292 sats \ 2 replies \ @Ribbit 30 Apr \ on: Bitcoin and Privacy bitcoin_beginners
The switch has nothing to do with privacy.
Privacy on LN is not guaranteed or practical. The self-custodial wallets are very user unfriendly and require ~100k sats to even begin using and with all sorts of ip address holes and coordination risk from nodes to adversarial LSP's. Not the scaling panacea we were sold.
I include the browser extensions we will now have to rely on, in the critique, that add yet another party of trust in addition to the wallet, VPN provider (or tor) hardware security, best practices ect ect, all of which best practices need to be constantly updated and maintained.
No other currency system requires you to have money first before receiving funds, and privacy by default solutions are out there. It's silly
If there was a viable privacy option for Lightning right now SN would just deploy that.
This is not a privacy switch but a liability switch to no longer potentially be considered a "money transmitter".
The switch is to remove SN from the legal gun sights of various government agencies in the district that SN is registered as a business in and where it's servers are located, the united states.
Imagine you are new to Bitcoin and SN, the added burden of using on of the mostly custodial lightning wallets, extensions that need your trust in knowing your email or seed or god forbid setting up your own LN server and providing it liquidity, all before being able to post or zap.
This is the choice of slow death, instead of throwing yourself into the fight alongside other Bitcoin Initiatives. The whole point of bitcoin in the first place. What we see is just a bunch of pussies complying.