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17 sats \ 4 replies \ @Scoresby OP 30 Jul \ parent \ on: Flash Wallet trial run lightning
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:
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.
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.
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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.
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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.
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