Subnostr

Phoenix wallet making a fire improvement for their self-custodial lightning wallet!

https://acinq.co/blog/phoenix-splicing-update

While you were making Bitcoin banks, Phoenix scripted out lightning channel management

While LND was making shitcoins on Bitcoin, Phoenix was implementing splicing

While you were making DNS addresses for lightning zaps, Phoenix was working on bolt 12

When the custodial rug pulls and rehypothecation comes, when the government attack strike down, when the lightning shitcoins lose speculative value, only Phoenix wallet users will be ready. For it spent its time improving the protocol

steepdawn974 2y ago

Love Phoenix. But when "the government attack strikes down", they will likely be hit first.

They operate the biggest Lightning node on the network and sit on a lot of metadata since alle Phoenix users have their only channels with ACINQ.

Worst of all, they are a EU legal entity, and MiCA (Markets in Crypto assets) which is coming into effect 2024 stipulates "making transactions on behalf of others" as a Crypto asset service, and Crypto Asset Service Providers to collect KYC info from sender of receiver of *all transactions*.

Maybe they and other LSPs will fly under the radar forr some time. But don't tell me they are somehow immune to govt crackdown

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