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Liquid bulls, help me understand the excitement. I do not get it.

Bitcoin's main value prop is censorship resistance, no trust + no permission required. Liquid seems to reintroduce all 3?

Cheaper fees? LN.
Speed? LN.
Privacy? CJ or LN (the latter leaves a lot to be desired RN)

LN seems to offer most of the touted benefits without introducing the key trade-offs.

I will caveat this by conceding that LN is far from perfect. Initial channel setup not easy and the privacy guarantees are unclear at best.

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