90 sats \ 10 replies \ @siggy47 OP 13 Dec 2023 \ parent \ on: My Stacker News Anxieties meta
Is there any way accounts use their own third party (phoenix, blixt)LN wallets?
I think ShockWallet could be a solution https://www.nobsbitcoin.com/shockwallet-lightning-pub-alpha/ but is still in early beta.
Looks promising.
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Short answer: yes, third parties, whether compliant custodians or non-custodial wallets, are how we can still use real money on SN compliantly
Extension of answer: all third party options come with tradeoffs. e.g.
- Most compliant custodians that allow us to "connect" to them all have customers they can't serve even in the US, e.g. NY residents.
- mobile non-custodial wallets, even ones trying to serve SN-like use cases, can't send payments instantly and are even more difficult to receive payments to
Basically, no third party is a 100% solution to what we need if we want everyone to be able to use SN easily and cheaply. Still, we are excited to become customers of these third parties because it will help these solutions get better.
We are pretty far along on our thinking on this. We just need to consult with a few more groups first before cementing our plans. I'll share those not-yet-cemented plans on SN for feedback in a week or two.
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Great information. I looked into the "money transmitter" possibility, and I'm less concerned, at least as between SN and individual stackers. I'm sure you guys have lawyers looking into everything, and especially regarding the particulars of how fiat is converted to bitcoin internally.
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Yes, we were happy to learn SN paying people is very legal. The MTL trouble afaik is having custody of funds as they travel from person A to person B.
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Exactly
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Sorry but I have to remember you again: I've told you so many times... implement the fucking LNDHUB and that's it!
How many times I have to be right until people take in consideration my advice?
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I don't know for certain, but I'd guess, except at the margins, that it wouldn't matter if we were based in El Salvador. If we serve US customers we are subject to US laws.
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For sure, it's not off the table.
My goal is to serve everyone that we legally can however we can - even if it means needing a plurality of solutions, one for each exceptional jurisdiction, and cleverly allowing them to interact.
The only people I don't think we'll be allowed to serve as a US-based company are embargoed countries, ie where sanctions are extended to everyday citizens. This might be the one area where moving to El Salvador is a solution.
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