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400 sats \ 7 replies \ @gnilma 10 May 2023 \ on: Point of Sale feature now live on Wallet of Satoshi đź“ş bitcoin
Can we stop shilling this wallet? It’s custodial, full of rug pull risk, and I think it will not end well for both WoS or the users of WoS. Even if the WoS team means well and want the best for bitcoin, I don’t think it’s good for bitcoin to make a custodial wallet popular for on boarding. It promotes the old ways of fiat banking, does not emphasize personal responsibility, and don’t even get me started on government capture risk…
Most of newcomers will use of custodial LN wallets. (like it or not ;)
And that's the proof why:
"Brian Armstrong, CEO of cryptocurrency exchange Coinbase, said that his company holds around 2 million bitcoin worth $39.9 billion as of September 30, 2022"
And all this above - regardless of endless warnings: "Not your keys, not your Bitcoin."
Don't think that tilting at such windmills - is the biggest issue to solve and try to fixing it will be in any way successful. Of course will not - just due to human nature.
You can change human nature only a bit.
And only by greed or by fear. Period.
That's why is better to have decent custodial wallet than to have not.
All you can do is educate newbies to migrate to non-custodial wallet when they are ready
(e.g. to invest in $20 fee in the times like this ;)
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Most of newcomers will use of custodial LN wallets. (like it or not ;)
No, I don’t like it. At the same time, I understand what you’re saying is true and there is indeed little I can do to change this fact. But that does not mean I will stop acting like an old man yelling at the clouds. I will continue to try to shit on custodial wallets, and I will keep encouraging self custody solutions.
Just because I can’t change everyone’s mind doesn’t mean I can’t change someone’s mind. If my rants can get just one person to ditch a custodial wallet for a self custody wallet, it would be well worth all the time and effort typing up these rants.
One orange pill at a time; one person at a time.
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This is the way :)
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Yes, couldn't have said it better. Custodial will always be the first step, because it is easy. Then when user is more experienced, they hopefully switch down the line.
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I disagree. When someone starts on the wrong path, it’s much harder to bring them back onto the right path due to momentum and human’s tendency to not want to change.
Self custody can be easy too, as long as proper tools are built and proper education is conveyed. Each and every person that I have orange pilled (not that many, but I’m trying…) always started with self custody wallets.
My thinking is, when it comes to orange pilling / pushing for adoption, either push for self custody or don’t do it at all.
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Maybe use a not custodial wallet like OBW / Blixt that offers also custodial channels is the best option. The user can move to self sovereign mode without switching and learning a new app. This could also be a single tap function with a nice automation when the modest inbound liquidity is near full. Win - Win.
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