Wallet of Satoshi will pay users for onboarding newbiesnitter.net/walletofsatoshi/status/1723895763267436558?s=20
1448 sats \ 30 comments \ @Tony 13 Nov 2023 bitcoin
You can now get kick back for onboarding new users to WoS (and eventually, Lighning).
  1. Have a newbie download WoS: https://walletofsatoshi.com
  2. Be the first to send a few sats to the freshly baked bit coiner
  3. Receive a share of any commission WoS makes from them for the next 12 months
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103 sats \ 5 replies \ @nout 13 Nov 2023
Good for getting from 0 to 1, but get them to 100 as soon as possible.
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1 sat \ 3 replies \ @SpaceHodler 13 Nov 2023
You mean get them to 100 sats? Or 100 BTC?
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0 sats \ 0 replies \ @JustinGoldberg 14 Nov 2023
100 bolivars
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0 sats \ 0 replies \ @handsome_latino 13 Nov 2023
100 japanese yen
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0 sats \ 0 replies \ @OneOneSeven 13 Nov 2023
Knowledge %?
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0 sats \ 0 replies \ @handsome_latino 13 Nov 2023
deleted by author
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93 sats \ 0 replies \ @0xbitcoiner 13 Nov 2023
If they bring in noncoiners, it's a good thing.
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48 sats \ 0 replies \ @mf 13 Nov 2023
This is the way.
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47 sats \ 0 replies \ @adexmakai4211 13 Nov 2023
This is really cool. Please if your WOS is new, drop your lightning address let me send some sats
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121 sats \ 4 replies \ @DarthCoin 13 Nov 2023
LOL no! This is bad!
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21 sats \ 2 replies \ @Natalia 13 Nov 2023
I agree; it feels fishy and wrong - Imagine you invited me there, and every time I use WOS, you would know when and how much I pay guessing from the fee reward.
why don't they use those sats to educate more users instead.
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0 sats \ 1 reply \ @DarthCoin 13 Nov 2023
And will create a wave of grifters
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0 sats \ 0 replies \ @nemo 13 Nov 2023
deleted by author
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21 sats \ 0 replies \ @megaptera 13 Nov 2023
yeah, those were also my first thoughts...
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115 sats \ 5 replies \ @pillar 13 Nov 2023
I'm having a hard time understand what the hell is this "commission" they are talking about.
WoS has a great UX, but I'm always bothered by not understanding their business model. I've had people tell me that, with a Lightning node their size, they can simply earn yield from acting as a routing node with their users' funds. But I'm not that convinced that that's feasible.
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110 sats \ 4 replies \ @kdnolan 13 Nov 2023
Livingroomofsatoshi.com
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1 sat \ 3 replies \ @pillar 13 Nov 2023
Okay, that explains a lot. Thanks for sharing!
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0 sats \ 2 replies \ @kdnolan 13 Nov 2023
👍🙂
They are good guys.. WoS is there way of giving back to the community
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53 sats \ 1 reply \ @fiatbad 13 Nov 2023
They are good guys....
.... for now.
We can't trust that will be the case forever. People need to learn to self custody, and transact without custodians.
To be clear, WoS is okay in my book for small amounts of money and onboarding newbs. I just don't want us to get complacent, so I have to point out that centralization is bad. Power corrupts.
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10 sats \ 0 replies \ @kdnolan 13 Nov 2023
Yup totally agree... Everyone should have a hardware wallet.
WoS for small amounts/zapping on Nostr and onboarding people etc...
What the guys have built is awesome - it sucks to see people bagging them is all..
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73 sats \ 0 replies \ @kepford 13 Nov 2023
We should ALWAYS be skeptical. I won't say this sounds fishy just yet but bitcoiners of all people should be highly skeptical and especially of things we recommend to newbies.
My initial thoughts.
  • WoS is custodial so there is always a risk of rug pull. Not your keys not you coin
  • What is commission? I'm guessing fees. Are there any privacy implications? My guess is it would be minimal. Like you know they are spending bitcoin. Routing fees aren't pinned to transaction amounts.
  • What are the incentives here? The more transactions made on WoS the more fees they can collect. Nothing wrong with that
  • WoS benefits from more transactions over their channels.
  • WoS already has a pretty good footprint on the bitcoin wallet market. Not a great thing for a custodial app.
  • If you do recommend WoS to a newbie or any custodial app you need to explain the risks and tradeoffs with privacy, security of funds, and rug pull potential.
  • Does this require an account? IE an email address? If so that is a privacy issue to consider. I'm guessing it does require an account. You can use WoS without an email/account.
  • WoS is one of the easiest apps to use and payment fail very rarely compared to many other apps.
Would love to hear from anyone that has tested this. Also, did I miss any things to consider?
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10 sats \ 1 reply \ @ToxicSaraTV 13 Nov 2023
Is it real bitcoin though or is it just an entry in their database? Let's be completely clear.
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0 sats \ 0 replies \ @TwoLargePizzas 13 Nov 2023
I had the same thought and there's no way of knowing for sure.
But the counter argument is that they're just spending their marketing budget denominated in Bitcoin. It's not an unusual onboarding strategy in traditional software companies.
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210 sats \ 0 replies \ @nitter 13 Nov 2023
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10 sats \ 1 reply \ @TwoLargePizzas 13 Nov 2023
This definitely smells.
But to be fair if I'm just trying to show someone how Bitcoin works I usually get them to download WoS and I send them a few sats as a demonstration. Then I follow it up with an explanation of the pros and cons of different wallets and advise them not to hold too much money on WoS.
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0 sats \ 0 replies \ @Tony OP 13 Nov 2023
Same here
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10 sats \ 0 replies \ @carlosfandango 13 Nov 2023
Commission? Will they want me to sell them aloe vera gel or organic comsmetics as well? This is definitely not the way.
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1 sat \ 0 replies \ @JustinGoldberg 13 Nov 2023
WoS is a one way street, don't keep more than a few bucks there.
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1 sat \ 0 replies \ @joyepzion 13 Nov 2023
WOS is getting too centralised by the minute
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0 sats \ 0 replies \ @KesterBils 13 Nov 2023
This is nice from WOS, I'll be bringing in some nocoiners from the next Blockchain I'll be attending.
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