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It's not self-custody because there is still a data availability dependency, server only needs to withhold the latest leaf and you can't exit.
That's it, hinges exactly on the meaning of this word
The entire fake-L2 industrial complex relies on twisting the meanings of words to take advantage of unsophisticated users / cryptophile idiots
there is still a data availability dependency
Is this akin to having the keys to a multisig but not having the descriptor?
Is this akin to having the keys to a multisig but not having the descriptor?
No, much worse.
A descriptor doesn't change after every tx, you have the descriptor when you setup the key. With fake L2's, your key is useless without server cooperation after every tx.
Trustodial at its finest!! and yet Bitcoiners embrace it!
Truly is the wildest thing ever.
I'm not sure it's useless. It's like ecash. There's a trust trade off, but maybe it makes sense for some people.
Unfortunately, they're using self custody language to market it.
Trust is not useless.
Crypto theater to make trust sound like innovating is useless.
This buries the lead and implies it's fixable.
Grubles may not have realized it, but he pointed out the real flaw:
See, it doesn't matter that the clients didn't cache recovery information from the server, or know how to use it... It's the fact that you need that information from the server at all.
It's not self-custody because there is still a data availability dependency, server only needs to withhold the latest leaf and you can't exit.