BlueWallet is sunsetting their custodial lightning product. Self-custody, without trusted managers, is the bitcoin way. So this move is for the best. Unless everyone just moves their sats to Wallet of Satoshi, that is — in which case custodian risk is amplified and centralized!
This is something I worry about. The more usable and liquid Wallet of Satoshi is, the greater the risk it imposes on those who perhaps can least afford a rug pull. People for whom a million sats is a significant chunk of money, and who may not know what ‘custodial’ means.
So: now is an excellent time to upgrade your mobile lightning setup. And if you’re an Uncle Jim type, to help those in your obit do the same. There are options: Breez, Phoenix, Muun.
Personally, I’ll keep on using custodial lightning for amounts lower than 100-200k sats or so. Cashu is coming along nicely, for example, and has significant privacy guarantees. Anything beyond that threshhold goes on-chain, though.
https://bluewallet.io/sunsetting-lndhub/
resistancemoney / Andrew M. Bailey
npub1ye…dawc7
2023-02-23 22:04:54
Author Public Key
npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7Published at
2023-02-23 22:04:54Event JSON
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"id": "384847e05e8277c461c731f38f3fed8a70c4766c6d84fd29158fbfcbe596ef9e",
"pubkey": "2645caf5706a31767c921532975a079f85950e1006bd5065f5dd0213e6848a96",
"created_at": 1677189894,
"kind": 1,
"tags": [],
"content": "BlueWallet is sunsetting their custodial lightning product. Self-custody, without trusted managers, is the bitcoin way. So this move is for the best. Unless everyone just moves their sats to Wallet of Satoshi, that is — in which case custodian risk is amplified and centralized!\n\nThis is something I worry about. The more usable and liquid Wallet of Satoshi is, the greater the risk it imposes on those who perhaps can least afford a rug pull. People for whom a million sats is a significant chunk of money, and who may not know what ‘custodial’ means.\n\nSo: now is an excellent time to upgrade your mobile lightning setup. And if you’re an Uncle Jim type, to help those in your obit do the same. There are options: Breez, Phoenix, Muun.\n\nPersonally, I’ll keep on using custodial lightning for amounts lower than 100-200k sats or so. Cashu is coming along nicely, for example, and has significant privacy guarantees. Anything beyond that threshhold goes on-chain, though.\n\nhttps://bluewallet.io/sunsetting-lndhub/",
"sig": "94fd5e51d0bd98de9a3a80d921e8103084a844881fe94df475cb02f496f48df00027f1640366d69222d0c33888d0bb22bc4b4e056cd2045acfb3b80a2b64a58a"
}