The playbook for what will happen is in the code. You custody the keys and you have the ability to audit (or delegate the audit) of the code. But you are correct, without performing that audit, you are putting a certain of level of trust in the developer.
How can I be sure that my funds in a #bitcoin coinjoin (like Whirlpool) won‘t get stolen (e.g. send to an address that I do not control)? I mean, I do not sign every transaction manually, so I think this has to happen like automatically and I do not control the flow of my funds?!?!
Is it like in Bitcoin mining, where playing according to the rules is more beneficial (i.e. the aggregated Whirlpool fee over time) than a malicious behaviour (e.g. when the trust in Whirlpool is lost, this service is done)?
I would consider myself an average joe in regards to my technical understanding of bitcoin. But I‘m curious and want to get a deeper understanding.
I have checked my two main resources for bitcoin tech related topics nostr:npub1ltt9gry09lf2z6396rvzmk2a8wkh3yx5xhgkjzzg5znh62yr53rs0hk97y and nostr:npub1rxysxnjkhrmqd3ey73dp9n5y5yvyzcs64acc9g0k2epcpwwyya4spvhnp8 but I’m stuck!
#asknostr
Discussion
But I would just add, it's the same level of trust you put in *any* wallet developer.