Prime trust always seemed sketchy to me. Used swan a few years ago to stack but stopped and moved to strike.
I have a couple folks that I sent to Swan tho. Will try to get them off.
Do you know if River uses Prime bust?
Discussion
Both (Strike and Swan) were using Prime Trust
That explains the emails from strike. 🤦♂️
Bitcoin only exchanges that custody have the same risk as crypto exchanges. Since they use the same back end and all have rehypothication risk
Right, and I was using both at the time and had been complacent about withdrawing and had a few months worth of corn at risk when Prime started acting sketchy. It was a wake up call for me. I immediately withdrew everything I could at that time and then started ritually withdrawing from both after about a week or so to manage my risk better.
But Strike immediately started to work on separating themselves from Prime and they never forced me to hold my money on Prime for any amount of time. Swan/their employees are still acting like trusting a separate custodian is *safer*.
Anytime someone else has your keys it is the same risk of trust. Easier to trust bitcoin only companies but we should be just as cautious. Risk is equal.
At this point I’m just wondering where to send my normie loved ones to stack.
Folks that will not stack unless it’s easy and seamless. Folks that are used to the dumpster fire that is coinbase.
Strike will do for now I guess.
Anyone know the scoop on River?
River is great too. The only reason I don’t use them instead of Strike is that I love hourly DCA.
Knowing I’m buying every dip throughout the day is a huge psychological hack for myself. It shouldn’t matter, but it really does help me not think about the price at all throughout the day.
Strike is also convenient for reloading Lightning balances on any phone wallets.
I would have no trouble recommending River to anyone though, with the caveat that they should withdraw frequently and self custody that vast majority of their stack no matter who they use.
Strike is my go to for bringing people into BTC. CashApp is good too and much easier if they already have it. Not as scary as it’s “known”.
Cash is good too. But, both Strike and Cash have withdrawal limits set in fiat terms too which is another wrinkle. If we get a big enough God candle it is possible to get corn trapped on any platform with such limits.
Just another reason to withdraw frequently and never trust anyone with more sats than you are comfortable losing.
This is what I worry about. Will just have to preach about good withdrawal hygiene. Even tho constant withdrawals are bad for privacy… lol it’s all so tiresome.
River has always handled their own custody and has never outsourced that aspect of their business, supposedly. Don’t know how I’d verify that, but that’s what they say and I don’t have any reason not to believe them.