8 ms·

Are they being the first country for the sake of being the first country?

by jimmyed 5y ago

dna_polymerase 5y ago
No, they really just like wasting 4 bucks on every transaction.
- Workaccount2 5y ago
  And waiting 10 minutes for confirmation Edit: Lightning networks are bandaids on a prototype cryptocurrency.
  - forgingahead 5y ago
    Regardless of your opinion of BTC or of crypto in general, 10 minutes to confirm significant monetary transactions that all parties can agree on, without the need for a central trusted authority, anywhere in the world, at any time of day, is a pretty significant achievement.
    - bgitarts 5y ago
      How about instant BTC transaction using the https://lightning.network/ https://lightning.network/
  - breadzeppelin__ 5y ago
    y'all most not have heard of https://strike.me/ https://strike.me/ which operates on the lightning network to send whatever local currencies through btc instantly for little / no fee
    - gruez 5y ago
      And before people ask, it uses the lightning network so it's non-custodial.
      - yokem55 5y ago
        If you run your own lightning node, lightning is non-custodial. But strike is just a wallet that uses their own lightning node. So, if using strike, strike has custody of your funds.
        dom96 5y ago
        how does this work? Isn't Strike just a company that manages the transactions at which point why is Bitcoin even mentioned at all?
        gruez 5y ago
        >If you run your own lightning node, lightning is non-custodial. But strike is just a wallet that uses their own lightning node. I don't know the implementation details of the strike app, but I don't see why you can't keep the signing keys on the device itself (as opposed to the server), and the server is only used for communication with the bitcoin network. That way you don't need to run a lighting node, but they don't control your funds either. Thin wallets use this model I believe.
      - lawn 5y ago
        Strike is custodial... Yes you can run LN in a non-custodial manner, but the user experience is really bad.
        gruez 5y ago
        > Strike is custodial... You seem to be correct, based on their suggestion that you download another lightning wallet[1]. My prior impression was that strike contained a lightning wallet and a custodial wallet (for their fiat exchange). That said, with low cost and instant lightning network transactions you can basically use it in a non custodial way (ie. transfer out the moment you exchange for fiat). [1] https://strike.me/faq/howtopurchase https://strike.me/faq/howtopurchase
- silentsea90 5y ago
  Have you heard of the lightning network? Fees are effectively 0.
deleted 5y ago
[deleted]
janandonly 5y ago
No, Japan recognized bitcoin as legal tender some years ago. But smart move. Even the poorest of the poor have smartphones with a (limited) internet subscription. So a web based wallet like www.coins.io will work wonderfully for them. But the reason El Salvador is working together with Strike.me is because they have a service where someone pays you in bitcoin but you can choose to receive all or part of the payment in dollars or another currency.
- ionwake 5y ago
  Do you have to pay CGT in Japan?
- bloak 5y ago
  I've read a bit about what Japan did in relation to Bitcoin, and I've read a bit about what El Salvador is proposing to do in relation to Bitcoin, and I've read a bit about what the term "legal tender" means, and honestly I can find almost no points of similarity between those three things.
ArkanExplorer 5y ago
The President of El Salvador doesn't want to get couped. He figures his best bet is to establish a public persona, in English, and appeal to Americans (tech bros) directly. Its the same in Europe. Russian Oligarchs bought British Soccer Clubs so that they could become public personalities and avoid being assassinated by the Russian Government or other oligarchs. The political class in South America exists in a different sphere. They are ancestrally directly European, whereas the working classes of the country are ancestrally native American or mestizo. The concern for the every day worker is minimal as is the overlap between the worlds of these groups.
- deleted 5y ago
  [deleted]

Are they being the first country for the sake of being the first country?

dna_polymerase 5y ago

No, they really just like wasting 4 bucks on every transaction.

Workaccount2 5y ago
And waiting 10 minutes for confirmation Edit: Lightning networks are bandaids on a prototype cryptocurrency.
- forgingahead 5y ago
  Regardless of your opinion of BTC or of crypto in general, 10 minutes to confirm significant monetary transactions that all parties can agree on, without the need for a central trusted authority, anywhere in the world, at any time of day, is a pretty significant achievement.
  - bgitarts 5y ago
    How about instant BTC transaction using the https://lightning.network/ https://lightning.network/
- breadzeppelin__ 5y ago
  y'all most not have heard of https://strike.me/ https://strike.me/ which operates on the lightning network to send whatever local currencies through btc instantly for little / no fee
  - gruez 5y ago
    And before people ask, it uses the lightning network so it's non-custodial.
    - yokem55 5y ago
      If you run your own lightning node, lightning is non-custodial. But strike is just a wallet that uses their own lightning node. So, if using strike, strike has custody of your funds.
      - dom96 5y ago
        how does this work? Isn't Strike just a company that manages the transactions at which point why is Bitcoin even mentioned at all?
      - gruez 5y ago
        >If you run your own lightning node, lightning is non-custodial. But strike is just a wallet that uses their own lightning node. I don't know the implementation details of the strike app, but I don't see why you can't keep the signing keys on the device itself (as opposed to the server), and the server is only used for communication with the bitcoin network. That way you don't need to run a lighting node, but they don't control your funds either. Thin wallets use this model I believe.
    - lawn 5y ago
      Strike is custodial... Yes you can run LN in a non-custodial manner, but the user experience is really bad.
      - gruez 5y ago
        > Strike is custodial... You seem to be correct, based on their suggestion that you download another lightning wallet[1]. My prior impression was that strike contained a lightning wallet and a custodial wallet (for their fiat exchange). That said, with low cost and instant lightning network transactions you can basically use it in a non custodial way (ie. transfer out the moment you exchange for fiat). [1] https://strike.me/faq/howtopurchase https://strike.me/faq/howtopurchase
silentsea90 5y ago
Have you heard of the lightning network? Fees are effectively 0.

deleted 5y ago

[deleted]

janandonly 5y ago

No, Japan recognized bitcoin as legal tender some years ago. But smart move. Even the poorest of the poor have smartphones with a (limited) internet subscription. So a web based wallet like www.coins.io will work wonderfully for them. But the reason El Salvador is working together with Strike.me is because they have a service where someone pays you in bitcoin but you can choose to receive all or part of the payment in dollars or another currency.

ionwake 5y ago
Do you have to pay CGT in Japan?
bloak 5y ago
I've read a bit about what Japan did in relation to Bitcoin, and I've read a bit about what El Salvador is proposing to do in relation to Bitcoin, and I've read a bit about what the term "legal tender" means, and honestly I can find almost no points of similarity between those three things.

ArkanExplorer 5y ago

The President of El Salvador doesn't want to get couped. He figures his best bet is to establish a public persona, in English, and appeal to Americans (tech bros) directly. Its the same in Europe. Russian Oligarchs bought British Soccer Clubs so that they could become public personalities and avoid being assassinated by the Russian Government or other oligarchs. The political class in South America exists in a different sphere. They are ancestrally directly European, whereas the working classes of the country are ancestrally native American or mestizo. The concern for the every day worker is minimal as is the overlap between the worlds of these groups.

deleted 5y ago
[deleted]