Nostr Web Client

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Alby users are claiming that their funds have been confiscated. Alby has a clause that allows them to do this:

“To manage these inactive accounts effectively, we reserve the right to deduct the entire remaining balance from a user's inherited Alby account with a shared wallet after 12 consecutive months of inactivity, defined as the absence of completed transactions during that period."

https://getalby.com/terms-of-service

But this expropriation reaffirms that if they're not your keys, they're not your bitcoins.

https://www.criptonoticias.com/tecnologia/wallet-bitcoin-extrajo-fondos-usuarios-alby/

https://x.com/1999_eth/status/1932354802723484042

https://x.com/bitmoyu/status/1932357230273466590

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Discussion

Schroedinger 6mo ago 💬 9

If this is true nostr:nprofile1qqsyv47lazt9h6ycp2fsw270khje5egjgsrdkrupjg27u796g7f5k0spzemhxue69uhk2er9dchxummnw3ezumrpdejz7qgwwaehxw309ahx7uewd3hkctcprdmhxue69uhkummnw3ez6vfwde3x7tnpdenkzmnf9e3k75xqss4 can go fuck themselves

nostr:nevent1qqsrj4j3kcnjyz89lxrjd69leh3s0ck0783kyu2dspqqms7ygz72l0qppemhxue69uhkummn9ekx7mp0qgs07xngcssgyyzas5kyyk7t0q7fnc7gln90565n5ghns20qajvrrncrqsqqqqqpv9uf8q

ralphstriewski 6mo ago

This is true if you use the custodial paid Alby service not the Alby Hub or Alby Go

Alby 6mo ago 💬 1

This only refers to Alby accounts with a shared wallet after 12 consecutive months of inactivity. Alby Hub is a self-custodial wallet. Those uses are in control of their funds and are not affected.

ralphstriewski 6mo ago

👍👍👍👍

Danie 6mo ago

nostr:nprofile1qy08wumn8ghj7mn0wd68yttsw43zuam9d3kx7unyv4ezumn9wshsz9mhwden5te0wfjkccte9ehx7um5wghxyctwvshsz8rhwden5te0dehhxarj95cjumnzduhxzmn8v9hxjtnrduhszrnhwden5te0dehhxtnvdakz7qgkwaehxw309ajkgetw9ehx7um5wghxcctwvshsz9thwden5te0wfjkccte9ejxzmt4wvhxjme0qqsyv47lazt9h6ycp2fsw270khje5egjgsrdkrupjg27u796g7f5k0shjk534 not quite true. My channel was just closed after 12 months. All my sats are gone amd it saiod they shoud re-appear in my Node on my Alby Hub. Well they have not appeared after many hours now. It seems I have to buy another channel now, but that channel costs the same as the sats I actuially had. So it si really a washout for me, and I don't know what the point was of me even self-hosting the Hub was. Seems tyhat channel is the big catch. My Hub was in daily use, was connected, and had funds movement. If this is how much the channel is going to cost every 12 months, then this is absolutely not worth it for me.

bumi 6mo ago

You talk about different things here. Channels and Alby Hub are completely related. Channels can be closed in any lightning node - this is the basic concept of lightning and also important to make sure you and the channel partner are in full control.

Alby Hub integrates some LSPs but Alby does not provide any channel services.

If your channel was closed you can check with the channel partner. Or you're free to open a channel to any node that you like.

Abstract Equilibrium 6mo ago 💬 2

I don't use alby. Not because of shit like this, but because they require an account to be created in the first place.

Hold your own keys, especially if you plan on sitting on the funds for a whole year!!

nostr:nevent1qqsrj4j3kcnjyz89lxrjd69leh3s0ck0783kyu2dspqqms7ygz72l0qpzamhxue69uhhyetvv9ujuurjd9kkzmpwdejhgtczyrl356xyyzppqhv993p9hjmc8jv78j8uetax4yaz9uuznc8vnqcu7qcyqqqqqqg9wg0tt

nicodemus 6mo ago

Saw this coming months and months ago.

People are still too cavalier with their sats. There will be much regret later.

The Daniel 🖖 6mo ago

I wrote this on nostr:npub1jfujw6llhq7wuvu5detycdsq5v5yqf56sgrdq8wlgrryx2a2p09svwm0gx yesterday:

This is always a problem with users who don’t pay attention and think that custodial wallets are meant for long-term storage.

Back in 2023, BlueWallet shut down its public Lightning node because they saw a large increase in usage, most likely due to Nostr zapping. They posted some messages on their blog and social media but didn’t have a way to contact any of their users directly. To this day I still run into people who gave up on Lightning because they had sats on BlueWallet that they lost, and they assumed Lightning itself didn’t work.

If you have money stored on a website, or in an app, and you don’t have the keys, you should assume it’s just an IOU. It’s not anyone’s responsibility but yours to take ownership. It wasn’t stolen from you. You abandoned it.

https://stacker.news/items/1002712/r/The_Daniel?commentId=1002924

WienerMemer 6mo ago

Similarly, ZBD ceased operations in certain countries at the beginning of the year. At least they gave sufficient notice.

onthephone 6mo ago

Stfu. Lightning sucks. As if crypto wasn't already a pita to use, then you want to add the nuances of Lightning?

It's all for nerds cuz normal people don't need or want that. On top of that, you chastise normies using the necessary tools to make the de facto custodial lightning wotk. What a fucking joke.