Bitcoiners Stoked To Setup Newcoiners To Custodial Lightning Wallets That Get Rug Pulled Next Bear Market
As the bull market rages, Bitcoiners are getting excited about onboarding newcoiners to new Bitcoin products that will inevitably rug pull their users, such as custodial lightning platforms and custodial KYC exchanges.
Dan Held commented on the growing discussion by saying, "Getting rug pulled by custodians is just a rite of passage. This is how we get mass adoption in the space. We need easy to use, central points of failure in order to make sure all the podcasts have sponsors."
There is a huge void that was created by Wallet of Satoshi rug pulling American users of the platform, due to compliance concerns. The market for custodial lightning wallets that actually work is massive, meaning the potential surface area for rug pulls is absolutely massive.
One Bitcoiner told the Bugle, "I'm just going to shill whatever Peter McCormack's sponsors are this cycle for maximum chance of them getting rug pulled. When I was a kid, my mom gave me an allowance then rugged me. I'm going to get her back, just you wait."
Individuals getting rug pulled on Bitcoin related platforms allows for users to first hand experience how Bitcoin is different than the fiat system. What makes things more interesting is thinking about how people will respond when both the fiat and Bitcoin ecosystems begin rugging users at the same time, leading to a confusing mess.