Nostr Web Client

How does anyone expect a smooth(er) transition from the incumbent financial system if the solution is custodial services? We might as well just use Venmo and have banks backed with paper gold.

samuel 2y ago

Much bigger discussion

Ok here goes:

1.think of your lightning wallet as your “bill fold” you carry only a small amount of cash(cash for the weekend, or night out), DON’T KEEP MUCH HERE, like $100 -$200 just like a bill fold, rug pull won’t affect much.

2. Think of your “software” self-custody wallet as your checking account. This could be something like “brave wallet” or coinbase wallet. But must be self custody. Keep a month or so salary here.

3.think of your hardware/cold storage as your savings account. This is your NEST EGG.

If you think that way, fees/convenience dominate the lightning wallet choice. And just like loosing your billfold (it sucks) but won’t affect your destiny.

Features/convenience dominate the “software” wallet. This wallet is self custody and keeps a month or so of working cash. Typically hooked up to an exchange for moving coin in and out, and sending to your LN wallet.

security dominates the cold storage wallet decision (e.g. multi-sig air-gap multi-vender etc… nostr:note1x9jxx7t9c8tht8t2vujcy9znte5dpyl7vt4sqnsag64guymywyksst8ayg

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Discussion

B33TCxAi 2y ago

zapzapzap

mahue93 2y ago

You make good points here, trade offs are very important to understand . The main difference I’m trying to point out is starting off people new to bitcoin with a custodial service is irresponsible, especially when the risks are not truly understood. Something like Phoenix is easy enough that I would personally never risk using WOS but to each their own.

Change this if you want 2y ago

WoS forgot to highlight this one as well 😁

mahue93 2y ago

Yeah cherry picking quotes is a good way to intentionally mislead people. I guess WOS think they are not a financial institution 😉

Change this if you want 2y ago

🤷‍♂️

ki4die@nostrpurple.com 2y ago

i got confirmation just a bit ago. phoenix does NOT support lnurls (incoming) yet...

Creating a LNURL address is not supported yet on Phoenix. It will come in a later version (ETA is a few months). However you can still pay these addresses from Phoenix."

sticking with WoS for now for newbies and zappability.

PSA: when you see your sats level getting impressive, transfer what you don't want to risk losing to a wallet you have keys for!

-Not your keys, not your coins-

samuel 2y ago

Phoenix does not support paying to samuel@bitcoinstr.us Breez does. Just fyi.

ki4die@nostrpurple.com 2y ago

phoenix will SEND to a lnurl, but no recieve or way to generate the lnurl (yet).

samuel 2y ago

Great just confirmed it does work! Thanks #phoenix

samuel 2y ago

One more question. I noticed you are using fountain.fm, is there any reason you are not using phoenix, muun, (my favorite Breez), Zeus, or some other self custody wallet? I am ASSUMING fountain.fm is custodial.

1. The LNURL-pay protocol is complex for most. Requires the dynamic on the fly creation of a payment address.

2. WOS keeps open 100,000,000,000 mSat channels, so does fountain.fm

3. #Nostr is going to introduce millions of people to Bitcoin (really SATS and #zaps) teaching them the principles of, Hot (billfold), Warm (checking account), Cold (hardware, multi-sig, air-gap) is far more important.

4. Fees