Quote from: NotATether on Today at 07:11:22 AM

Quote from: n0nce on October 05, 2022, 11:24:28 PM

Quote from: tromp on October 05, 2022, 07:01:27 AM

Quote from: n0nce on October 04, 2022, 11:50:30 PM

I've yet to study more about sidechains such as Liquid, so I can't say whether those off-chain solutions are trustless, but I'm relatively confident they are; otherwise nobody would use them.

You definitely need to trust the federation that controls peg-outs [1]. From the whitepaper [2]:
[...]

I see.. There's some decentralization happening at least, but for me it's not comfortable using a system that requires trust. At least not as the only way to use BTC.
It's possible to have a light wallet to use for small purchases that relies on such a system, but I'd agree that nobody should put majority of their wealth into such a trust-based sidechain.

But again, to highlight: this doesn't exist in Lightning. Such type of trust doesn't exist, you just have to take care of your node by yourself and not fuck things up (like restoring an outdated backup or not have backups..).

In the case of LN this can be solved by more responsible wallet clients that keep track of channel backups and prohibit you from restoring old backups, and does that kind of stuff automatically.

What you are describing is akin to Bitcoin wallets who provide controls for users to directly send and reserve messages on Layer 1's P2P network - completely unnecessary, and should be abstracted from almost everyone.

Great point! I should look into adding this to Core Lightning and doing a pull request. It sounds like an extremely good idea, in case it's not already implemented in their new built-in backup functionality.