Gildong.Hong on Nostr: Because same problem remains. Liquid is #Bitcoin IOU, not #Bitcoin. Trust is required ...
Because same problem remains. Liquid is #Bitcoin IOU, not #Bitcoin.
Trust is required to reedeem(peg out).
There is a backdoor which can be accessed by blockstream.
It will repeat the history of gold.
Trust is required to reedeem(peg out).
quoting note1hqc…8hgaFun Fact: There is an aUtHOrIzEd participant on Liquid.
Is it tHE tRadEOfF, huh?
#liquidisrespector
https://blockstream.com/assets/downloads/pdf/liquid-whitepaper.pdf
There is a backdoor which can be accessed by blockstream.
quoting note1u25…tnu2Did you know that there is a backdoor on Liquid and bLoCKsTreAm is able to access it?
"all signing keys are backed up and encrypted to both Blockstream and ... "
"The Liquid emergency keys are held offline by non-overlapping components of Blockstream ..."
#liquidisrespector
https://blockstream.com/assets/downloads/pdf/liquid-whitepaper.pdf
note1uuk…q2mv
It will repeat the history of gold.
quoting note1e5y…yv4aPhysical limitation of gold put pressure on people to use gold IOU. As time had passed the rug pull occured a.k.a Nixon Shock.
These days, something similar has been happening. Some #Bitcoin-ers use #Bitcoin IOU instead of #Bitcoin and think this IOU is useful. If we don't do anything, it is clear what will be happened. It likely will be called Adam Shock or Blockstream Shock.
As we can see from the past, the market doesn't gaurantee situation being better. Gold failed due to the physical limitation which can't be solved. On the other hand, #Bitcoin is software which can be improved. We must find the solutuon so as not to fail again.