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Ronin | 1 years ago (raw) | root | parent | reply | flag 
 That would always happen with bitcoin adoption. This is only the beginning, in the future most people will only use onchain for larger transfers like paychecks, most of the time people will use LN and Layers 3.
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leeyak | 1 years ago (raw) | root | parent | reply | flag 
 I think paychecks will be settled on Layer2, Layer 1 will be swift equivalent, inter-institutions transfers... the average person will never touch layer 1. 

I believe will find a way better use case for ordinals than jpeg.
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Ronin | 1 years ago (raw) | root | parent | reply | flag 
 Yes, when i mean paycheck my company's bank transfers my salary at the end of the month to my bank account, that would be onchain, they pay the fees and they can batch the payments to all the workers in a single tx. Everything else will be L2 and L3.
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quinsolo | 1 years ago (raw) | root | parent | reply | flag 
 I disagree. Cold storage is the only way to provide full sovereignty.

L2, as of now, requires a hot wallet. That is not secure against a sophisticated attack. The protocol could be, but not individuals.

Multi-vendor multi-sig in cold storage fixes this.
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Ronin | 1 years ago (raw) | root | parent | reply | flag 
 Sure, LN for now it's very risky and for self-custody is very complicated, but i believe that in the future it will be as easy to self custody as onchain layer.
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leeyak | 1 years ago (raw) | root | parent | reply | flag 
 Do you need cold storage to be sovereign or having the ability and the choice to have your wealth in cold storage is enough under a bitcoin standard?
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Ronin | 1 years ago (raw) | root | parent | reply | flag 
 That's what i do with LN now, i use hot wallets, but i manage my risk, i only keep small amounts in LN. Only self custody is safe.
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quinsolo | 1 years ago (raw) | root | parent | reply | flag 
 You need to be able to access cold storage to be sovereign. You can't walk across a border with an LN node backup in your head.

No one should ever store their life savings on a hot wallet. We've seen even devs can't gaurentee safety for funds on a hot wallet. 

Cold storage for savings. This really has nothing to do with layer 2 in my head. It's the hot wallet component, and unfortunately L2 has to be hot as of now.