Oddbean new post about login | logout Bitch about custodial lightning all you want, but it's going to upend the entire payments industry. Most consumers and small businesses are never going to run their own node, but large merchants will. You can too, and be part of the infrastructure that kills master card's and Visa's business model. https://i.nostr.build/msAQYO6a0pgOrRi5.jpg
In the end it’s all “custodial” lightning anyway. Just depends who you are willing to trust that custody with: yourself, others, or a mix of the two.
It's very true that it can replace Visa and MasterCard but I feel like it's just replacing a bad thing with another bad thing. But it's also true that 90%+ of people won't run their own nodes. So I guess it's just a situation were you take the micro win of getting people using something other than dollars for payment.
MC and Visa have a near monopoly on payments so they can collude to keep fees high. Nobody can monopolize lightning. Competition will keep fees low.
strongly agree, also ecash a great way of doing custodial lightning minimizing some risky aspect (fixing privacy and avoid company-lock-ins detaining ecash from multiple mints on company-agnostic softwares).
Then you're just locked into the mint... eCash is even worse custodially... There is no way to verify mint holdings because of the privacy aspects.
dont agree, ecash mints are, in the worst case, on par with typical (database-based) custodial. If things go well there are a lot of benefit added. You can be locked in a mint with some of your liquidity, but your multi-mint wallet still works fine with most of your liquidity. And your payment are private.
It's custodial lightning with extra steps
and extra good features.
