Nostr Web Client

I hear this sentiment a lot but you are a maker and probably an influencer and net-receiver of zaps. Most plebs will never have their own nodes and those will get hurt if WoS "gets hacked".

I worked for a self-custodial mobile wallet and we had users with more then $100k in our product and my estimate always was that the average was $100. For WoS it might be closer to $10 but with more than 100k installs on Android alone that's still at least a million USD.

For me it's not only about personal loss and blaming the other guy who held all his sats in WoS. For me it's about us collectively creating these incentives for crooks to provide these honey pots that plebs fall into.

If your business plan is to take off with all the users' funds, you have much more resources to create a great product than if your plan is to provide an honest and forever free product.

Psychopaths exist and I've seen plenty in Bitcoin, too.

Derek Ross 2y ago

Agree.

So, how do we get better Lightning self custody solutions? I believe this is the problem we're trying to solve. This is the potential pain point.

Reply to this note

Please Login to reply.

Discussion

pcdkd 2y ago

Channel management is biggest hurdle in my experience. First time I setup my own Lightning node, had no idea I had to fund a channel as well.

Leo Wandersleb 2y ago

I'm afraid that self-custody isn't even the solution as self-custody currently requires to control at least one UTXO and growing the UTXO set to 8 billion would be unfeasible in a short time frame.

I think we need some "Uncle Jim" approach, where it is easy for some to provide custody for others in a much more distributed way than 3 big wallets holding all the funds.

The best solution I could think of right now are chaumian mints with both the UTXO set and the minting requiring m-of-n signatures, combined with tools that allow users to join or form federations dynamically.

Until that is ready, joining your Uncle Jim's Single Sig BtcPayServer is better than using WoS for sure.