pull down to refresh
102 sats \ 7 replies \ @justin_shocknet 30 Jul \ on: Flash Wallet trial run lightning
It's just another fake L2 swap, it's slow and expensive because literally every time you use it you're buying or selling a shitcoin through a centralized exchange (Boltz or SideSwap)
No different than the dozens before it.
Even one of the more infamous perpetrators of the mobile node hoax is getting miffled:
Also, it is not stated anywhere that I could read that the balance is held on liquid. This is something Corbin ended up acknowledging after Corallo pushed on him:
But the wallet balance is kept in L-BTC on the Liquid Network.
I'm no Lightning genius, and perhaps am a little slow on the uptake sometimes, but it didn't even occur to me that funds have to stay on liquid at rest because the wallet doesn't have any channels. I should have been able to deduce this, but rather stupidly, I didn't.
Corbin also says: "The Liquid Federation is transparent about the trade-offs as they state on their website"
Yet, I don't think Flash was very transparent about what was going on.
reply
I've obviously seem some be pedantic and claim that you can "self-custodially hold L-BTC", which is semantically true though somewhat of a misleading distinction
I believe this is the same distinction I was making with ecash. I don't mind it so much, but I think it's on the wallet to make it clear it's not a bitcoin wallet. Ecash wallets are self-custodial ecash, not bitcoin. If Flash says hey, here's a cool liquid wallet, i don't think I would have been confused. However, I also wouldn't have downloaded it and tried it out because liquid seems like a poor set of trade-offs to me.
I'll admit though that this conversation is making me come around to your viewpoint. Certainly, if a liquid (or ecash) wallet claims to seamlessly interact with bitcoin, it needs to make it really clear that the balance is not being held in bitcoin.
reply
Yep. My beef is those word games are just the first trust violation, it's spin.
It's exactly the same as saying Coinbase Pro is self-custodial because you self-custody your own API key. ECash is just an authentication method to a server, no different than an API key, just adds extra steps to support virtue signaling and larp.
making me come around to your viewpoint
All do in time.
reply
Yep. All these scam wallets run the exact same playbook, brand some exchange SDK boilerplate as self-custodial, make a few hundred bps each time someone tries it.
There's so many because it takes maybe two weeks and $3000 in indian subcontractors to make one, the hardest part is the app store submission. Pretty asymmetric if you can sucker a few thousand people into "trying" it.
reply
reply
yes, I think you've put it more clearly than I did. I was a little disappointed in the experience. For all the custody, I thought I'd get a zip zappy fast and cheap lightning flow. Did not happen.
reply
reply