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108 sats \ 14 replies \ @DarthCoin 8h \ on: ⚡Breez Spark Wallet (example) lightning

Spark is a trap. Stay away from it. You have been warned.

66 sats \ 12 replies \ @mega_dreamer 7h

What's your opinion about Ark?

101 sats \ 7 replies \ @isolabellart OP 7h

I haven't had the opportunity to try it yet.

0 sats \ 6 replies \ @mega_dreamer 7h

Cool, just asking.

I've been doing some research on non-custodial wallets. Spark was one of the contestants. But as @DarthCoin mentions to stay away from it. @DarthCoin can you please elaborate more as to why its a trap?

123 sats \ 1 reply \ @supratic 5h

A simple strategy:

Is there a company or fiat organization behind it? Yes = trap/crap
Is the code opensource and the team anonymous? Yes = thumbs up

0 sats \ 0 replies \ @mega_dreamer 5h

A good yard-stick to keep in mind.

1001 sats \ 3 replies \ @DarthCoin 6h

Yes, some will say that my warnings sounds like FUD. But the many years in Bitcoin trained me to detect the bullshit coming and also I could see the "signs" when something is not right.

Who is behind Spar ? Always follow the money, not the marketing crap. Most of people do not have the patience to read all important articles, especially this one: The Chain Of Command: How Facebook’s Libra, Bank Regulators, and PayPal Built A New World Currency - that explained very well who is behind Spark and their plan.

https://i.postimg.cc/sXmH6BvR/vader-power-dark-side.jpg

Spark is a trap presented as a bullshit "nodeless" LN node, but in fact is a sidechain, or better said, a "private LN" pegged to the real public LN through a centralized anchor, that will be in any moment hit by the KYC hammer. This is the plan in the end... slowly make people to join to this sidechain, without even noticing and when they are comfortable and dependable of this chain, will be forced to fully verify and convert the whole thing into a permissioned network. Exactly like Coinbase did for many years... make people to depend on them but in the same time, creating a huge database on who is paying who and how much. EVERYTHING on these networks is a trap that will end up in a permissioned bitcoin payment network.

82 sats \ 2 replies \ @mega_dreamer 5h

Thanks, really appreciate the comprehensive explanations - makes a lot of sense now. I was wondering the similar things:

to use spark, you have to use their LN node. This killed our secondary source of income from routing on LN. Also giving up running your own LN node just doesn't feel right.
The entire network is dependent upon I think 3 SO (SparkOperators) - what happens if those 3 or maybe in future maybe 100 SO nodes goes down. Not everyone will be allowed to run SO - it will just be controlled by few - something is not right about this.

0 sats \ 1 reply \ @ek 2h

Spark is interoperable with lightning, you can still run your own node and route payments and only use Spark to give your users a wallet
There is unilateral exit in Spark
Don’t trust random strangers on the internet, do your own research

0 sats \ 0 replies \ @DarthCoin 2h

same as SN CC 😂😂😂😂

179 sats \ 0 replies \ @DarthCoin 6h

1001 sats \ 1 reply \ @DarthCoin 6h

Ark is just another trap. In this moment I just consider itthe network for poor clueless nocoiners that don't know what is a UTXO and don't know how to have one to open a decent LN channel. To operate on LN you need only ONE single channel.

Who cannot "afford"· a damn LN channel is a total loser for me.

Ok you could say that are many poor people that cannot even have 100k sats and that could cost them a lot just to open a tiny channel. Yes, is true, but that's why the best model is to use "uncle Jim" LN banks. Take the example of Cuba Bitcoin community. The LN bank in their case works perfectly fine and is the best option.

It is nothing wrong to have a LN bank for each family or small community. As I explained in this guide: https://darth-coin.github.io/merchants/private-banks-over-ln-en.html