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0 sats \ 0 replies \ @gandlaf21 25 Dec 2022 \ parent \ on: Easy self custody on Lightining is a solved issue yet it isn't? bitcoin
So you rely on someone else? that's also not self custody. The train analogy should represent that there is a cheap custodial service, that is available to everyone. It doesn't make cars obsolete, it's just a different value proposition.
I'm not quite sure what you mean by that, but i think you refer to phoenix as the middle? If yes i agree on that.
That is not true, on phoenix you have to know about chanels and liquidity at least somewhat, whereas in a custodial solution it just works. Yes, it's still pretty easy, but it ia not the same UX at all!
That is also not true. Phoenix gives you something in the middle. You rely on phoenix (acinq) for opening chanels. You rely on their btc node. Yes i know you can set your own, but then we are getting into the price debate again. Running your own electrum server is not free. You also connect to their LN node with you chanel.
I have to disagree again. For a different price, you get a different service. On phoenix you open your own channels. That comes with a fee. On custodial wallets you use the custodians existing chanels, which is cheaper. Sovereignty always comes with a tradeoff either in convenience or in price.
You don't have to take one over rthe other. you can use both! in fact, i do use both. They both have their usecase. That's my whole point.
Personally i'm a huge fan of Phoenix wallet, i think it's the best one for most usecases/people. But it doesn't mean custodial wallets are useless. They make different tradeoffs.
Bitcoin is all about tradeoffs. How much self sovereignty do you want?
all of it? run everything from btc core to ln node on your server at home. Tradeoff: more expensive and you need to know what you're doing
some? Use a semi custodial solution like phoenix. Tradeoff: rely on phoenix for swaps, channels & electrum server
none? Use a custodial solution. Tradeoff: chance of getting rugged and no privacy guarantee
All that being said: It's ok to use custodial wallets, for the right purpose. Saying that they are worse than other wallets is not true, they are different. They serve a different purpose. You shouldn't store your live savings in one of them, thats for sure. It shouldn't be on LN at all, it should be in cold storage. but that's another discussion.