Nostr

The only "risk" I can see is if I don't have liquidity in the direction of the users wallet, but that can be easily managed by opening channels, which I should probably be doing more anyways.

Benefits:

- I don't have to custody peoples funds, avoiding many legal issues

- users are encouraged to melt their gems for real bitcoin when they want to zap. This can be done automatically as well.

- avoids the UX complexity of ecash and nut zaps

- provides a neat way to get non KYC sats via the appstore and facilitated by our node.

I think its a pretty swell idea if I don't say so myself. i don't think its too legally dubious 😅

nostr:note1tnmuwvu2a4ycktpvgd0ag7npvkpc8akuewln63pj6mztkan4gc8qztfqqy

Guy Swann 10mo ago

You’re basically selling a type of gift card, which affords you more openness on other platforms. I would certainly try it and see how it goes. Could end up working great, or being a nothing burger. My suggestion is to go for it and see.

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Discussion

jb55 10mo ago

yeah its just a gift card that you can redeem for sats on our node to your wallet

Guy Swann 10mo ago

The platform problem will likely show itself regarding redemption. If you are redeeming a fiat denominated thing for sats, it’ll be considered a sell of BTC for dollars, making you an “exchange.” I don’t know the specifics but I feel this would creep up at some point.

The only way I’ve thought that an sats based gift card system could work is if people pay sats for a sats denominated gift card. As long as the denomination doesn’t change I think you are good. But so much of that is murky that I honestly don’t know outside of what I got from some conversations with DeepSeek.