Nostr Web Client

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 😅

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Discussion

Lebanese Hodl 10mo ago

Definitely not legally dubious 😁💎

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.

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.

Silas Thornbrook 10mo ago

I think if it’s completely automatic than this would catch on …

If I understand it correctly …

jb55 10mo ago

yeah I wouldn't want to burden the user with making this conversion before they try to zap. we still need to provide good and reliable NWC wallet options so that this conversion process could be automatic

Silas Thornbrook 10mo ago

Awesome! I like the creativity and outside the box thinking.

I’ll try it out if you implement in the future

Vitor Pamplona 10mo ago

Isn't ecash super simple? I looked at their code a while back and I thought it was a simple way to mint things and control "gift cards" while giving the operator some good security against double spend. After all, any double spend will be on you to fund.

jb55 10mo ago

I have trust issues when it comes to code and money. I feel confident I can write a transactional system in a core-lightning plugin that would handle this without importing some codebase with tons of features I don't need. it basically comes down to trusting their coding ability vs mine. I'm not going to blindly trust that for something so important. I will review the code and see if it makes sense to use it for the redemption logic.

gandlaf21 10mo ago

you could probably implement the core protocol in a couple days

Vitor Pamplona 10mo ago

Same but I only trust my code up to 6 months after I have written it. Once it's not fresh in my mind, I start doubting the thing is actually doing what I wanted. 😅

Repeatedly nuked profile 10mo ago

Might just work! The "melt their gems for real bitcoin" part means that whatever legal entity holds it will need a whack-load of special licenses, but there are fintech labs out there that can provide regulatory cover without a big investment, though that'd likely mean another entity.

If the gems are used like in a game that wouldn't be a concern (as in if the gems can't be cashed out except to buy the feeling of fun, as part of some gamification element).