252 sats \ 0 replies \ @esneider 22 Jun 2022 freebie \ parent \ on: Should we all stop using Muun wallet? bitcoin
Dario from Muun here.
Lightning used to be a community that discussed issues thoughtfully and gently. We are all putting our hearts into building the best tools we can with this new technology. Let's not be hurtful :)
I'll answer point by point:
I still have lost 100k sats with Muun from 2020.
I'd love to give you a hand if you tell me how it is that you lost those sats. Feel free to contact me directly at dario@muun.com if you want, or point me to a past conversation.
Why people say is non-custodial, when you NEVER get the mnemonic seed or private keys when you create the wallet?
Once you export the emergency kit (a PDF document), you have full access to all the private keys. Both keys are included in the PDF file, encrypted with your recovery code.
As we wrote here (https://blog.muun.com/why-not-just-a-mnemonic/), mnemonics are not enough for a multisig wallet: they assume a singlesig setup.
Those codes that you receive are just fooling you that is "more secure" but in fact are hiding that Muun is generating for you the seed (so they manage it)
One private key is generated in the phone, and the other private key is generated in the backend. In their emergency kit, the user has a backup of both private keys. Muun never has access to the phone's private key.
You can read how this preserves self-custodianship in detail here: https://blog.muun.com/muuns-multisig-model/
Muun doesn't have access to the user's funds at any moment.
and in exchange they gave you some random idiotic codes, hard to remember for a noob, instead of English words, that everybody can understand and remember.
English words are definitely not easy to remember for non-English-speaking users. Bitcoin was supposed to be a global network. The places that need it the most are not English-speaking countries. We are building for them.
And please... stop saying that Muun is a LN wallet! IT IS NOT! Is faking the LN transaction and user is never in control of it!
Muun is not a lightning wallet. Muun is a bitcoin wallet. It allows users to make both on-chain payments and lightning payments with their bitcoins.
With that line of reasoning, these so-called lightning wallets would be "faking" on-chain payments. Which of course they are not. Different architectures have different trade-offs.
1135 sats \ 5 replies \ @esneider 21 Jun 2022 freebie \ on: Should we all stop using Muun wallet? bitcoin
Dario from Muun here.
We should be careful to analyze the current lightning costs properly before calling economically rational pricing an "attack".
Being a non-custodial lightning mobile wallet during a bear market has costs that are usually overlooked: to provide inbound capacity, as a wallet, you are locking your own money into a depreciating asset, which has a very high financial cost. These locked assets have very low utilization since mobile nodes are not routing third-party payments.
Most lightning wallets and nodes either do not account for these costs or subsidize them. And that's fine if you can spare the money.
At scale, it's just not sustainable.
We can wish that lightning had "almost zero fees" and ignore the actual costs, or we can accept the real costs (both operational and financial), talk about them openly, and get to work on optimizing them down.
GENESIS
{your node} ---> {muun's node} ---> {muun phone wallet}. Providing inbound liquidity for the last hop is what has really high financial costs, because Muun has to lock its own funds in advance.