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10 sats \ 9 replies \ @dtonon 22 Jan 2023 \ on: We've changed our mind about Custodial Wallets bitcoin
Interesting project!
I agree with @om, use WoS could be dangerous over three long term, even if the UX is the ideal one to bootstrap newcomers. Users are lazy, is not true that they will change as soon they grasp the custodial implications.
Why don't go custodial but with a structure you manage as a trusted part? For example you could use OBW + hosted channels (and you manage the hosted channel).
Perhaps you can even fork and personalize it to simplify the startup process (directly choose the hosted channel), tweak language and currency, personalize the project brand to make it recognizable.
The wallet could then add a learn section and alert and teach the user how to migrate to full self custody (standard channels) as soon the balance go over a certainly value.
Nice idea!
Yeah, it's hard to balance the benefits vs drawbacks of WoS, but over the long term, self-custody is the way forward.
Could you provide more info about OBW? Not familiar with it.
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@DarthCoin has the patience of a Sith Lord and calls me a shitcoiner every time we happen to be in the same thread but the Bitcoin is really strong with that one. In addition to all his stuff you've already read, check out these:
https://darthcoin.substack.com/p/bitcoin-private-banks-over-lightning
https://darthcoin.substack.com/p/obw-open-bitcoin-wallet
Perhaps you can even fork and personalize it to simplify the startup process (directly choose the hosted channel), tweak language and currency, personalize the project brand to make it recognizable.
I'd like to add to this proposal that if you can build Phoenix, adding new currencies should be relatively easy.
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Can't remember when I was calling you a shitcoiner. Maybe you were meddling too much with shitcoiners and you fall mistakenly in that confusion.
I will sorry if was my mistake.
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It's alright, don't apologize. I don't expect you to remember me at all, and I do in fact have a nonzero amount of something other than Bitcoin (gasp). Keep writing great guides please!
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Thx for the suggestions, much appreciated!
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Great, thanks
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On this topic, have you looked into the Bitcoin beach model? Have you tried reaching out to Galoy for support?
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Someone else mentioned that here. Haven't looked into that yet. Still got our hands full with all the suggestions from @KenyaCoin and @DarthCoin.
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