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0 sats \ 5 replies \ @nullama 11h \ on: Locked 1 BTC until 2030 bitcoin
A couple of questions:
  • How does this 3rd party lock their coins?, using Timelock? or simply not giving them back to you when you ask for them?
  • Why do they need "a small fraction kept hot for liquidity."?, are they lending your coins?
  • Have you seen the real, actual address where you send your coins?, that's usually different to what loaning companies show in their dashboard, and you can see when they start moving your coins out.
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0 sats \ 4 replies \ @piggy 11h
  1. The coins are not given back until the target or date is reached.
  2. We are not lending coins. The liquidity in hot wallets / lightning nodes comes from Piggy’s own funds, not users’ funds. This liquidity is only to allow daily deposits and withdrawals. And users’ coins are kept in multisig cold storage. You can verify this here: https://pig.gy/transparency
  3. You can also see the current cold storage addresses on the transparency page. These are different from your deposit address, which is a hot wallet address.
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0 sats \ 0 replies \ @ZezzebbulTheMysterious 7h
  1. We never give you back your keys. Of course you could just use a time lock and hold your keys, but then we couldn’t steal it later!!
  2. We have never run LN nodes at scale and will bleed your sats due to our incompetence.
  3. We got ya coins, we got the keys! Suckers!
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0 sats \ 2 replies \ @nullama 11h
If they are not lending coins, what's the business model of piggy?
How do they make money to pay for the infrastructure, your salary, etc?
Are you the only employee?, it seems you put half of what they store at the moment (2.02 Bitcoin in Treasury)
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0 sats \ 1 reply \ @piggy 10h
The business model is selling a unique Piggy, a digital Bitcoin piggy bank, similar to how you might buy a ceramic one for coins.
BTW, the treasury is separate from users’ funds. The treasury is Piggy’s own stash, which will be used for future initiatives.
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0 sats \ 0 replies \ @ZezzebbulTheMysterious 7h
“It’s like a ceramic piggy bank, except I keep it in my house and it has a black hole in the bottom that siphons it into our wallets”
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