Post ATC3AcuzUm83dmY68e by 0da54ff10e1931782c8db2cb7519a282cb990f39dff378dc5a2cc67a63794007@mostr.pub
(DIR) More posts by 0da54ff10e1931782c8db2cb7519a282cb990f39dff378dc5a2cc67a63794007@mostr.pub
(DIR) Post #ATBXZtJx6vTJSg0Ksy by 84739c4bca9f67d6e97b849e1579a843dff46a29e06c6c9c5aba5f2d02aee772@mostr.pub
2023-03-01T22:11:46.000Z
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How is lightning btc different than "btc tokens" on etherium or stellar (other than that I cant use a hardware wallet)
(DIR) Post #ATBYGTRhBoJ7fBvnTk by 0da54ff10e1931782c8db2cb7519a282cb990f39dff378dc5a2cc67a63794007@mostr.pub
2023-03-01T22:15:41.000Z
1 likes, 0 repeats
“Btc tokens” are owned by a contract and multisig, you don’t actually hold them, you just have an IOU. Lightning channels stand on top of the bitcoin base chain. They’re “real” bitcoin in every sense of the word. Plus you can move them faster and cheaper
(DIR) Post #ATBYIekq7AprJevUYq by 84739c4bca9f67d6e97b849e1579a843dff46a29e06c6c9c5aba5f2d02aee772@mostr.pub
2023-03-01T22:19:52.000Z
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how do I access my "lightning btc" as regular btc though? That's the part I currently don't understand
(DIR) Post #ATC3AcuzUm83dmY68e by 0da54ff10e1931782c8db2cb7519a282cb990f39dff378dc5a2cc67a63794007@mostr.pub
2023-03-01T22:35:45.000Z
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From a quick practical perspective, you can download Muun wallet and send your lightning sats to your wallet there. You can then use them as regular bitcoin from Muun (they use atomic swaps in the background to accomplish that, for a small fee).Otherwise you’ll have to stand up your own lightning node and channels, which you can close to get back to “regular” bitcoin. This requires both time and btc, and so can be challenging. That’s definitely a valid criticism of lightning
(DIR) Post #ATC3mKUETJvJTq0k1g by 0da54ff10e1931782c8db2cb7519a282cb990f39dff378dc5a2cc67a63794007@mostr.pub
2023-03-02T04:07:50.000Z
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mmm 600k sats or so
(DIR) Post #ATC4J0afSysvKUbUKu by 3b556d03d779d6a282c3626a7fc385f825b65cc1c00984b8e791f77dd2dc18ec@mostr.pub
2023-03-02T04:16:27.000Z
1 likes, 0 repeats
$150 or so i think
(DIR) Post #ATC4gia84du0QVeoaG by 0da54ff10e1931782c8db2cb7519a282cb990f39dff378dc5a2cc67a63794007@mostr.pub
2023-03-02T04:17:57.000Z
1 likes, 0 repeats
Yea, over $100. But if you don’t have enough bitcoin for that, the combination of Muun and something like Phoenix works fine, and you’re 100% in control of you bitcoin with those wallets
(DIR) Post #ATC4iMslirQ1hrA8nY by 84739c4bca9f67d6e97b849e1579a843dff46a29e06c6c9c5aba5f2d02aee772@mostr.pub
2023-03-02T04:23:04.000Z
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is the real btc to back up the IOU enforced in any way or is it like an erc20 token or token on some other blockchain where you just have to trust the entity issuing the token actually has the currency to back it up
(DIR) Post #ATC5JynPiulk0YanDM by 0da54ff10e1931782c8db2cb7519a282cb990f39dff378dc5a2cc67a63794007@mostr.pub
2023-03-02T04:25:54.000Z
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Are you asking about lightning or the wrapped stuff?
(DIR) Post #ATC5JzLRgNzVi6VyG8 by 84739c4bca9f67d6e97b849e1579a843dff46a29e06c6c9c5aba5f2d02aee772@mostr.pub
2023-03-02T04:29:52.000Z
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lightning, specifically.
(DIR) Post #ATC7EQbHdOk4PdOnuS by 0da54ff10e1931782c8db2cb7519a282cb990f39dff378dc5a2cc67a63794007@mostr.pub
2023-03-02T04:38:42.000Z
1 likes, 0 repeats
Assuming you’re using a noncustodial wallet, they’re not IOUs. The btc isn’t backed by anything, you have full possession of it. I’ll try an analogy, hopefully it’s helpful.Bitcoin on lightning is kind of like bitcoin loaded on a bullet train. Once it’s on, it can go anywhere really fast, but you can only get it off at a station (going back to base layer).And while it’s on, it can change owners any number of times
(DIR) Post #ATC7GvRjv8Cqev7s3M by 84739c4bca9f67d6e97b849e1579a843dff46a29e06c6c9c5aba5f2d02aee772@mostr.pub
2023-03-02T04:51:43.000Z
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ah interesting. Thanks. that's helping me make some sense of it
(DIR) Post #ATDUmgsdHPFeBzc8jw by 8f44c56131b362668b0e01be8c71b24786598bb68fb909cfd78fabfb058dd0f0@mostr.pub
2023-03-02T13:53:38.000Z
1 likes, 0 repeats
there’s technically no minimum channel size- it’s just pointless to open small channels cause you get fucked by fees on mainnet when you open/close the channel.lightning bitcoin is bitcoin in a multisig wallet, shared effectively trustlessly w a single counterparty (can be anyone). the funds between you are accounted for with commitment transactions so you can’t cheat each other.you could get fucked if you’re computer/node goes down and your counterparty posts an old state to mainnet before you can post the most recent commitment transaction (you usually get 24hrs to a week to contest)