I came across this video some years ago and just remembered it now. What's preventing a custodian from utilizing something like this to operating from anywhere, moving if/when needed? If not just this and/or electricity, what prevents them from giving a middle finger to governments?
Anybody with a node can be that custodian, as I described in these guides.
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41 sats \ 1 reply \ @kytt OP 29 Mar
What I really want to know is - what is preventing many of these custodians to say "fuck you", stop being a State-created entity, and run their node/app as they please?
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what is preventing many of these custodians to say "fuck you"
balls, they do not have balls... This is the reality today
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Nothing really stopping local community members from being a custodian and being an LSP or using fedimint to give users easy access to Bitcoin, and that trust is handled by the fact that you know that person, and you can vet everyone you custody for so the trust can go both ways, but its not exactly scalable
If you're looking to be a custodian at scale, where your focus is on providing a reliable service at a profit, you need scale and to earn trust you become an entity that people can find and sue, regulate, close down, its a business.
How many people are going to do business with an anon custodian? Very few if any to make it worth anyones time.
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If you provide your service entirely over Tor, you can already become virtually untraceable if you practice good opsec.
Now the problem is, who will trust a bussiness that you can't put a face to, that you can't have a legal quarry with? It would be a matter of years of hard work to build up the reputation to operate at a big scale.
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21 sats \ 0 replies \ @joda 29 Mar
Dark markets are like this.
Then they rug everyone.
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IMO this isn't happening because the software stacks for Lightning still suck
Running a server for any of it isn't intuitively a mobile thing either
And what's the incentive for going through the hassle? At what scale does it even become worth it?
We can lower these barriers with better software, ideally custodial servers are nothing more than a public key using a more p2p-like network, that's easy to run on a residential connection and monetize.
WIP
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