News for hackers. Stuff that matters.

A comment on People don't want to run their own bank. Parent comment

Re:People don't want to run their own bank by mikegreenberg on Friday February 04, 2022 @12:33PM (#30209864)
Lightning is worse than that. When you do try to convert from BTC to USD, you pay a transaction fee twice. Once to close the channel, and another to transfer to the party where you want to exchange your BTC.

And further, you can't predict the fee you'll pay. And I hope you aren't in a hurry to settle in those cases.

[ Parent | on HN ]
Re:People don't want to run their own bank by mw888 on Friday February 04, 2022 @03:04PM (#30212225)
As Lightning grows so will USD to Lightning custodial services. I’d be surprised if there weren’t any you could use right this minute, actually.
[ Parent | on HN ]
Re:People don't want to run their own bank by mikegreenberg on Friday February 04, 2022 @06:08PM (#30214773)
I'm not really sure how that changes anything I said. You're naïve if you think the service isn't going to pass those costs onto their users.

And if you need to resort to a custodial service, what are you even using BTC for? Using a custodian to give you permission to enter and exit a market is antithetical to everything Bitcoin stands for and exactly what it was created to fix.

[ Parent | on HN ]