pull down to refresh
113 sats \ 10 replies \ @0xbitcoiner 2 Jul \ on: What the heck is Spark? lightning
So, Wallet of Satoshi isn't true self-custody, right?
It's kind of messy, I think.
As far as I understand this version of WoS,
- you have some trust in Spark operators to delete their old keys with each transfer.
- you have to trust WoS to make sure the Spark operators are running the code they say they are.
It is interesting to think about using a wallet without running your own node: in that case you are trusting someone else to tell you about transactions and to let you broadcast, but it's still self-custodial because you have the keys and can import to another wallet if you like. If the wallet wasn't open source...?
Another thing to think about is Bitkey's seedless design. This is said to be self-custodial because you have the keys and can always sign and broadcast a transaction sending your funds to a new wallet software, but you can't actually import your wallet to new software. It takes a confirmed transaction.
It's worth noting that Nicholas Dorier disagrees with bluematt: https://x.com/NicolasDorier/status/1940217999216247044, particularly:
If I stretch it, if your definition were applied, I could also see regulators trying to go after web hosts because some customers are installing BTCPay Server, and thus the VPS become considered a custodian. (Because the addressed could be swapped to steal future funds)
And you might find bluematt's response to one of the Spark guys interesting: https://x.com/TheBlueMatt/status/1940236872317640820
reply
It is interesting to think about using a wallet without running your own node
indeed is not... think about who is going to verify your transactions if you are not running a node? the other party that you are trusting.
As usual, is about convenience. Lazy bastards will opt for custodial or trustodial options like this. Then the day will come when they will cry-harder because something went wrong, blaming the other party for the mess and asking for a refund LOL
reply
trustodial is such a good term. did @justin_shocknet come up with it?
reply
First known use, for posterity
reply
well played, sir!
reply
reply
No, Spark is not just an “in transit” trust model, it’s a statechain (with some tradeoffs that make it more useful but also more trusted).I see, then yeah I agree, can't really say self-custody.
reply
reply