Lightning coins are easily withdrawn to be on-chain without any encumbrance to your coins afterward. I don't see how financial authorities/institutions can restrict that or use lightning to segregate/control coins. I don't see the enforcement mechanism.
Are you suggesting all on-chain transactions can be effectively stopped?. Maybe in the extreme case, but has serious property rights issues and hard to enforce worldwide. Adding a covenants erodes your property rights gradually, until you have only the illusion of control of your property. You effectively will need permission to use your coins, just as you do with a Visa card today.
The more programmability that is added to the L1 protocol, the larger the attack vector. The legacy system will use every tool it can to make Bitcoin submit to its control.
Jayson
npub1wz…cug32
2024-10-08 18:58:16
in reply to nevent1q…ww78
Author Public Key
npub1wzp348tn0w5kxe2w5amsg2079w93l6hqj0new5ugzmpvr6twgy0s3cug32Published at
2024-10-08 18:58:16Event JSON
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"pubkey": "70831a9d737ba963654ea7770429fe2b8b1feae093e797538816c2c1e96e411f",
"created_at": 1728413896,
"kind": 1,
"tags": [
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"content": "Lightning coins are easily withdrawn to be on-chain without any encumbrance to your coins afterward. I don't see how financial authorities/institutions can restrict that or use lightning to segregate/control coins. I don't see the enforcement mechanism.\n\nAre you suggesting all on-chain transactions can be effectively stopped?. Maybe in the extreme case, but has serious property rights issues and hard to enforce worldwide. Adding a covenants erodes your property rights gradually, until you have only the illusion of control of your property. You effectively will need permission to use your coins, just as you do with a Visa card today.\n\nThe more programmability that is added to the L1 protocol, the larger the attack vector. The legacy system will use every tool it can to make Bitcoin submit to its control.",
"sig": "617c1d6ec4080e7fe2b08aa7b2086a3ad9e2a81361307cb92108be9d47aced3b85fd5805793121bb467aa442d0a0d72d602f489689a642e44eaaa77abaa155f9"
}