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barry 2024-02-06 08:12:28 -06:00
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docs/liquid/liquid-part3.md
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@ -232,8 +232,8 @@ In theory, you should now have your own federation on your very own sidechain.
* On **Federation Trusting**. The most hotly debated topic around Liquid is can we trust the Federation to not censure us? I think these are reasonable concerns (but largely overblown).
- The group Liquid Members includes some of the most traditionally pro-Bitcoin groups.
- Has there ever been a documented case of censorship in its 6+ year existence?
- Given Confidential Transactions, it seems to be fairly trivial to bypass any censorship attemps. Remember, not even Federation Members can know what is being transacted, nor what is held in any individual address.
* Lastly, let's mention the elephant in the room: *Liquid Derangement Syndrome*. A fair number of complaints against Liquid seem to not based on specific technical or security concerns, but almost seems political in nature. Could this just be hate against Blockstream from other corporate entities? Or is it a fear response, based on the perceived power Blockstream has in the industry? I'm not sure to be honest. There are tradeoffs with any L2, and it seems that Liquid offers a very nice balance of security & features for risk taken on. Liquid is not in competition with Bitcoin nor Lightning - rather it is a complimentary. The correct use of Liquid *helps* users utilize LN in smarter and more manageable ways. The Confidential Transactions, enhances privacy for BTC users in that they can "dip into" the sidechain to achieve increased security without needing to leave the Bitcoin ecosystem.
- Given Confidential Transactions, it seems to be fairly trivial to bypass any censorship attempts. Remember, not even Federation Members can know what is being transacted, nor what is held in any individual address.
* Lastly, let's mention the elephant in the room: *Liquid Derangement Syndrome*. A fair number of complaints against Liquid seem to not based on specific technical or security concerns, but almost seems political in nature. Could this just be hate against Blockstream from other corporate entities? Or is it a fear response, based on the perceived power Blockstream has in the industry? I'm not sure to be honest. There are trade-offs with any L2, and it seems that Liquid offers a very nice balance of security & features for risk taken on. Liquid is not in competition with Bitcoin nor Lightning - rather it is a complimentary. The correct use of Liquid *helps* users utilize LN in smarter and more manageable ways. The Confidential Transactions, enhances privacy for BTC users in that they can "dip into" the sidechain to achieve increased security without needing to leave the Bitcoin ecosystem.
[^1]: BlockStream Green, AQUA, Anser (web wallet), Specter, Marina (web wallet)
[^2]: Atomic Swaps allow parties to exchange different tokens directly without the need for a 3rd party, eliminating most of the risk of fraud and counterparty default.In fact, Blockstream has a tool to simplify using it.
@ -241,8 +241,8 @@ In theory, you should now have your own federation on your very own sidechain.
[^4]: You can specify to individual wallets in the swap-tool URL connect string by using the `http://user:password@localhost:7041/wallet/walletname` syntax
[^5]: They are using services like Boltz, which allows you to open Lightning Channels with L-BTC. NOTE: [BTCSessions did a great video/review](https://www.youtube.com/watch?v=5kNMJd-Ts2c) of how to use Liquid as a way to very cheaply onboard from fiat as cheap as possible. Summary is Fiat -> CEX -> BTC -> Liquid -> Boltz -> LN. Obviously if your CEX has a LN withdrawal option you don't need all these steps!)
[^6]: Right now fee rate is quite low at 30vb/sat, this figure could easily double or triple!
[^7]: Its worth noting that the Liquid Federation members - as a group - tends to be a collection the most pro-bitcoin focused comanies in the ecosystem.
[^7]: Its worth noting that the Liquid Federation members - as a group - tends to be a collection the most pro-bitcoin focused companies in the ecosystem.
[^8]: [https://github.com/ElementsProject/elements/blob/master/README.md](https://github.com/ElementsProject/elements/blob/master/README.md)
[^9]: [https://elementsproject.org/elements-code-tutorial/block-creation](https://elementsproject.org/elements-code-tutorial/block-creation)
[^10]: [https://elementsproject.org/elements-code-tutorial/sidechain](https://elementsproject.org/elements-code-tutorial/sidechain)
[^11]: Liquid has enabled OP_CAT, OP_CHECKSIGFROMSTACK (CSFS), OP_INSPECTCURRENTINPUT, OP_INSPECTINPUT, OP_INSPECTOUTPUT, OP_TAPTWEAK, OP_MUL64, OP_DIV64, OP_SCALARADD, and OP_SCALARMUL
[^11]: Liquid has enabled OP_CAT, OP_CHECKSIGFROMSTACK (CSFS), OP_INSPECTCURRENTINPUT, OP_INSPECTINPUT, OP_INSPECTOUTPUT, OP_TAPTWEAK, OP_MUL64, OP_DIV64, OP_SCALARADD, and OP_SCALARMUL