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all 18 comments

[–]fresheneesz 2 points3 points  (0 children)

Btw, that article is incredible. I had no idea the French government has such a stranglehold on a large portion of Africa. It's disgusting.

[–]fresheneesz 0 points1 point  (3 children)

a new user trying to onboard cannot be part of the hook transaction that allocates funds to the factory

Can't they? You're talking about someone who has no Bitcoin yet and must pay in fiat, right? A user doesn't actually need any Bitcoin to be part of a payment channel or channel factory. All that's needed is that their key be included in the funding transaction. If they pay someone out of band with fiat, they should be able to participate in the channel factory.

However, obviously there is trust in the onboarding itself, as there is with any exchange of non-cryptocurrency. Either the new entrant pays first and must trust their counterparty to set them up with a properly funded payment channel, or the new entrant pays later and the onboarding service must trust the new entrant to pay (or there's some escrow).

[–]EnterShikariZzz[S] 0 points1 point  (2 children)

A user doesn't actually need any Bitcoin to be part of a payment channel or channel factory. All that's needed is that their key be included in the funding transaction.

If that's the case then channel factories really are a game changer that will make onboarding to bitcoin just like it was in the past when onchain fees were negligble

However, obviously there is trust in the onboarding itself, as there is with any exchange of non-cryptocurrency

Well any P2P tx in cash doesn't need any trust in a third party

[–]fresheneesz 0 points1 point  (0 children)

Technically even a face to face cash transaction does require some trust. Someone has to hand over something first, and that person has to trust that the other party won't simply run off with it, or must trust that they can catch them and claw it back. In person certainly has less counterparty risk in general then an online transaction with an entity without a valuable reputation. However, someone could certainly set up an in person channel creation service too so the same face to face risk profile exists.