Replying to Avatar utxo the webmaster πŸ§‘β€πŸ’»

It will allow people to make payments directly from their exchange accounts or take custody in their self custodial Phoenix or mutiny wallets βš‘πŸ’œ
Avatar
π–‹π–Žπ–†π–™π–‰π–Šπ–“π–Žπ–Šπ–— (Β―`◕‿◕´¯) 2y ago

β€œself custodial” with the seeds in your phone. Right.

Reply to this note

Please Login to reply.

Discussion

Avatar
utxo the webmaster πŸ§‘β€πŸ’» 2y ago

Yes, it is self custodial. It's just not cold.

You don't have a hot wallet you use to make payments?

Avatar
π–‹π–Žπ–†π–™π–‰π–Šπ–“π–Žπ–Šπ–— (Β―`◕‿◕´¯) 2y ago

Yes but you self custody in a hot wallet?

Avatar
utxo the webmaster πŸ§‘β€πŸ’» 2y ago

Yes. I have several lightning nodes. I have the keys to all of them. They are hot and always online.

In your view this isn't self custody?

Avatar
π–‹π–Žπ–†π–™π–‰π–Šπ–“π–Žπ–Šπ–— (Β―`◕‿◕´¯) 2y ago

If the bitcoin is locked in a multi sign channel, it is safe. I don’t keep a lot of bitcoin in lightning wallet even for payment. To me there is no difference between a custodial and a non custodial lightning wallet. They are both vulnerable to hacks.

Avatar
utxo the webmaster πŸ§‘β€πŸ’» 2y ago

There is a tremendous difference between the two. Most people lose coins because their custodian rugs, not because of hacks.

Avatar
π–‹π–Žπ–†π–™π–‰π–Šπ–“π–Žπ–Šπ–— (Β―`◕‿◕´¯) 2y ago

Exchanges get hacked a lot and lot of people get sim swapped also. Either way Binance enabling lightning withdrawal doesn’t mean you should keep you bitcoin in a non custodial lightning wallet.