Unbacked LN BTC as a formal rather than informal reality

In the developments that will surprise nobody actually paying attention department, this just came to my attention;

https://github.com/btcontract/hosted-channels-rfc/blob/master/README.md

Referring back to https://reddit.com/r/btc/comments/dc78ik/the_faulty_ln_design_assumption_not/ the only difference between this and that seems to be that it is now being made formal rather than informal.

For those who had difficulty understanding the original thesis and vulnerability, perhaps wrapping your head around this formal form and then trying the mental exercise of figuring out what stops hubs from already doing that behind the scenes as long as they agree to cover each other's debts to the extent channel transactions are processed in a cartel will make it clearer to you.

For everyone else who can see this long slow march down what is now a depressingly obvious path, here's just another point along the series to drive home the reality for those who refuse to grasp it.

submitted by /u/etherael
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from Bitcoin - The Internet of Money https://ift.tt/2oZNqYi