Nostr Web Client

Why does he keep the Bitcoin transfer limits so low on nostr:npub1cashappn03s3cl2ljsdntv0v28e2um5lgx4vjctqjt23pcwzjhsqmtdg5l ? So anti-Bitcoin, centralized and permissioned.

Sean 1y ago 💬 1

People are free to make choices when they bring a product to market.

Even more so in a Bitcoin economy.

I see nostr:npub1cn4t4cd78nm900qc2hhqte5aa8c9njm6qkfzw95tszufwcwtcnsq7g3vle in a similar light.. both have to deal with beauracratic hurdles. My guess is that they have a gun to their head by the state they're opperating in, when making such decisions.

Nobody is making you use Cash App or Strike either, they are how ever facilitating a transition towards a Bitcoin standard within the confines of the 'law'.

It's a much tougher battle to find a middle gound solution, because you either offer a full fiat model and custody the coins (coinbase/binance) for the user and risk reputational damage from those who understand counterparty risk. Or you build an anti-establishment model like Samurai did and risk going to prison and being called a money laundering terrorist.. because the fiat overlords deem you as one.

Critising these pioneers for finding a middle ground of 'limits' and 'kyc' is dumb.. especially if you havent got an answer for it yourself.

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Discussion

RobOK 🔸 1y ago 💬 1

Thanks for your reply. First it is fully my responsibility for getting trapped by Cash App. I wrongly listened to their support two years ago who said they were considering raising limits. Their limit was and remains $2K per day ($5k per week) creating very small UTXOs among other problems. At $90K Bitcoin these limits are now 4X lower in Bitcoin terms than a couple years ago.

My note is to raise awareness among people using. CashApp to stack, especially in threads that are overly praiseworthy of Jack.

I don’t understand how this is a regulatory issue as CashApp is out of sync with River, Swan, Strike, etc etc. To me it is a red flag that CashApp does not have 100% reserve for Bitcoin in custody.

Again, thank you for your thoughts.