phoenix wallet, but I think we all saw how US banned Phoenix wallet few months ago.
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--snip--
Meanwhile, 90% of LN users is still using custodial wallets... jus sayin.
I wouldn't be surprised if majority of average user use custodial LN wallet, but are there any source for 90%?
Custodial wallets are easier to use since you just have to install an app and you use somebody else's channels.
Making your own channels and getting someone to pay you through those channels is significantly hard, because you're not just relying on the routing of payments to balance your channels, you also need someone to manually send sats the other way, and they aren't going to do that if you don't have a good or service to provide.
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Making your own channels and getting someone to pay you through those channels is significantly hard, because you're not just relying on the routing of payments to balance your channels, you also need someone to manually send sats the other way, and they aren't going to do that if you don't have a good or service to provide.
Inbound capacity can be a nightmare.
I tried once to receive a 300 usd payment using electrum and I gave up.
Basically I decided to receive in binance , and later on I discovered aqua which is better. But both are custodial LN solutions.
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Custodial wallets are easier to use since you just have to install an app and you use somebody else's channels.
It's easy and it has nothing to do with Bitcoin at all, I would even say it's worse in every way.
Making your own channels and getting someone to pay you through those channels is significantly hard, because you're not just relying on the routing of payments to balance your channels, you also need someone to manually send sats the other way, and they aren't going to do that if you don't have a good or service to provide.
There are one or two Lightning wallets that are easy to use and they are self-custodial, but only a small percent of people is using them, or they are restricted and not allowed to be in app store for some regions.
I tried once to receive a 300 usd payment using electrum and I gave up.
Can you even imagine newbie trying to use that? No chance.
Maybe we should wait for another 10 years for LN devs to fix this :P
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I tried once to receive a 300 usd payment using electrum and I gave up.
Can you even imagine newbie trying to use that? No chance.
Maybe we should wait for another 10 years for LN devs to fix this :P
The whole point of the Lightning Network is to make Bitcoin easier to use for newbies. And also faster, yeah. The "easier" part is not working as expected, though, unless someone else is doing all the bootstraping for the user.
I guess that's what happens when we trade off decentralization for speed. Trilemma be damned, security is not even involved here.
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The whole point of the Lightning Network is to make Bitcoin easier to use for newbies. And also faster, yeah. The "easier" part is not working as expected, though, unless someone else is doing all the bootstraping for the user.
And Lightning is also not always cheaper than the main chain, that is a paradox, and it get's even worse because you have to pay additional fees to move coins on chain.
As much as I don't agree with Roger Ver, he was mostly right about Lightning Network, that is only few people promoting it and trying to make money from it.
Now it's to late for them to drop support for Lightning, so they will ride that LN wave until the end.
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Now it's to late for them to drop support for Lightning, so they will ride that LN wave until the end.
There is no need to drop support.
I think LN is useful for people who use it.
For example, it is a cheap wat to move funds between two exchanges without using altcoins.
It might be good for small recurrent payments as well, as you can use custodial wallet for small amounts
But we certainly need to look for a better L2 solution
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I think LN is useful for people who use it.
Literally nobody is using Lightning, except some shills who get paid to do it.
I researched many websites that accepts Bitcoin and other cryptocurrency payments, and in all of them there are almost no use of LN, most people use Monero, Bitcoin and some stablecoins.
This are the simple facts, and building something on top of that is a terrible idea.
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I think LN is useful for people who use it.
Literally nobody is using Lightning, except some shills who get paid to do it.
I researched many websites that accepts Bitcoin and other cryptocurrency payments, and in all of them there are almost no use of LN, most people use Monero, Bitcoin and some stablecoins.
This are the simple facts, and building something on top of that is a terrible idea.
There are few servers which accepts.
For example, bitpay
https://bitpay.com/blog/bitpay-supports-lightning-network-payments/
Binance as well.
I think LN is basically a way to transfer money between custodial services , as regular users are not able to setup a wallet by their own
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There are few servers which accepts.
For example, bitpay
https://bitpay.com/blog/bitpay-supports-lightning-network-payments/
Binance as well.
I think LN is basically a way to transfer money between custodial services , as regular users are not able to setup a wallet by their own
On Nostr you will also find a lot of people who use Lightning Network.
But LN adoption is not as high as we would like.
I find that compared to using coins such as DOGE, that the operational costs of maintaining an LN node are higher when you make tiny payments occasionally in the case where you do not want to use a custodial wallet, but rather maintain your own node. It is a bit surprising.
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There are few servers which accepts.
I was talking about merchants and websites that are offering goods and services for crypto payments.
Bitpay is payment processor, and binance is exchange, so that is not actual adoption.
If LN is custodial service than I don't care about it at all.
On Nostr you will also find a lot of people who use Lightning Network.
Use it for what exactly?
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On Nostr you will also find a lot of people who use Lightning Network.
Use it for what exactly?
I was looking at nostr, but I didn't create an account yet.
https://nostr.com/
This looks like an interesting new decentralized social media, but I don't know anyone who uses it yet.
I use already só many forums, and one social media with my real name. I don't think I can handle one more lol
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This looks like an interesting new decentralized social media, but I don't know anyone who uses it yet.
I created Nostr account for testing but search function was not working and I was unable to find anything.
They should warn people to first read big instruction manual before registering on Nostr.
I saw there is some marketplace for LN but I hope I don't have to pay each time when making a post or comment.