USDT to Launch on Bitcoin's LN (Taproot assets)

[OmegaStarScream]

As you all know, USDT first started in Bitcoin's omni layer, but ended up discontinuing it due to the lack of demand.

Well, here they are now, announcing that they'll start to support Bitcoin again through the lightning network[1][2].

If exchanges jump aboard and start supporting Taproot assets USDT, I think this is just a matter of time until we see other stablecoins or tokens on Bitcoin's blockchain.

[1] https://x.com/lightning/status/1885083485678805424
[2] https://cointelegraph.com/news/tether-usdt-stablecoin-integrates-bitcoin-lightning

[hero_the_bossman]

I need to dig deeper into the articles, but the news is great, in my opinion.
It would be another victory for BTC in the long run.

[Sanitough]

Anything that reduces costs and improves Bitcoin’s scalability is definitely a good thing.

I think USDT really needs this, especially after European exchanges started banning it, which surely cut into their profits.
With this development, and hopefully with exchange support, people might start using off-chain transactions more for faster and cheaper transfers.

If major exchanges get on board, I can see this plan having a real chance of success.

[ABCbits]

It's good to see more choice of using USDT without totally leaving Bitcoin network, since currently your only choice is using Liquid network (Bitcoin sidechain). Let's hope it'll be followed by more wallet, exchange and service supporting LN (along with Taproot assets).

[Findingnemo]

If exchanges jump aboard and start supporting Taproot assets USDT, I think this is just a matter of time until we see other stablecoins or tokens on Bitcoin's blockchain.

Withdrawal fees plays major role in the revenue of an exchange so if they plan to integrate this model then it will affect their potential earnings so I doubt it will be encourages by any centralized platforms.

This integration will solve the long and expensive withdrawals of USDT from exchange with a better security but overall it's still USDT so it has no other real purpose beyond trading or is this the new way of infusing the fiat money into the crypto especially on bitcoin's network?

[BlackBoss_]

As you all know, USDT first started in Bitcoin's omni layer, but ended up discontinuing it due to the lack of demand.

Lack of demand because of expensive Bitcoin transaction fees in the past and appearances of altcoin blockchain with cheaper transaction fees.

Well, here they are now, announcing that they'll start to support Bitcoin again through the lightning network[1][2].

With Bitcoin Lightning Network, transaction fee will be very tiny and cheap, so USDT on Bitcoin LN will be competitive enough with USDT on altcoin blockchains. If picking between Bitcoin Lightning Network and altcoin blockchains, I think Bitcoin Lightning Network is safer and more secured.

USDT itself has big risks, just be careful when using USDT generally.
PSA: Most Stablecoins Can Be Frozen, Even in Your Own Wallets

[dkbit98]

I don't understand why people are surprised by this news.... lightning network was never meant to be bitcoin-only.
Tether is maybe playing 3d chess here and they are probably trying to mitigate risks with new mica regulations and USDT ban in EU.
For me LN is a failed project and I don't expect anything special out of this, but let's see what happens.

[franky1]

I don't understand why people are surprised by this news.... lightning network was never meant to be bitcoin-only.
Tether is maybe playing 3d chess here and they are probably trying to mitigate risks with new mica regulations and USDT ban in EU.
For me LN is a failed project and I don't expect anything special out of this, but let's see what happens.

yep LN is a failed experiment. 7 years later its still only hoarding 5k btc and that mainly service hubs that have been open for years, yet USER adoption didnt follow
yep independent user onboarding/offboarding, inflow/outflow, locking/settling, adoption/abdication isnt happening

its the LN fangirls trying desperately to try making LN interesting. no one is silly enough to lock value into a system requiring middlemen

[apogio]

For me LN is a failed project and I don't expect anything special out of this, but let's see what happens.

Two years ago, I 'd argue against it and I 'd completely try to change your mind.
Unfortunately, diving deeper into Bitcoin and learning more stuff about it, I 'll silently agree today...
My next personal task is to try to understand Liquid. I hope I won't get disappointed as well.

As for the news about USDT, it's good, at least in my eyes.

[Wind_FURY]

I don't understand why people are surprised by this news.... lightning network was never meant to be bitcoin-only.
Tether is maybe playing 3d chess here and they are probably trying to mitigate risks with new mica regulations and USDT ban in EU.
For me LN is a failed project and I don't expect anything special out of this, but let's see what happens.

yep LN is a failed experiment. 7 years later its still only hoarding 5k btc and that mainly service hubs that have been open for years, yet USER adoption didnt follow
yep independent user onboarding/offboarding, inflow/outflow, locking/settling, adoption/abdication isnt happening

 

Ser? The behavior of Bitcoin's users isn't caused by Lightning, nor will it be avoided even if the network went into consensus behind increasing the block size. Because if bigger blocks actually was the answer to user adoption, then explain your Lord Roger Ver's BCash.

 

its the LN fangirls trying desperately to try making LN interesting. no one is silly enough to lock value into a system requiring middlemen

Those builders are "fan girls" because they want to build something on Lightning for stablecoin transactions?

  ¯\_(ツ)_/¯

Laughable opinion.

[franky1]

oh windfury you do try too hard to act the idiot too often

the reason people avoid an altcoin is because its an altcoin. you trying to say people avoid an altcoin because they dont want to perform more transactions(facepalm).. now that is the true laugh

anyway you have fun on your alternative network called LN and you keep pretending its "bitcoin" because it is funny to see YOU act the same as r.ver. trying to promote another network as "bitcoin".. the worse thing is that the network you idolise does not even have a blockchain to secure its payments as they happen, so you have a system that relies on being unsettled IOU credit/debt based. because your network you love so much does not settle payments as they happen, meaning lots and lots of ways to steal funds or not guaranteeing final settlement, which is where the issue of secure money had not been solved prior to bitcoins invention 15 years ago.. a system requiring secondary, third person trust, mutual agreement. is a system that is old tech that ends in failure... lessons learned 16+ years ago before blockchain became the solution

in short if its not locked to a blockchain, its not 'real money'. but goodluck with your games and toys. when you are ready to grow up and learn about economics and join the big boys club on the proper network which is the BTC blockchain. stop thinking the only options are bch or LN as the only option for those that want to transact often. ill stick to using btc and ill continue scrutinising and critiquing the btc devs because thats what people should do, scrutinise their government who control the system people use. and yes core devs are bitcoins government and we should hold them accountable

no one wants to use LN(for serious stuff) or BCH. they are just too polite to ask btc devs to get off their lazy asses and progress btc sooner. out of fear of retaliation.
(especially when the main retaliating dev and forum mod whom controls BTC development discussion, literally wants to stab (in a anti-merit forum feature way) forum users who wish btc to progress without being told to use other networks)

but please do carry on playing around with your IOU balance thats not settled to you on your silly buggy network. one day you will wise up. but until then have fun playing with money thats not yours, funds not on your keys, balance not on a utxo you control. (when you are the receiver of incoming balance). you will learn the hard way one day of the troubles cypherpunks had trying to create digital money

[Synchronice]

I don't understand why people are surprised by this news.... lightning network was never meant to be bitcoin-only.
Tether is maybe playing 3d chess here and they are probably trying to mitigate risks with new mica regulations and USDT ban in EU.
For me LN is a failed project and I don't expect anything special out of this, but let's see what happens.

People are surprised by this news because the information and expectations of Bitcoin Lighting is messed up. They made people believe that Bitcoin lighting is easy to use, it's simple and fast while in reality it's very complicated for an average user to use. It's also very impractical to use too. You are right, LN has failed!

Because if bigger blocks actually was the answer to user adoption, then explain your Lord Roger Ver's BCash.

Bitcoin is successful, right? Do we need to use it as a payment method or do we need to use it as wealth storage? I think that we need most but most importantly, we should value Bitcoin because it's a good P2P payment method, one of the most decentralized coin, compared to other coins. Bitcoin's popularity and increased adoption mean that many people want to use Bitcoin as a payment method. If we don't increase the block size, it will become impossible for people to use Bitcoin and then they'll move on altcoins that offer fast and cheap transactions. 1 MB block size was normal during satoshi's era but after that, everything has advanced and some old things have to change for a better future.

As I said above, bigger blocks are necessary but it's not the reason why Bitcoin Cash is not successful, this coin has many other problems and one of the most important problem is that they don't listen to others and promote a false propaganda.

[NotATether]

yep LN is a failed experiment. 7 years later its still only hoarding 5k btc and that mainly service hubs that have been open for years, yet USER adoption didnt follow
yep independent user onboarding/offboarding, inflow/outflow, locking/settling, adoption/abdication isnt happening

its the LN fangirls trying desperately to try making LN interesting. no one is silly enough to lock value into a system requiring middlemen

That "middleman value-locking service" is literally so that you can get paid at the speed of card transactions. Minus the 2-week holding period.

It might be hard to set up, which is a barrier to adoption, but it's pretty good for buying pizza with your BTC.

Just open Strike and deposit some cash or put some BTC in an Electrum trampoline and see for yourself.

[mindrust]

It was time. Shitcoins took advantage of bitcoin’s absence in this area and look how big they got. Solana, ethereum and even that scam tron. They all are having a feast because bitcoin (ln) devs was slow to develop these stuff. It finally happened tho that means these shitcoins lost their best use case.

What good is tron if people don’t use it to transact usdt? Nothing. Same goes for the others.

I expect Bitcoin dominance to rise considerably in a few years if not months. (Might happen sooner or not)

[franky1]

yep LN is a failed experiment. 7 years later its still only hoarding 5k btc and that mainly service hubs that have been open for years, yet USER adoption didnt follow
yep independent user onboarding/offboarding, inflow/outflow, locking/settling, adoption/abdication isnt happening

its the LN fangirls trying desperately to try making LN interesting. no one is silly enough to lock value into a system requiring middlemen

That "middleman value-locking service" is literally so that you can get paid at the speed of card transactions. Minus the 2-week holding period.

It might be hard to set up, which is a barrier to adoption, but it's pretty good for buying pizza with your BTC.

Just open Strike and deposit some cash or put some BTC in an Electrum trampoline and see for yourself.

not only are you saying people should hand funds over to a middle-man upfront
not only are you saying to then be given ''inbound balance' (credit/debt) not settled to a key you control
not only are you saying to be locked into a unsettled balance of FAIT based tokens that dont deflate

but you think that its all good economic advice..
dang you lot should be comedians
(the silliness of fools thinking they are still playing with "bitcoin" when even a 5yo can see they are not)

goodluck with your other network games. ill stick with the btc network, hoarding actual btc on my utxo's i have the keys for

[NotATether]

goodluck with your other network games. ill stick with the btc network, hoarding actual btc on my utxo's i have the keys for

Your hatred of the Lightning Network may be well-documented, but by no means is anybody forcing you to use it.

But if it works out fine in the end then you can't be surprised when other people say "I told you so".

It's literally just P2WSH scripts on the Bitcoin network restricting access to the bitcoins. Does that sound like a bank to you?

[franky1]

goodluck with your other network games. ill stick with the btc network, hoarding actual btc on my utxo's i have the keys for

Your hatred of the Lightning Network may be well-documented, but by no means is anybody forcing you to use it.

But if it works out fine in the end then you can't be surprised when other people say "I told you so".

It's literally just P2WSH scripts on the Bitcoin network restricting access to the bitcoins. Does that sound like a bank to you?

bank? pfft. more so credit cards.. enjoy working it out in your own time

[dansus021]

USDT to Launch on Bitcoin's LN (Taproot assets) well I mean this is a good thing if really true since taproot is way way much faster than the regular Bitcoin network and much cheaper too and I agree if tether or other companies start to do the same.

[Wind_FURY]

oh windfury you do try too hard to act the idiot too often

--Snip--

 

It's in fact you who's acting like the idiot by convincing everyone, during the blockchain debate, that the block size increase will solve Bitcoin's adoption problem. Because if small blocks were actually the "actual problem", then yes, the con that YOU actually call "Bitcoin Cash", the same shitcoin that YOU actually defend as "also Bitcoin", would have already been massively adopted.

Your Lord Roger Ver and his BCash scam can't deceive the community no longer.

[franky1]

windfury, your mentor has taught you many lies..
i dont defend bitcoin cash. you have been listening to an idiot who has made YOU become one

you have had many years to wake up and do your own research but instead remained ignorant to advertise a alternate network(LN) pretending you are a bitcoiner
so how about wake up already and care about the btc network or continue acting childish whilst you promote other networks you prefer

only a small group of ignorant people you belong to*, truly beleive another network is "bitcoin". and thats the laugh of the last decade
the network you support is not secure, is not immutable, is not settled value, is not even value owned by the recipient. but if you wish to carry on adoring it then so be it, go play with our credit/debt system.
*you can tell its a small group of people due to lack of independent LN nodes

i do laugh that you think because i dont simply ass kiss core devs whilst they cludge up bitcoin just to manoeuvre people to other networks, that you think i must support a different network due to lack of ass kissing core devs.. you are mistaken
i support the btc network not some other network, i simply dont fear wanting to scrutinise the devs to ensure the btc network remains effective.
its you that wants other networks and you have overlords you idolise

but ill leave you to take another few years to wake up and realise your own mistakes you learned from your mentors that have directed you away from btc network utility, and thrusted you into a silly network that isnt really adopting anyone, even with alot  of attempts of adding features, which no one found relevant

if you have been taught recently to adore the buggy network your support because people should use it to store their value in a fiat-esq system(USDT) thats not deflationary, and also not even protected by fiats FDIC insurance. nor settled to be even truly owned by you when using it... then you have missed many lessons of economics, and you have been conned/scammed into believing in the wrong monetary/asset based system