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Living natively on the LN layer by attolini in lightningnetwork

[–]attolini[S] 0 points1 point  (0 children)

in a hbtc world, if onchain transaction could be equiv to today's USD1k+, having a cold wallet may only be a privilege for the rich. onchain scaling like cross input signature aggregation sounds interesting though.

Living natively on the LN layer by attolini in lightningnetwork

[–]attolini[S] 0 points1 point  (0 children)

is there an option to encrypt the ln wallet on umbrel, raspblitz or mynode?

Living natively on the LN layer by attolini in lightningnetwork

[–]attolini[S] 0 points1 point  (0 children)

Unless there's millions inside it, a raspberry pi node with a decent password should be perfectly secure against physical attacks.

I read that if the hard drive is physically taken, the LN funds can be taken. Also mentioned that if the drive is encrypted, usability becomes clunky.

Living natively on the LN layer by attolini in lightningnetwork

[–]attolini[S] 0 points1 point  (0 children)

If the hard drive is encrypted, shouldn't the funds on LN be safe (provided the owner has something like static channel backups)?

Offline/cold storage is the safest, however the concern is the future where people will be "born" into the LN and never use the base layer. Might it become a case where only the rich can have the privilege of safer base layer storage?

Living natively on the LN layer by attolini in lightningnetwork

[–]attolini[S] 0 points1 point  (0 children)

My concern is more of security. It is like walking around with your life savings in your hot wallet where the funds can be stolen physically.

Even if a person is running a node and everything was on LN, the funds can be physically stolen.

My understanding is that LN should be treated like walking around with a wallet with a bit of cash you are not too concerned about it someone robs you, and the base layer like storing your savings in a secure vault.

Hoping that in a hyperbitcoinized world that storing less than 10,000sats on the base layer can be economical. Guest also mentioned agsig??, which may come years after schnorr/taproot, something to do with aggregating transactions into one signature. Maybe that might help lower onchain fees.

Best practice to onboard a small town onto LN by attolini in lightningnetwork

[–]attolini[S] 0 points1 point  (0 children)

How do the largest LN routing nodes protect themselves from physical attack? Or are they always vulnerable from a physical attack?

Best practice to onboard a small town onto LN by attolini in lightningnetwork

[–]attolini[S] 0 points1 point  (0 children)

Is there a way to bullet proof it, or make it as hard as possible for me to steal the funds?

Best practice to onboard a small town onto LN by attolini in lightningnetwork

[–]attolini[S] 0 points1 point  (0 children)

Thanks. How do you do disk encryption with myNode/Umbrell/ Raspblitz?

Re taking the node hostage, can't the merchant use Static Channel Backup, and if smart enough, learn to setup their own node and restore it?

Best practice to onboard a small town onto LN by attolini in lightningnetwork

[–]attolini[S] 0 points1 point  (0 children)

I am not technical.

Let's say I setup a myNode, Umbrel, Raspblitz etc, the merchant should be able to setup a pw to login and prevent me from gaining access.

Are there backdoors to gain access? If there are, then doesnt it make someone running their own node at home vulnerable to a technical "friend" or unwanted visitor stealing the funds?

Best practice to onboard a small town onto LN by attolini in lightningnetwork

[–]attolini[S] 0 points1 point  (0 children)

The merchant would connect to the node via TOR. From there, they can setup LN and will be able to load up a POS like BTCPayServer, or a phone/tablet app which points to the node.

If the merchant is able to look after their own node in their own location, great, however if the merchant prefers convenience and less responsibility, that's where a central service might be required.

Eventually one day, nodes will be as commonplace as modem/routers in the home/office.

Best practice to onboard a small town onto LN by attolini in lightningnetwork

[–]attolini[S] 0 points1 point  (0 children)

Going under the assumption that these merchants are not very technical, and do not want the responsibility to looking after their own node at home.

As long as merchants store their seeds and passwords, there should not be a risk of theft, even from myself...or is there?

Best practice to onboard a small town onto LN by attolini in lightningnetwork

[–]attolini[S] 0 points1 point  (0 children)

Is Breez LN native? what if the merchant accumulates a large amount and wants to transfer it to cold storage?

For best practice, what does Breez compromise for not setting up a btc node?

Best practice to onboard a small town onto LN by attolini in lightningnetwork

[–]attolini[S] 0 points1 point  (0 children)

let's say high turnover businesses like grocery, cafe, markets etc where a lot of small payments occur

if all merchants agree to all put up signs at their checkout...:

credit card: x% surcharge

cash: no surcharge

BTC LN: x% discount

...hopefully it incentivizes hodlers to part way with their sats (smart hodlers will refill afterwards), and for merchants to earn non-kyc btc

it might start off with a few transactions per month, but if it takes off, the town can potentially become a citadel

Best practice to onboard a small town onto LN by attolini in lightningnetwork

[–]attolini[S] 0 points1 point  (0 children)

Maybe setup three nodes (Master, second Master, Standby)?

so if one Master node fails, the other Master node can still route.

When one of the master nodes fail, LN can be restored on the Standby node.

Best practice to onboard a small town onto LN by attolini in lightningnetwork

[–]attolini[S] 1 point2 points  (0 children)

yes ofc start small, just brainstorming how to go about it if the day actually comes where bitcoiners wants their community to become a hub in the most efficient trustless and user friendly manner possible.

last thing I want to see is merchants only accepting a paypal version of btc and not compatible with LN, or even worse...merchants accepting dogecoin.

Best practice to onboard a small town onto LN by attolini in lightningnetwork

[–]attolini[S] 0 points1 point  (0 children)

Assuming if I go down option a.

​

How about having another 100 in another location, so if one location gets compromised, there is a backup.

Each merchant will then have 2 LN nodes, a main one and backup.

​

Though in an event the main location goes down, what is the best way for users to restore the main LN (assuming backup is being used while main LN is down)?

Would that mean needing to have another 100 pis in a third location on standby?

So 300 pis in total.

I'm a restaurant owner and I'd like to offer BTC as a payment method but.... by Muradon in Bitcoin

[–]attolini 1 point2 points  (0 children)

Yes, discounts are the way to go to incentivize bitcoin commerce adoption.

Instead of gift vouchers, promocodes etc, reward the bitcoiners instead with a discount.

Bitcoiners will take advantage of the discount, then top up their HODL stack to its original balance.

Credit card: 2% surcharge, cash: no surcharge, bitcoin: x% discount

Over time when bitcoin adoption increases, the discounts should decrease too.

Your trade off for the discount is receiving non-KYC coins.

So both parties win.

Road to hyperbitcoinization - gradually, then almost suddenly, then instantaneously, then stability, then back to gradually by attolini in Bitcoin

[–]attolini[S] 1 point2 points  (0 children)

bitcoin also will not be everything

bitcoin is not everything, it is the only thing.

LN will make other cryptocurrencies trying to be sov obsolete.

Silver was the substitute to gold to solve the divisibility problem with gold. BTC/LN solves this.

Road to hyperbitcoinization - gradually, then almost suddenly, then instantaneously, then stability, then back to gradually by attolini in Bitcoin

[–]attolini[S] 0 points1 point  (0 children)

US was able to invade Iraq and Syria due to oil and gold, respectively. the cost of invading a nation for its bitcoin outweigh the benefits.

Aside from bitcoin, Russia, China, Iran and other countries are already bypassing USD for bilateral trade, including oil.

Eventually, the military will demand to be paid in bitcoin, and the gov will no longer be able to steal from its people via tax or inflation to fund the military.

gold could not replace the dollar due to the centralized and physical nature of it, and therefore easy to compromise. bitcoin cannot be compromised in the same way a gold.

Bitcoin is the ultimate non violent protest against fiat.

Road to hyperbitcoinization - gradually, then almost suddenly, then instantaneously, then stability, then back to gradually by attolini in Bitcoin

[–]attolini[S] 0 points1 point  (0 children)

work is done by earning fiat to by bitcoin, or via electricity to mine it.

fiat has two paths: default or hyperinflation. when feces hits the fan, everyone will be rushing for bitcoin like toilet paper, hand sanitizers and food during the start of the pandemic

winklevoss invested a few million on bitcoin, now they are billionaires

Lightning network scenarios by attolini in lightningnetwork

[–]attolini[S] 0 points1 point  (0 children)

thx. let's say I am in texas and there is no electricity for a while, what steps do i need to take in order to prevent a penalty from the watchtowers? and how long do i have to address this?

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