Subnostr

Hey smart people #asknostr esp those who’ve read “the book of satoshi”

When hal finney and satoshi were discussing “bitcoin banks” they was essentially describing lightning, were they not?

Is there nothing to be said for a pressure towards integrity for a potentially custodial system of this nature since it’s an open network?

I think there is… i *think*

mike 1y ago

Banks like Xapo

https://www.xapobank.com/en/blog/introducing-universal-money-addresses-at-xapo-bank

are adopting this:

https://www.uma.me/

https://www.lightspark.com/

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Discussion

no₿ody™ 🧱 1y ago

Hmm while that is interesting, i don’t think it’s quite what i meant

Maybe i’m just retarded but wallet of satoshi, for example, would be one of the “bitcoin banks” where yes they hold the keys but it needs to be reliable and functional on both Bitcoin and lightning or else people wouldn’t even use it

Not like literal banks partnering with “crypto” companies

mike 1y ago

Xapo is a Bitcoin bank. It was founded by Wences Casares an early Bitcoiner.

https://en.wikipedia.org/wiki/Wences_Casares

I'm not specifically trying to answer your questions, I'm just sharing what I know.

Bu UMA is potentially a protocol (Lightning + KYC + USD), that allows banks to benefit from Bitcoin as a money transmission system, similar to nostr:npub1ex7mdykw786qxvmtuls208uyxmn0hse95rfwsarvfde5yg6wy7jq6qvyt9 approach.

no₿ody™ 🧱 1y ago

Gotcha 🫡

G.M.Joe 1y ago

I understood you right. But it doesn't matter if the custodians will be "legacy banks" or "new banks".

Both would have to be truthful though.