Why is nostr:nprofile1qyt8wumn8ghj7un9d3shjtnrda5kummn9e5k7tcqyzagpxgxvmhskm6t55zex3a7kyey9ys723nfu6qqvn9825jk5836v8xsdxk in business but so many wallets shut down or fled? I'm just curious why their business model isn't scrutinized or apparently under threat? #asknostr
Discussion
I don’t know the answer but I also wonder has anything actually changed legally that has required other wallet providers to take the actions they’ve taken, or has it all been out of fear of some future regulation that may not even come to pass? It’s odd.
It is odd because all these Wallets dissapeared or fled or shut down and then CoinOS pops out of no where and everyone's using it and there are no questions about it? Not that I'm suspicious of the company, but I'm suspicious about everything.
im suspicious of it for sure, but they dont have any info on their users unless you give them an email to notify you of stuff. Their github repo is available for viewing
I'm really going to have to learn how to program this year so I can at least begin to grok certain code bases.
It’s been around for several years, maybe as long as Alby although don’t quote me on that. I remember trying it when I first heard about it but personally didn’t use it much because the UI was browser based and that weirded me out lol. I think with the other wallets shutting down in the US it has just been a natural migration of users, especially for Nostr users since it supports NWC.
Ah so many it's just one of those things that looked like it popped out of nowhere but as you correctly point out it could just be my attention was drawn to it because it became popular due to migration. good point.
That’s how I view it, but I am still curious the answer to your original question about why others have shut down but they haven’t.
It remains an open question.
Wasn’t it the money transmitter regulations of the US that scared them off? (hence WoS not being available to the US). nostr:npub1h2qfjpnxau9k7ja9qkf50043xfpfy8j5v60xsqryef64y44puwnq28w8ch is Canadian so perhaps there are different regs there?
But they permit US customers and so presumably would be subjec to US laws. For example WOS removed itself from the US for that reason.
My assumption is that any of these wallets could shut down at a moment’s notice, so don’t keep too many sats there
I'm full-self custody across the board (except for the occaisional cashu to spray nuts) but ya I agree.
Yes, I just don’t have the mental space to run a Lightning node. Did it for a while but too much effort for the work.
When you run it just for zapping or for a specific trip where you expect to use a lot of lightning it’s not so bad. I basically just keep one large inbound liquidity channel open and I’m good to go
I don't think they have attracted too much attention. Phoenix or WoS were big players.
It's just curious to me because it popped out of nowhere and is a pretty sleek design/professional site, etc.
He's an OG, giving back to the community that made him so wealthy
Quite impressive actually
It is impressive, just curious because they don't seem concerned about regulation or being a "money transmitter" etc.
Canadian and flying under the radar because they're much smaller than WoS.
They'll probably be okay too, even if they grow massively, if Trump is looking to nuke regulations in a week.
I'm looking forward to some bitcoin banks with e-cash springing into existance and establishing cross bank federations. I want to buy my groceries with ecash that converts to USD at the point of sale seemlessly.
No idea about the legal stuff. I have loosely related thoughts though.
For over a year custodial Alby seemed to route my lightning payments at no cost. I might have missed seeing the fees, but regardless they were almost 0. Shoutout to nostr:npub1getal6ykt05fsz5nqu4uld09nfj3y3qxmv8crys4aeut53unfvlqr80nfm. Coinos seems to be doing the same. Maybe with ecash they have more opportunities to make money.
Grateful for their service.
Love seeing people build, absolutely.
The basis of Canadian law is that you can legally trade anything for anything (there are obvious exceptions). I guees international Private Law would apply for cross border transactions, and that's way behind the curve.
Pierre Poilievre is a massive bitcoin maxi and he'll almost certainly be next primeminster.
Don't trust verify etc etc... but from my own perspective, some of my close friends from the antivax protest days have had an opportunity to meet the CoinOS team and shared some good vibes. Everyone building freedom tech is necessarily horizon scanning all the time. CoinOS is 100% cypherpunk imho.