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2396 sats \ 6 replies \ @DiracDelta OP 8 Sep 2023
My tweet on the breaking news:
https://twitter.com/DiracDel/status/1700168841291034986
My Bitcoin Magazine article that I wrote on the massive Swan fuck up that cost customers 10% of their transactions (they were never made whole).
https://bitcoinmagazine.com/markets/ftx-collapse-cause-huge-bitcoin-price-spike
Cory called me walking anti-signal on SN for posts a few months ago. Do I have a "personal bias" -- yes, I actually need bitcoin in a few people in developing nations do, I have been pissed off about incompetence in the fiat world all my life, and the incompetence in the late fiat "bitcoin world" pisses me off too, so yeah, you could say it's personal.
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728 sats \ 1 reply \ @BOLT11Village 8 Sep 2023
Zapping you 500 sats just for this alone. Thanks for fighting the good fight.
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0 sats \ 0 replies \ @nemo 9 Sep 2023
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230 sats \ 0 replies \ @badabing 8 Sep 2023
Fighting the good fight!
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10 sats \ 0 replies \ @Athena_Alpha 9 Sep 2023
Do you mind sharing how you published a piece on Bitcoin Magazine? While we question many of their recent activities, we would still love to write a banger of a piece for them and their audience one day 🙂
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0 sats \ 1 reply \ @cryptocoin 8 Sep 2023
Is Cory on SN?
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150 sats \ 0 replies \ @nemo 8 Sep 2023
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809 sats \ 9 replies \ @grayruby 8 Sep 2023
Looks like they need to move to a new custodian again.
Fidelity and Blackrock licking their chops.
Sigh.
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20 sats \ 8 replies \ @aoeu 8 Sep 2023
Crazy how we even need custodians at all. Maybe they'll become a custody provider for bitcoin only companies themselves? That's really the only solution here since all other things involve an additional party.
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120 sats \ 7 replies \ @cryptocoin 8 Sep 2023
You don't need a custodian with Swan, but they must have some feature for normies who want Bitcoin in an account just like they with their other financial investment and savings activities.
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101 sats \ 1 reply \ @aoeu 12 Sep 2023
At the moment, you do need a custodian with Swan. Some people that are coming from the traditional financial space also seem to actually want a custodian because it is more similar to how they do things now. We all know that the best custody is self-custody but for the legacy people that might not work for them. Hopefully we can stack enough sats before those rich people and corporations learn about bitcoin and drive the price up.
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10 sats \ 0 replies \ @cryptocoin 13 Sep 2023
What I had meant (but in re-reading what I wrote, I see how i was unclear) was that you can buy from swan and withdraw the btc immediately. If there is a custodian there holding them for those 90 seconds, or whatever, then I guess yes, a custodian does temporarily hold your btc funds.
I suppose I also didn't consider the USD held, waiting for the deposit payment to clear, as funds held by a custodian, but I presume that in another instance of exposure to a custodian, with Swan, that you cannot avoid.
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0 sats \ 4 replies \ @franzap 9 Sep 2023
Forgive my ignorance – why can't Swan implement this on their own? Is this a license thing?
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31 sats \ 3 replies \ @DiracDelta OP 9 Sep 2023
The guy you are replying to had a very weirdly phrased comment. Implementing things themselves would require at a minimum getting money transmission licenses in every state they want to operate.
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41 sats \ 2 replies \ @sudonaka 9 Sep 2023
River did it just fine
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1 sat \ 1 reply \ @aoeu 12 Sep 2023
Did River ever describe how they did it?
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44 sats \ 0 replies \ @sudonaka 12 Sep 2023
They have their own infrastructure and licenses. It’s a lot of work but they are builders
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980 sats \ 0 replies \ @carlosfandango 8 Sep 2023
Interesting…. me thinks the maxi doth protest too much.
Truth always comes out eventually
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1008 sats \ 0 replies \ @nerd2ninja 8 Sep 2023
Goodness gracious this is a dumpster fire.
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21 sats \ 0 replies \ @orthwyrm 9 Sep 2023
So why would anyone use Swan at this stage? They'll lose the Bitcoin puritan audience by directly enabling one of Bitcoin's larger antagonists ("Change The Code").
Peak comedy if Swan winds down before Binance.
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50 sats \ 0 replies \ @eduardopro 8 Sep 2023
Yikes!
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10 sats \ 0 replies \ @picco 9 Sep 2023
It's a wake up call for Swan, what a irony
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10 sats \ 2 replies \ @brianh 9 Sep 2023
God damn it I just signed up with Swan lol.
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0 sats \ 1 reply \ @aoeu 12 Sep 2023
You'll be fine. They are transitioning to in-house custody and will no long being at the mercy of a third-party. With the current situation, I read that Fortress does not have unilateral ability to access any of Swan's clients bitcoin. It is actually custodied at Bitgo.
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0 sats \ 0 replies \ @aoeu 15 Sep 2023
Swan and Bingo will be creating a Bitcoin-only trust company.
#254145
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3 sats \ 0 replies \ @fiatdenier 9 Sep 2023
Swan sends you to a bank to get your fiat and then send you to a custodian to get your bitcoin while collecting 1% for facilitating that. Thank the lord 😆
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21 sats \ 0 replies \ @sudonaka 9 Sep 2023
So much for "tRusTeD CusTodIaNs"
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0 sats \ 9 replies \ @runningbitcorn 10 Sep 2023
So weird that they're not choosing to build out their own vertical infrastructure like River. This is a bad look.
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0 sats \ 8 replies \ @aoeu 12 Sep 2023
They'll actually be announcing their own solution to custody in-house in the next day or two. They will no longer require a third-party custodian.
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21 sats \ 7 replies \ @runningbitcorn 12 Sep 2023
This is great news and more in-line with the ethos they're preaching. Happy to hear!
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10 sats \ 6 replies \ @aoeu 12 Sep 2023
I was glad to hear this too. First Prime Trust then Fortress. Crazy turn of events. I'm excited to see what they have in store. BTW, I'm a happy user of Swan but also use River, Coinbase, and Strike. I feel they all have their strengths. We're all in this together.
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21 sats \ 0 replies \ @runningbitcorn 12 Sep 2023
100%, spot-on. A rising tide raises all boats and we all need to be rowing in the same direction. I'm gonna be taking a deeper dive into Strike. I'm an American Argentinian setting up Bitcoin education in Argentina and Strike apparently is operating in Argentina as well.
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21 sats \ 4 replies \ @DiracDelta OP 12 Sep 2023
What? Who is "we".
Companies fail. Companies are not bitcoin.
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0 sats \ 3 replies \ @aoeu 12 Sep 2023
I used "we" to refer to bitcoiners. Yes, companies fail and are corrupted. However, I do clump companies that are bitcoin-only into that "we" category too. The bitcoin-only companies should be following the same principals that you and I are. Everyone in the space is doing their part to educate and improve access to bitcoin. The companies that say they are bitcoin-only or act contrary to that thesis should be called out.
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0 sats \ 2 replies \ @DiracDelta OP 12 Sep 2023
So you should avoid Swan since that is a tool that is for LARPing and funding shitcoiners. 🤡
Use a non garbage product, and then take the thousands of dollars you save (plus or minus based on income/wealth) and donate to open source development that is actually useful. Or continuing LARPing and funding shitcoiners, your call
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0 sats \ 1 reply \ @aoeu 15 Sep 2023
What do you consider a non-garbage product? Bisq, Hodl Hodl, and Robosats?
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