Wallet of Satoshi isn't fully self-custodial, but it isn't custodial... \ stacker news ~bitdevs

pull down to refresh

Wallet of Satoshi isn't fully self-custodial, but it isn't custodial...btcpp.substack.com/p/insider-takes-wallet-of-satoshis?utm_source=post-email-title&publication_id=2942910&post_id=167513633

481 sats \ 12 comments \ @k00b 4 Jul bitdevs

view all related items

111 sats \ 6 replies \ @justin_shocknet 4 Jul

It is custodial. It's not debatable.

users can never be sure that the operator honestly deleted said key

"Deleting a key" is just hoping the custodian doesn't spend the coin. YOUR COIN IS NOW THEIR COIN. Enough with the cope. This is no different than an SQL database, same exact trust model.

The unilateral exit in a downtime scenario is cope too, no one is onboarding into a Trustodial fake L2 if they can afford their own UTXO/LN Channel. These scams exist for custodians to service dust collectors and cower behind technobabble if the regulator comes looking, the problem with this is that they're lying to users while they do it.

Cowards, frauds, unscrupulous actors, engaging in a trust violation before the first transaction is ever made.

I think the mental gymnastics people will do to justify this fake L2 narrative scamming is downstream of the scaling psychosis. Denying truth about scaling and UX sets your principles off-course just a little bit at first, but as you travel further away from the light, you start defending scammers just to be consistent with the inane views you hold on scaling and UX.

111 sats \ 1 reply \ @028559d218 4 Jul

What is "scaling psychosis"? Bitcoin is 108 THOUSAND and blocks right now are half-empty. Transactions are basically free.

Meaning that all 8 billion people's demands to use Bitcoin are currently being satisfied. Its like 30 cents to open a Lightning channel on a smartphone.

Why have trustodial at all?

0 sats \ 0 replies \ @justin_shocknet 5 Jul

There's still a cohort that believes we need to panic because 8 billion people, most with no assets, will wake up and decide to become sovereign individuals.

Since Bitcoin can't technically accommodate that, ever, they change the meaning of words to fit their delusions.

49 sats \ 0 replies \ @halalmoney 4 Jul

Connecting psychology with exposing fake L2s was not on today’s bingo card….

Denying truth about scaling and UX sets your principles off-course just a little bit at first, but as you travel further away from the light, you start defending scammers just to be consistent with the inane views you hold on scaling and UX.

27 sats \ 1 reply \ @Bell_curve 4 Jul

I like using shock wallet via browser

11 sats \ 0 replies \ @justin_shocknet 5 Jul

Browser apps are layer 7

17 sats \ 0 replies \ @DarthCoin 5 Jul

Add to that they are using a crap spark chain faking a so called L2. And that chain will come soon with the full KYC hammer. But peopke are retarded..