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Per terms:
Liquidation or wound down
We are building for the long run. Still, here is our safety plan.
Force unlock for withdrawals: All Smart Locked balances will be unlocked and moved to a withdrawable state.
Withdrawal window: We will announce a clear in-app withdrawal window so you can move funds to your own wallet.
Withdrawal options:
Manual: withdraw to any Bitcoin address you choose.
Automatic (in development): on a liquidation trigger, auto withdraw to your preset Bitcoin address.
Separation of funds: Your bitcoin is held separately from company funds and is never lent or rehypothecated.
Thanks for sharing this!
Is the "Smart Lock" enforced by Bitcoin script or is it done in the app or on your servers?
Trust me bro!!!
If you like custodial “trust me bro” coinos.io, you’ll like pig.gy too! Just give it a try! Maybe even change the Lightning address in your profile to your new Piggy 🐽
Coinos makes spending with LN easy and coinos charge very low fees.
You do not hold large numbers of sats on coinos.
Comparing coinos to piggy is disingenuous as piggy is asking people to trust it for long term cold storage of potentially large amounts of sats.
Thanks for chiming in Solomon.
The OP's entire post imo is ridiculous (like a bad joke) and i'm not sure it belongs on Stacker News at all.
We don’t! That was just one person who deposited a large amount and locked it. This is a bitcoin piggy bank that can be used in many ways, including as a custodial Lightning wallet…
You lose your money and piggy moves to Thailand with all your coins.
🤫
If piggy goes out of business, what happens to your btc?