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100 sats \ 3 replies \ @nerd2ninja 17 May 2022 \ parent \ on: The Bolt Card, an LNURL-powered NFC card bitcoin
Alright its better than I thought it was, but its still bad. The redeeming quality it has is this: "LN SERVICE only needs to implement a scheme for renewing the balanceCheck URL on every call it receives, returning the next URL every time"
Slight improvement over credit cards because a radio transmision sniffer would steal the creds of a credit card and use it over and over, but still a downgrade over a non-custodial wallet. Non-custodial wallets hold their keys interally and don't reveal secrets when signing. Based on what I'm reading, this reveals a new secret on each transaction which is still susceptible to sniffing.
The hate towards custodial is justified. Mt. Gox is the only learning lesson anyone should need, but even then 1971 (the removal of the convertibility of the dollar into gold) should have been the only lesson people needed. The banking lobby itself would not exist without depositors.
Am I going with all my cash to buy a beer? If a method existed for transmitting monetary value over a communications channel, without the need for a 3rd party, I wouldn't be going with cash at all, but the irony is that the example you give still does not require a custodial solution. The reason I don't go to buy a beer with cash at all is for three reasons:
  1. The value of the dollar is guarenteed to lose value over time. So I only convert to dollars when absolutely neccesary and save in a store of value
a. Caveat, my spending money for daily life is is spent well before the devaluation of the dollar reflects any price changes.
  1. I have an incredably difficult time buying an item which is a store of value over a communications channel, without the need for the 3rd party.
  2. All of the money is fake, so if the bank I'm with does run into trouble, the federal reserve will just print more paper for them to play with.
Now to speak to the point about converting to trash dollars at the time of purchase, I think this service does well to compete with Bitpay or CashApp (insofar as CashApp's usability to sell Bitcoin on the spot and pay with a CashApp card), but I do not believe that if there were to exist a method for transmitting monetary value over a communications channel without the need for a 3rd party, counter-party risk, and had final settlement, I would much rather prefer something like that over any custodial solution, any day.
If only.
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0 sats \ 2 replies \ @DarthCoin 17 May 2022
Oh let me guess... you are one of those going top pay for a coffee with a Trezor, connected to a laptop over Tor, using a LiveCD linux...
And people waiting in line behind you, until you remember your 2FA.
People that lost money in Mt.Gox where the losers, the traders, not real Bitcoiners. I am in Bitcoinlandia from 2012 and didn't lost any sat on MtGox, because I didn't have any BTC there, only on my wallets.
For all these 10+ years I use the method of 3 levels satshing: HODL, cache, spending. Each level with a certain amount. For spending is just fine to have some easy fast tools even custodials, without touching all my satsh.
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1 sat \ 1 reply \ @nerd2ninja 17 May 2022
I understand using a custodian if you absolutely have to.
The issue I see is that there does not seem to be any security level benefit. Sure your phone can be hacked, but so can the website you're custodying with, but worse and more concerning to me, is the influence that is given to any custodian.
I mentioned the banking lobby
I have yet to mention FTX, although they have walked their statements back, the point is that depositors give custodians undue power of influence in a world where politicians are bought and paid for. Maybe maybe if it is combined with a culture like "proof of keys day" then maybe it could be safe enough as to avoid a server side number that does not accurately reflect the backend's cold storage and therefore make a banking lobby 2.0 infeasable.
Sure, your $200 of spending money with a custodian might not be a big deal to you, but thousands of depositors with that same amount, or worse millions, has compounding effects that I don't believe are often considered when people choose to use a custodial solution, a point that is nonetheless moot if you absolutely have to use a custodian.
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0 sats \ 0 replies \ @el_zonte 24 Jun 2022
you don't have to use a custodian
#38078
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