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Whoever is running my node 24/7 is, if I want the convenience of money. If I’m using a paper wallet and a bank vault, I might as well buy platinum, for which de

Whoever is running my node 24/7 is, if I want the convenience of money. If I’m using a paper wallet and a bank vault, I might as well buy platinum, for which demand is more than a phantom.

darawk 9y ago
Yes, but there will be a liquid market in such nodes. Finding them will never be a problem.
- foepys 9y ago
  > Yes, but there will be a liquid market in such nodes. How? You need to trust those nodes to provide not only a secure but also reliable service that will be online 24/7. A single outage, even if its only a minute long, can possibly lose you all your money in all channels. This means that centralization will happen almost immediately as high-availability is a very complex topic that is not achievable by amateurs. Especially when you are talking about more than 5 nines and actually mean 100%.
  - gruez 9y ago
    >A single outage, even if its only a minute long, can possibly lose you all your money in all channels do elaborate on how that's the case. edit: nvm, already discussed here: https://news.ycombinator.com/item?id=16595042 https://news.ycombinator.com/item?id=16595042
  - darawk 9y ago
    > A single outage, even if its only a minute long, can possibly lose you all your money in all channels. The channels are open for multiple days. A minute outage wouldn't do the trick.
- Erlangolem 9y ago
  Trusting them might be, and of course it presents a perfect attack vector for a state to take a long ropey piss all over your “ultimate sovereignty” while chuckling deeply. That assumes that for some bizarre reason Bitcoin doesn’t bottom out when no more greater fools are left to hold the bag. Bitcoin hasn’t become a household word because more than a fraction of a percent want “ultimate sovereignty” over their money. Grandpa and Grandma know what bitcoin is, John Oliver has pieces on it, and Google is banning ads because people want to get rich quick off the back of it. When that music stops, the whole thing is going back to its ground state, which is zero.
  - darawk 9y ago
    > Trusting them might be, and of course it presents a perfect attack vector for a state to take a long ropey piss all over your “ultimate sovereignty” while chuckling deeply And what attack vector is that? You're not really trusting these nodes. They can't steal your money. > When that music stops, the whole thing is going back to its ground state, which is zero. People have been predicting that since Bitcoin hit $10. Sure hasn't worked out well for them.

Whoever is running my node 24/7 is, if I want the convenience of money. If I’m using a paper wallet and a bank vault, I might as well buy platinum, for which demand is more than a phantom.

darawk 9y ago

Yes, but there will be a liquid market in such nodes. Finding them will never be a problem.

foepys 9y ago
> Yes, but there will be a liquid market in such nodes. How? You need to trust those nodes to provide not only a secure but also reliable service that will be online 24/7. A single outage, even if its only a minute long, can possibly lose you all your money in all channels. This means that centralization will happen almost immediately as high-availability is a very complex topic that is not achievable by amateurs. Especially when you are talking about more than 5 nines and actually mean 100%.
- gruez 9y ago
  >A single outage, even if its only a minute long, can possibly lose you all your money in all channels do elaborate on how that's the case. edit: nvm, already discussed here: https://news.ycombinator.com/item?id=16595042 https://news.ycombinator.com/item?id=16595042
- darawk 9y ago
  > A single outage, even if its only a minute long, can possibly lose you all your money in all channels. The channels are open for multiple days. A minute outage wouldn't do the trick.
Erlangolem 9y ago
Trusting them might be, and of course it presents a perfect attack vector for a state to take a long ropey piss all over your “ultimate sovereignty” while chuckling deeply. That assumes that for some bizarre reason Bitcoin doesn’t bottom out when no more greater fools are left to hold the bag. Bitcoin hasn’t become a household word because more than a fraction of a percent want “ultimate sovereignty” over their money. Grandpa and Grandma know what bitcoin is, John Oliver has pieces on it, and Google is banning ads because people want to get rich quick off the back of it. When that music stops, the whole thing is going back to its ground state, which is zero.
- darawk 9y ago
  > Trusting them might be, and of course it presents a perfect attack vector for a state to take a long ropey piss all over your “ultimate sovereignty” while chuckling deeply And what attack vector is that? You're not really trusting these nodes. They can't steal your money. > When that music stops, the whole thing is going back to its ground state, which is zero. People have been predicting that since Bitcoin hit $10. Sure hasn't worked out well for them.