Is it too late to ask what happened with Swan?
Sorry I’m not up to date to angry bitcoin on X
Discussion
100
The new place they moved all the corn to did the same shit
Rug?
No whatever the problem was and was not really clear.. the next place has the same issue I believe
Don’t know all the details and they still are not clear weird shit
I think I was something like this,
Swan use Fortress Trust (formerly Prime Trust), Ripple (early
Investor of Fortress Trust) acquired Fortress Trust, right after Fortress had some kind of security issue where one of their larger customers had a breach and lost funds (don’t know the full details of that part)
Sounds pretty close to what I have been hearing. I don’t use them I have but just to compare to strike and their fees. They actually were better on the spread I did 10$ transactions as fast as possible twice and both times just by a few hundred sats swan was “cheaper”
Ripple does look like the bigger player in this tho.. it is kinda sus. I will find out the details.. “or what is out there for us to see”
Or same issue it was bad move they are down BAD
Swan switched from Prime Trust to Fortress Trust.
Fortress Trust is being acquired by Ripple (not finalized yet though).
Ripple may soon we’ll be in charge of #bitcoin custody for nostr:npub1tftc33ttam85wraffce62cgtvvjrmttquqlv6a0agtfm5nl4vues82xar5
nostr:npub10uthwp4ddc9w5adfuv69m8la4enkwma07fymuetmt93htcww6wgs55xdlq has covered it well.
Why are people angry at Swan?
I think because nostr:npub18p63njhaxftx3m8luk2h0umj8p3cmfx09kv9hqhext7gr5ea585qsc0k8k has been so vocal against “scams” and alt-coins so much that it seems hypocritical in a sense.
Especially because they are so silent about it and seeming to distract with other “big announcements” instead.
I take away from it that #bitcoin companies will be quickly separated via time preferences.
nostr:npub1xkere5pd94672h8w8r77uf4ustcazhfujkqgqzcykrdzakm4zl4qeud0en talked at the #lightningsummit about how long it took them to build their own in-house custody solution both engineering and compliance.
Those types of business won’t have to worry as much. But then I hear others say no business should try to sell and store #bitcoin because long term the goals of each will pull in opposite directions.
I think that’s a little of what’s playing out now.
They are!! And I just wanted not to be close when it went bad.. I shouldn’t even say because I don’t know exactly I don’t think anyone does.. probably one reason
Isn’t the #bitcoin custodied at Bitgo and the #dollars custodied at Fortress? Not ideal either way. Would be worse if they didn’t constantly advocate for people to self-custody.
Further but not current customer here.
Agreed. Hopefully those buying #bitcoin self-custody asap but more importantly start buying in a non-KYC fashion.
Better privacy and rug protection.
nostr:npub1h8nk2346qezka5cpm8jjh3yl5j88pf4ly2ptu7s6uu55wcfqy0wq36rpev what you take on this?
Will you keep promoting nostr:npub1tftc33ttam85wraffce62cgtvvjrmttquqlv6a0agtfm5nl4vues82xar5?
They learned their lesson, (more than once) and will now be setting up a Bitcoin only trust. Should have done that from the start.