6 ms·

Tether launches Bitcoin-based startup Synonym

6 points by thinkmassive 5y ago

0xy 5y ago
This looks like the kind of unprofessional scam that I'd expect from fraudsters Tether, who have repeatedly lied about banking relationships, reserves and otherwise. First step is "obsolete the banks". Lol. I wonder if this vaporware company was funded via debt financing from the Tether mothership -- undisclosed to their customers of course.
raidicy 5y ago
Interesting. Definitely a lot of bitcoin maxi talk. Although I would like to see more details on this uncensorable "2nd economy". When they say lightning tokens, are there really going to be altcoins supported on bitcoin's infra ala altcoins on ETH?
- thinkmassive 5y ago
  Colored coins originated on Bitcoin, long before Ethereum existed https://en.bitcoin.it/wiki/Colored_Coins https://en.bitcoin.it/wiki/Colored_Coins Edit: to answer you're question, yes, they're coming to Lightning along with many other integrations. Another project you might find interesting is https://impervious.ai https://impervious.ai Edit2: Tether was originally called Realcoin and was built on the Omni Layer on top of Bitcoin. If you visit Synonym's "Our Stack" page they link to github repos for Omni Layer and the new OmniBOLT that adds Lightning Network compatibility: https://synonym.to/our-stack/ https://synonym.to/our-stack/
  - deleted 5y ago
    [deleted]
holonomically 5y ago
Lost me by the 4th slide when it mentioned privacy. Bitcoin transactions are not private. Every transaction is public and traceable. It only takes 1 exposure that associates a public address with a name to allow tracing any other transactions associated with that address to the exposed name.
- qeternity 5y ago
  Taproot makes it possible to have fully off-chain transactions.
  - thinkmassive 5y ago
    Taproot makes different types of transactions indistinguishable (single signature, multi-sig, more advanced redeem scripts), however the inputs and outputs are still fully visible on-chain. Lightning Network does make it possible to do an unlimited number of off-chain transactions, after an initial funding transaction to open a channel, and eventually a settlement transaction to close the channel: https://lightning.network/ https://lightning.network/
    - qeternity 5y ago
      > however the inputs and outputs are still fully visible on-chain. And intermediate states are not visible, thus it allows full off-chain transactions.
      - thinkmassive 5y ago
        I think you’re thinking of the Lightning Network. Bitcoin transactions are atomic, they don’t have intermediate states.
        qeternity 5y ago
        No, I'm not. I'm talking about off-chain transactions enabled by taproot.
        thinkmassive 5y ago
        Taproot is a new on-chain transaction type. Do you have a link where I can read what you’re talking about?

6 points by thinkmassive 5y ago

0xy 5y ago

This looks like the kind of unprofessional scam that I'd expect from fraudsters Tether, who have repeatedly lied about banking relationships, reserves and otherwise. First step is "obsolete the banks". Lol. I wonder if this vaporware company was funded via debt financing from the Tether mothership -- undisclosed to their customers of course.

raidicy 5y ago

Interesting. Definitely a lot of bitcoin maxi talk. Although I would like to see more details on this uncensorable "2nd economy". When they say lightning tokens, are there really going to be altcoins supported on bitcoin's infra ala altcoins on ETH?

thinkmassive 5y ago
Colored coins originated on Bitcoin, long before Ethereum existed https://en.bitcoin.it/wiki/Colored_Coins https://en.bitcoin.it/wiki/Colored_Coins Edit: to answer you're question, yes, they're coming to Lightning along with many other integrations. Another project you might find interesting is https://impervious.ai https://impervious.ai Edit2: Tether was originally called Realcoin and was built on the Omni Layer on top of Bitcoin. If you visit Synonym's "Our Stack" page they link to github repos for Omni Layer and the new OmniBOLT that adds Lightning Network compatibility: https://synonym.to/our-stack/ https://synonym.to/our-stack/
- deleted 5y ago
  [deleted]

holonomically 5y ago

Lost me by the 4th slide when it mentioned privacy. Bitcoin transactions are not private. Every transaction is public and traceable. It only takes 1 exposure that associates a public address with a name to allow tracing any other transactions associated with that address to the exposed name.

qeternity 5y ago
Taproot makes it possible to have fully off-chain transactions.
- thinkmassive 5y ago
  Taproot makes different types of transactions indistinguishable (single signature, multi-sig, more advanced redeem scripts), however the inputs and outputs are still fully visible on-chain. Lightning Network does make it possible to do an unlimited number of off-chain transactions, after an initial funding transaction to open a channel, and eventually a settlement transaction to close the channel: https://lightning.network/ https://lightning.network/
  - qeternity 5y ago
    > however the inputs and outputs are still fully visible on-chain. And intermediate states are not visible, thus it allows full off-chain transactions.
    - thinkmassive 5y ago
      I think you’re thinking of the Lightning Network. Bitcoin transactions are atomic, they don’t have intermediate states.
      - qeternity 5y ago
        No, I'm not. I'm talking about off-chain transactions enabled by taproot.
        thinkmassive 5y ago
        Taproot is a new on-chain transaction type. Do you have a link where I can read what you’re talking about?