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255 sats \ 4 replies \ @kale OP 16 Dec 2022 \ on: Lightning Addresses flow From Geyser bitcoin
This is pretty cool!
It uses the hodl invoice solution inspired by Inproxy
I have similar idea before to create a stripe alternative, but you need a well-connected lightning node to be the proxy..
The Geyser charge 2% fee which is still high..
We simply forward every satoshi to our creators’ lightning address, and we do this in a non-custodial way using HODL invoices.
Image from that Tweet:
So even contributors paying on-chain ends up being a lightning network payment. Cool.
But then:
[I]n-house custody sucks! Not least because, as we’ve seen with Kickstarter and GoFundMe, that can easily result in financial censorship and seizing of user funds by fiat, with no justification or judiciary process.(Several other lightning companies are currently operating as custodians, and we urge them to remain vigilant of this potential issue; especially those that enable users to raise large amounts of capital.)
So while this this isn't truly non-custodial, it means that the duration that Geyser holds custody is the few CPU cycles between when the contributor's payment reaches Geyser's node and when Geyser completes paying the invoice obtained for that creator's Lighting Address.
So the risk that the creator's funds are stolen by the "authorities" is essentially zero, that doesn't stop Geyser from being a potential choke-point for facilitating the donation. (e.g., let's say Nigeria's ENDSARS protest, or Canadian Trucker's protest -- the gov't could have ordered to be blocked the Geyser website. No further contributions would occur from within those countries but the, but at least no funds already raised would be at risk as the funds had already been transferred to the creator.)
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Hey guys, indeed.
Just noticed this post, sorry for the delay.
Geyser cannot freeze funds, as mentioned. And we custody funds at no point, not even for a split second, because we first send funds to the receiver before we take the funds from the senders. this is through the hodl invoice contract.
For pure censorship resistance we have plans in the future of making Geyser available for node runners and more plans to integrate with Nostr. More on this soon.
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Awesome, and thank you for setting a great example with what you have built!
Thank you for the followup!
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Yeah.. The risk has been transferred to the lightning address provider you are using..
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