349 sats \ 7 replies \ @nerd2ninja 5 Jan 2023 \ on: Nico w/ Simply Bitcoin AMA bitcoin
Perfect timing because I wanted to ask you something.
Gigi last year made this post about the language that we use in Bitcoin and the importance of how it shapes people's understanding of Bitcoin
https://dergigi.com/2022/06/27/the-words-we-use-in-bitcoin/
I know on your show, you've talked about the "unhosted wallet" rules and how a "hosted wallet" is an oxymoron and the language used there is nothing more than a psyop.
I would like to start by pointing out that this psyop came first within the Bitcoin community (or rather service providers whose narritives the Bitcoin community repeated and perpetuated out of ignorance [as in not knowing something not as in willful ignorance])
A "hosted wallet" is a "custodial wallet" So my first question, isn't a custodial wallet, not a wallet at all, but rather an oxymoron?
And yet, look at us with our hosted wallets: https://www.walletofsatoshi.com/
What should we be calling these things instead? I've been calling them accounts.
Secondly, its been said here that muun does not expressly state that they are a lightning wallet, but I would point out that muun is a lightning wallet is perpetuated by the community.
Muun is a wallet sure. A "self hosted" wallet even, but its an on-chain wallet and that has resulted in the perception that the on-chain mechanisms of muun is representative on the lightning network. Now muun does take on the 0 confirmation risk of on-chain in order to swap your Bitcoin for LN (0conf LN swaps they're called), but it is representative on the fees of on-chain nontheless. I have seen the effect of this experience result in jaded users who think muun is lightning, muun charges these fees that they were already complaining about when it came to on-chain, and therefore lightning has failed.
I don't want to turn this into a speech about "don't use muun". Rather, I'd like to say "Lets clear up our language so that people understand what they are using"
So this question is, am I off my rocker, or do we need to clear up our language about what muun is? If I am off my rocker, what about Gigi's article did I misinterpret?
Language is very powerful. What they are doing is trying to create words that are scary to nocoiners, to normalize “hosted wallets” those words make it seem like “hosted” is normal and “hosted” is abnormal. It’s important we stay on top of it and tell individuals that self custody is the norm.
I think muun is a great lightning wallet for pocket money but I do not think it should be used as a long term cold storage wallet.
Education is key here.
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I agree with you about the types of wallets.
But keep in mind that SB show (Nico and Opti) is not a super technical education show, to be involved in such details about technicalities of a wallet app.
Consider it more as a "surface education show" where more pre-coiners are dropping to watch it. So this audience need more like general directions about Bitcoin and look more into technical guides on other sources.
That's why I am also in the SB telegram group, when I see some new bitcoin user I direct them to the right documentation.
Keep in mind: Simply Bitcoin podcast is not a crash course university about using bitcoin and wallets. Is more to keep the fight fighting with shitcoiners and do not let the new coiners going sideways into shitcoins.
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here is where you should drop the link to the 3 levels of Bitcoin banking for perspective
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Darth the pre-coiners are exactly the type of user I'm talking about. The kinds of people who give up on Bitcoin because Bitcoin has all these technical issues and it reverses transactions sometimes (except it wasn't Bitcoin, it was Chivo)
and the people who complained about Bitcoin being slow and having high fees only to discover the lighting network also has high fees (except it doesn't, that was an on-chain fee from muun)
I personally feel lied to as well. I feel lied to by every person who told me muun was a lightning wallet. "Muun is a swap wallet" would have been honest, but "no that's too complicated" then maybe muun is too complicated.
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Yeah man, I feel you.
Let's not convert SB show into a technical podcast. Is really complicated and would need more people involved, with good expertise in these technicalities.
Is not so easy to have an educational show, believe me, I am educating people for almost 8 years now. And you need a loooot of time to do that, step by step, taking them from zero and going up slowly.
The learning curve is not done with 2-3 episodes of a YT show.
But yes, we can redirect the viewers to the right documentation, so they can read and learn more by themselves.
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you have created a nice archive of bitcon related content over the last couple years. thanks
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