News for hackers. Stuff that matters.

A comment on El Salvador adopts Bitcoin as official currency, first country to do so. Parent comment

Re:El Salvador adopts Bitcoin as official currency, first co... by thebean11 on Tuesday September 07, 2021 @05:30PM (#28450200)
I don't like that analogy. Unlike M0 and M1, every BTC on the lightning network represents one BTC on the L1 chain. The L1 funds are locked in order to participate in L2.
[ Parent | on HN ]
Re:El Salvador adopts Bitcoin as official currency, first co... by boogies on Tuesday September 07, 2021 @07:00PM (#28450914)
Unlike current USD, but like USD before Nixon abolished the gold standard, right?
[ Parent | on HN ]
Re:El Salvador adopts Bitcoin as official currency, first co... by simiones on Wednesday September 08, 2021 @05:10AM (#28454785)
That's a promise that Lightning makes and that you can check in their code today, but it is not a fundamental guarantee the way that the bitcoin blockchain offers guarantees.
[ Parent | on HN ]
Re:El Salvador adopts Bitcoin as official currency, first co... by thebean11 on Wednesday September 08, 2021 @10:21AM (#28457420)
Sure, if you changed the code of lightning then it would work differently. If you changed the code of the L1 chain it could work differently too. How are those guarantees different?

Calling it a promise makes it sound like there's counterparty risk and you're relying on them not changing the code. Changing the lightning code would have no effect on your funds locked into lightning using the old code.

[ Parent | on HN ]