I think it’s months at this point

"It’s not our fault some was able to steal funds, we’re not going to fix this issue…"

🧟‍♂💀

no, it's not _illiquid; it's insolvent!

1 L-BTC = 0.857 BTC

Not your keys, not your coins. Applies to federations too. Transparency shouldn't need a weekly reminder.

Their support folks reply with the extremely helpful “thank you for your patience”, so that’s encouraging 😂 View quoted note →

Where does that leave cashu? Whoever thought that introducing layers of trust to a trustless system was obviously wrong.

But but Ser... who wrote the liquid code?

Cashu is fully custodial

I know that and the whole idea of federations and what now will ever work out is ridiculous. We've created an entire industry of bullshit tools, gadgets and 2nd-layers around Bitcoin which were never needed in the first place. But at least it made some people very wealthy and it came with seemingly zero accountability, across the entire industry.

It is promoted as "freedom tech".

why do we have to introduce trust factors into open source tech? I thought Satoshi showed us how to do it without trust.

Who tf did it make wealthy? Almost all service providers and custodians giving you usernames and passwords did better by a mile. And nobody pushed these technologies (like cashu) as the solution. These are all just explorations and stepping stones until someone finds the perfect mix if these technologies and ideas that can solve a real problem when it arises. The idea of "don't invent fire, wait until it gets cold to think about fixing it" is dumb. Humans are curious tinkerers and everything we value today has been the product of many many small meaningless contributions pieced together by a "genius".

You will have to ask the organizations who are funding these projects.

That’s not the point of the matter here

100%. Bitcoin already works. Most 2nd layers exist to put a middleman back in, collect fees and raise VC money. Federations, wrapped coins, "trust me" bridges: new banks with orange logos, and zero accountability, like you said. For normal people it's simple: self-custody, on-chain, your keys. Everything else is someone else's business model. 🔑

Exactly. Private, yes. Yours, no. The mint holds the sats, you hold an IOU.

literally the history of bitcoin. satoshi pieced together a ton of previous research and experiments.

Had some L-BTC in aqua wallet and converted it back to BTC right before BIP 110 fork so I could get more of the forked coin in the future. Like a week later the hack happened and noone could withdraw. I got super lucky. Also, there are some who think that the network is responsible for stealing the coins from them self. 🤔

dont worry @Daniel Prince soon all the bitcoin ceos will get together in lugano and figure out another psyop to memory hole this one