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Custodial Lightning solutions are good
7388 sats \ 64 comments \ @eggos 11 Aug 2023 bitcoin

Let's be real guys, end state of Lightning is custodial

Ain't no way normies gonna figure out how the fuck to run a node. Y'all can already barely figure that shit out, and you're in the Bitcoin cult already. The job of running a node belongs to tech companies because they're gonna make money off it.

If you think non-custodial will be the norm, you're disconnected from the realities of Bitcoin on the ground

Again, even passionate Bitcoiners don't wanna figure that shit out. It's annoying as fuck to run a node, and it's also annoying as fuck to take responsibility over all your money in a goddamn hot wallet.

I also don't want to have full responsibility over custody of my funds because I could fuck up

Yeah you heard me. I don't want fucking full custody. I'm scared I might fuck up. And a lot of other people share that concern.

That's why fedimint is actually such a good idea. THEY take my goddamn keys, and now I don't need to worry. Just trust them.

FFS If y'all don't get this then y'all are blind for real

https://imgprxy.stacker.news/QWqgh_j9PgmpvvfG5XIkSSZ4w7Y9n3siF5MLR0kJPTI/rs:fit:600:500:0/g:no/aHR0cHM6Ly9tZWRpYTAuZ2lwaHkuY29tL21lZGlhL2JFVktZQjQ4N0xxeHkvZ2lwaHkuZ2lmP2NpZD1lY2YwNWU0N2h3dnJ3MnZsemVsZ3MxNnU0OGhwdmp1cmVqZGR1cWZlZWZwODBhMGomZXA9djFfZ2lmc19zZWFyY2gmcmlkPWdpcGh5LmdpZiZjdD1n
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540 sats \ 1 reply \ @beorange 11 Aug 2023
It doesn't have to be all or nothing. Think a bit.
Some people will make the decision to trust a third party, other people want to keep full control. Some people will have a custodial hotwallet / lightning wallet, for the convenience, while keeping full control of their cold wallet.
It is a common misconception that there is just one way (all or nothing), a best solution for everybody, that success is only achieved if some idealistic scenario becomes a reality.
The truth is that what matters, is for you to have the freedom to decide what is best for you. Bitcoin gives you that freedom, gives you the sovereignty over your money.
You are afraid of managing your money and want to use a custodial wallet? Your decision.
someone else wants to use a non-custodial wallet and keep control? Their decision.
The important thing is that the possibility is there, a nobody can force you into something you don't want.
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30 sats \ 0 replies \ @eggos OP 12 Aug 2023

TRUE

And I think this information asymmetry provides opportunity for companies looking to offer products using Bitcoin (and Lightning) in a custodial fashion

CUSTODY MAKES SHIT EASY

That's why Stacker News is custodial

Cos it's easy, and we're fine with it

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10.3k sats \ 5 replies \ @Longtermwizard 11 Aug 2023
Benjamin Franklin once said: "Those who would give up essential Liberty, to purchase a little temporary Safety, deserve neither Liberty nor Safety."
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134 sats \ 4 replies \ @eggos OP 12 Aug 2023
Yeah but your grandma is gonna figure out self custody? There are literally billions of people on this planet and most of them don't give two shits about Bitcoin.

You think just because Bitcoin exists means everyone gonna learn how to do that shit?

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0 sats \ 3 replies \ @Longtermwizard 12 Aug 2023
Satoshi once said: "If you don’t believe it or don’t get it, I don’t have the time to try to convince you, sorry."
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60 sats \ 2 replies \ @eggos OP 12 Aug 2023

I guess you don't have any words of your own then hahahahah

Someone who only speaks in quotes can only think ideas others tell him to think

Keep thinkin the ideas of others buddy have a good time

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30 sats \ 1 reply \ @Longtermwizard 12 Aug 2023
deleted by author
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30 sats \ 0 replies \ @eggos OP 12 Aug 2023

I too expected more once

However, do not fear the loss of my potentially entertaining response to you for that daily dopamine hit

You can go on any number of social media platforms or porn sites and get that hit elsewhere

Try lightning.video those guys got some dope stuff
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125 sats \ 4 replies \ @iguano 11 Aug 2023
A normie can download the Phoenix wallet and have a full node and open channels. I understand is not for all, but come on . Is harder to have a credit card
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10 sats \ 0 replies \ @0260378aef 11 Aug 2023
Yes, and even more it's not 'have channels' after their splicing update. It's 'have a channel' (and never have to look at it or think about it, because it will never have to close).
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20 sats \ 2 replies \ @eggos OP 12 Aug 2023

It's easier to have a credit card because people are socially conditioned to do so

Bitcoin social conditioning is pretty weak—cypherpunks hate getting out of the building and talking to people

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0 sats \ 1 reply \ @iguano 12 Aug 2023
Dude we are talking the steps you need to get a credit card. And that is if you can. but of course you are comparing a thing that was invented on the 60s with another that was invented on the 2010s, the acceptance of technologies can take decades.

I don't agree with you even if you put the text bigger.

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0 sats \ 0 replies \ @eggos OP 12 Aug 2023

I write my text biGGer to get more attention because I want ATTENTION

WE EARLY, yes, but also, if we're always early that means we're LATE.

The only way it becomes LATE is if we get out of the mentality that it is OKAY to be EARLY

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60 sats \ 2 replies \ @0260378aef 11 Aug 2023
I'm surprised that none of the comments have mentioned size.
For life savings you might think one thing, for daily expenses you might think another.
There is an argument that people will never want self-custody for either of those two, but I think they are different arguments.
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0 sats \ 1 reply \ @iguano 11 Aug 2023
Lightning is not for saving it was made for expending. In the utopian future where bitcoin is the global standard currency . People will get paid in two accounts . One onchain for savings and one Lightning for daily expenses. The same way today people decide how much they will put on their 401k and their cash account. So for the lightning account you will be using one channel and it will be filled every time you get paid.
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0 sats \ 0 replies \ @clownworld 11 Aug 2023
It doesn’t really work for getting paid yet, since many people have paychecks in the thousands of dollars. On chain is better for that.
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20 sats \ 5 replies \ @EthnTuttle 11 Aug 2023
I think over the long term, fedimints will overtake LN as the dominant payments method for Bitcoin.
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69 sats \ 0 replies \ @eggos OP 12 Aug 2023

Fedimint is GOATED

THEY FIGURED OUT HOW TO PACKAGE A SHITCOIN IN A WAY THAT BITCOINERS LIKE

IT'S GENIUS

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0 sats \ 3 replies \ @AyCaramba 11 Aug 2023
What is that? Where can I find information about that?
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30 sats \ 2 replies \ @EthnTuttle 11 Aug 2023
https://learnfedimint.com (shilling my own shitty but useful site 😅) https://fedimint.org (official protocol site) https://github.com/fedimint/fedimint (repo for protocol development) https://bitcoin.review/podcast/episode-31/ (lengthy podcast about ecash/fedimint/cashu)
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0 sats \ 1 reply \ @AyCaramba 11 Aug 2023
Thanks! I tried to ask the bot but it asked me to open the alby extension, but I do not have one (I am in firefox).
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0 sats \ 0 replies \ @EthnTuttle 11 Aug 2023
No worries! https://chat.fedimint.org is the dev discord if you're inclined. Would be happy to hop into a voice chat and field questions.
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70 sats \ 1 reply \ @softglitter2d 11 Aug 2023
If you think non-custodial will be the norm, you're disconnected from the realities of Bitcoin on the ground
It's the other way around, you're the one who are living a distopic reality using custodial solutions. Bitcoin on the ground is decentralized.
It's annoying as fuck to run a node, and it's also annoying as fuck to take responsibility over all your money in a goddamn hot wallet.
Then, good sir, allow me to tell you: bitcoin is not for you. Just go home and use fiat system. This is too much for you and it's not that bad to embrace reality. I want to say your money, your rules but since you're pro-custodial, I can't tell you that.
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100 sats \ 0 replies \ @eggos OP 12 Aug 2023

KEEP CLINGING TO YOUR IDEOLOGY MY GOOD SIR

LIVE IN THE GLORY OF YOUR OWN DELUSIONS

It's much easier to reject anyone who disagrees with you and continue to fester in the echo chamber cognitive dissonance "rabbit hole" that you've found yourself in than recognise the simple reality that people don't give a shit about the shit you give a shit about.

JUST ADMIT: You think Bitcoin is for you so you feel BETTER than others because you "get it"

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100 sats \ 0 replies \ @Allinbitcoinneverselling 12 Aug 2023
Yeah man. A fair opinion. I think custodial is inevitable until some unforeseen development comes along in bitcoin
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40 sats \ 1 reply \ @Eximpius 11 Aug 2023
Your username says it all.. just change it to EGO.
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20 sats \ 0 replies \ @eggos OP 12 Aug 2023

Great find buddy.

Now go and sit in the silent corner with the dunce hat because you actually don't even understand the context of the conversation, or actually say something relevant in response to my argument.

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5 sats \ 2 replies \ @birdeye21 11 Aug 2023
You have every right to use custodial options, but don’t forget that self custody is what makes Bitcoin, Bitcoin.
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100 sats \ 0 replies \ @eggos OP 12 Aug 2023

Bitcoin is neutral

It doesn't give a shit about custody or not custody

It is literally just software my dude
We speak about fucking software as if it got a brain and a dick and it walks and talks
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0 sats \ 0 replies \ @nemo 11 Aug 2023
deleted by author
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42 sats \ 1 reply \ @billiam 11 Aug 2023
Lightning yes. Easy to fuck up. However, On-chain Self custody isn’t that hard (jotting down seed words).
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10 sats \ 0 replies \ @eggos OP 12 Aug 2023
Responsibility is hard. Most people (if not all) fuck up the most basic of responsibilities.

Not saying there aren't solutions to that. It just is a matter of distributing responsibility (aka distributed federated ecash shitcoin mints)

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10 sats \ 2 replies \ @DarthCoin 12 Aug 2023
I also don't want to have full responsibility over custody of my funds because I could fuck up
Bitcoin is not for retards.
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0 sats \ 1 reply \ @eggos OP 13 Aug 2023

Driving could get you killed but tons of retards drive

So what's the connection?

Driving has been made retard friendly... so even retards can own a car

Bitcoin should become retard friendly so other fellow based retards like myself can use it

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0 sats \ 0 replies \ @DarthCoin 13 Aug 2023
No, you are wrong. Bitcoin is a natural selection. Who will not adapt to Bitcoin will just die.
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10 sats \ 0 replies \ @2bithits 11 Aug 2023
People will need to learn that sh$t or the ruggings will continue
Don't give up too easily bro
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10 sats \ 0 replies \ @oppongankrah 11 Aug 2023
Even if it is, it's still better than shit Fiat currency
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10 sats \ 0 replies \ @BlokchainB 11 Aug 2023
It’s early the tech can improve. As with life things will stratify. Same with people and driving some never drive others are experts like NASCAR drivers.
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5 sats \ 3 replies \ @Ed_Relight 11 Aug 2023
I believe the ideal way would be Family Federations: several Bitcoin-savvy familiy members are running the nodes and serve as custodians of the funds, while all others are using lightweight easy-to-use custodial solutions
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0 sats \ 2 replies \ @EthnTuttle 11 Aug 2023
ecash. yes!
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10 sats \ 1 reply \ @eggos OP 12 Aug 2023

Ecash is a shitcoin

But that's okay because shitcoins aren't going away

Shitcoins are a necessary evil

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0 sats \ 0 replies \ @EthnTuttle 12 Aug 2023
Ecash is a shitcoin because…?
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0 sats \ 3 replies \ @whitewolf 13 Aug 2023
Core lightning contributor here!
You are right! Currently, if you think that self-hosting your node is equal to running a wallet like the Wallet of Satoshi, you are a crazy man.
However, do you remember when Linux has just for people that run code inside the terminal? or for people that are nerds? We are not here any more ofcs you can run Arch and fuck yourself with all the complexity of breaking the packages that you are using but Pop os is really good for people that came from Windows.
So now take this concept and move inside a lightning one. Do you think that we stay as we are now forever? It is not true that a lightning wallet is a hot wallet (it is but no one is stopping you to connect an HW to it). I think that there is space to use HWs inside a lightning node.
Then with features like trampoline (that I am going to implement) and async payments, you do need to open channels anymore. If you want a lightning experience in a mobile wallet, I think in 2/3 you will get it without using the Wallet of Satoshi but just your own node.
So, do not judge lightning as it is today, there are a lot of feature on the plate that is going to happen
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0 sats \ 2 replies \ @eggos OP 13 Aug 2023

Lightning has a bright future

But at the end of the day companies will be building products for people to make their lives easier for profit

And non-custodial is simply easier than custodial

ergo custodial will normalize throughout Lightning

People will still be able to have a non-custodial experience if they choose to dedicate their effort towards keeping custody... and nobody can stop them from doing that...

But most people gonna be custodial under some corporation

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0 sats \ 1 reply \ @whitewolf 13 Aug 2023
Phoenix is a product made by a company and it is non-custodial. I think you are judged too early.
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0 sats \ 0 replies \ @eggos OP 13 Aug 2023

I hope they work out and become a dominant wallet player for people... then I'd be happy

But if not then I'll be right and I'd still be happy

Win - Win

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0 sats \ 3 replies \ @clownworld 11 Aug 2023
Just remember that when you actually do anything to upset the powers that be, your super convenient custodial wallet will ban you, or it’s bank will ban them. They may freeze your money as well.
That’s really not a solution to anything except merchants who don’t sell anything at all controversial (e.g., restaurants)…
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0 sats \ 2 replies \ @Allinbitcoinneverselling 12 Aug 2023
Bank? Dude banks are going away forever. Lmao
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40 sats \ 1 reply \ @eggos OP 12 Aug 2023

You're disconnected from reality

If you think just because Bitcoin exists that means the rest of the world is gonna stop working you're not thinking clearly.

Bitcoin doesn't give a flying shit about the trillions of dollars of trade that move around due to large corps working in conjunction with big banks

And the Bitcoin financial software stack is not nearly ready enough to handle a fraction of that trade capacity.

Try stepping outside your narrow echo chamber view and see what's really happening

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0 sats \ 0 replies \ @Allinbitcoinneverselling 12 Aug 2023
Fiat currency is literally going to zero. What will "banks" have to "bank" when all there is is bitcoin? I think your viewpoint is looking at the short term. Of course banks and fiat are going to continue to exist over the next several years. My view is the long term - hyperbitcoinization. Banks become obsolete and cease to exist
Looking at some of your other responses it's clear that you're just a dumbass/trolling. Hfsp bro
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0 sats \ 3 replies \ @benthecarman 11 Aug 2023
why even use bitcoin then, just use paypal
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30 sats \ 2 replies \ @eggos OP 12 Aug 2023

I do happen to use paypal but I also fucking hate it sometimes

I also happen to use Bitcoin and also fucking hate it sometimes

Is that wrong? I don't enjoy the bullshit that comes with using a technology that's fucking inconvenient sometimes.

Good tech works well. Shitty tech doesn't work well. Learn the difference if you're gonna be in tech lil buddy.

But you're totally missing the point of the whole post that I wrote

Cypherpunks can code... but can they read...?

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0 sats \ 1 reply \ @Allinbitcoinneverselling 12 Aug 2023
Lmao so you think bitcoin is shitty tech?
You are clueless, but happen to have a valid point out of sheer luck in your original post. Have fun staying poor
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0 sats \ 0 replies \ @eggos OP 13 Aug 2023

Brah I love Bitcoin

But we're not gonna catalyze the Bitcoin revolution by jacking ourselves off to how cool we are for owning Bitcoin

Hyperbitcoinization is not a given—it happens through the decentralized directed effort of people improving the system and introducing it to new people

And news flash buddy

Noobs don't wanna use some shit that's difficult to use

Don't get so mad because you identify with this technology and I'm rightfully poking holes in its weaknesses. That's like getting mad at weights for being heavy. You're weak until you put the effort in to become strong. Bitcoin is shitty payments technology until we put in the effort to make it easier to use.

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0 sats \ 1 reply \ @TheL0wner 11 Aug 2023
go troll elsewhere
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0 sats \ 0 replies \ @eggos OP 12 Aug 2023
feed me Mr. lowner
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0 sats \ 1 reply \ @designsats 11 Aug 2023
its trivially easy to run a node. Download wallet and done.
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50 sats \ 0 replies \ @eggos OP 12 Aug 2023
Yeah a Lightning node? It's trivially easy to read my post and see I'm referring to a Lightning node, but it seems like you're incapable of doing that also.
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0 sats \ 3 replies \ @oraltosun 11 Aug 2023
I think you are mixing custodial and fucking terminology.
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30 sats \ 2 replies \ @eggos OP 12 Aug 2023

I love fucking custodial

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0 sats \ 1 reply \ @oraltosun 13 Aug 2023
Please read this lesson: https://imgprxy.stacker.news/7zvMidAOibvE9EQstJFb6hI0ObtOIfhzZ3kQeM_k93g/rs:fit:600:500:0/g:no/aHR0cHM6Ly9pbWFnZXl6ZXIuaW8vQlRDXy1fQzVfLV9CM18tXzIucG5n
(Copy the link and open it with your browser for cleaner view)
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0 sats \ 0 replies \ @eggos OP 13 Aug 2023

That shit too long for me brah but appreciate the effort you put into trying to teach me

I also know fiat money bad n all that shit and custodial is basically a shitcoin

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0 sats \ 0 replies \ @carlosfandango 11 Aug 2023
Interesting…
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0 sats \ 0 replies \ @fredosha 11 Aug 2023 freebie
You woke up on the funny side of your bed. 😂