What happens to the sats in my SN wallet on Nov. 5th?
Nothing. The sats in your SN wallet will remain available to withdraw.
So, what happens to the sats in my wallet on Nov. 5th?
Nothing. The sats in your SN wallet will remain available to withdraw.
So I don't need to panic because sats in my wallet after Nov. 5th will remain available to withdraw just like they were on Nov. 4th?
Yes, that's right.
If my sats remain available to withdraw, then what changes on Nov. 5th?
To zap with real bitcoin and be zapped with real bitcoin, you'll need to attach an external lightning wallet for sending and receiving respectively:
- If you want to send real bitcoin to other stackers when you zap them on SN, you'll need to attach an external sending wallet.
- If you want to receive bitcoin when you're zapped on SN, you'll need to attach an external receiving wallet.
If I don't have or want to attach external wallets, what happens to the zaps I send and the zaps I receive after Nov. 5th?
- When you zap someone else, you'll send Cowboy Credits and they'll receive Cowboy Credits.
- When someone zaps you, you'll receive Cowboy Credits.
What are "Cowboy Credits"?
SN will accept Cowboy Credits as payment for everything it accepts sats for (e.g. posting fees, territory fees, even donations). You can also send them to other stackers as zaps.
So the only difference between Cowboy Credits and sats is that I can't withdraw Cowboy Credits?
That's right. That's the only difference.
What happens to rewards and territory revenue after Nov. 5th?
Nothing. Rewards and territory revenue will work the same as they do now.
Even if I don't attach an external wallet?
Yes, you'll receive "Reward Sats" which (like all custodial wallet balances) are not to be mistaken as truly yours until you withdraw them. You can also buy Cowboy Credits with Reward Sats if you choose. The only real changes to rewards after Nov. 5th are:
- Reward Sats can't be zapped to other stackers
- Reward Sats are subject to the following magic words, aka terms and conditions:
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From time to time, Company may, at its sole discretion, offer and provide prizes or awards of BTC ("Reward Sats") to individuals or entities based on Company initiatives, promotions, or for other reasons determined by Company. Company reserves the right to issue (or not issue) such Reward Sats to any person or entity, at any time, and without prior notice. If you are selected to receive Reward Sats, Company will notify you and will transmit the Reward Sats to your account. In order to claim the Reward Sats, you will be required to set up an account, and may be required to provide certain personal information, including but not limited to, a valid Lightning wallet invoice. Failure to provide accurate and complete information may result in the forfeiture of the Reward Sats. You acknowledge and agree that you do not own, and shall have no right, title, or interest in any Reward Sats until such time as the Reward Sats are successfully transferred to your designated Lightning wallet. Until the transfer is completed, all rights to the Reward Sats remain solely with Company. Company makes no guarantee regarding the timing or availability of any such Reward Sats.
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Can I zap other stackers my Reward Sats?
No, without an external sending wallet, you can only zap other stackers Cowboy Credits.
Do Reward Sats, or any of these changes, involve KYC or so-called "soft" KYC?
No, they do not.
What if I receive sats to my SN lightning address after Nov. 5th?
If you've attached an external receiving wallet, those sats will go directly to your receiving wallet.
If you haven't attached an external receiving wallet, you'll receive Cowboy Credits.
I have more questions about Nov 5th. Where can I ask them?
In this thread. Ask me anything.
I'm a territory founder and this change makes me regret paying for or purchasing a territory.
Please email me.
I'm having a bad day, week, month, year, or life. Where's the best place for me to make you miserable too while pretending that this post is the cause?
In this thread.
I'm miserable but also sanctimonious so I'd like to write a eulogy for SN that you'll read. Where's the best place to do that?
In this thread, but it might be more fitting to write it on nostr or X and tag me.
Will SN ever offer a custodial lightning wallet again?
We may eventually partner with Zebedee and/or Strike and/or whoever to offer a 100% OPTIONAL integrated and regulated custodial wallet, but that will happen well after Nov. 5th.
What happens to the sats in my SN wallet on Nov. 5th?
Nothing. The sats in your SN wallet will remain available to withdraw.
This is a repost to get a fresh thread. See #722833 for previous discussions.
