Oddbean new post about login | logout After watching it, I feel ambivalent and rather sad. Even if there are many who have a different opinion and believe that not everyone can practice self-custody. But I don't see any newly hard-won freedom without self-custody. Somehow I can't be happy because when the rug is pulled out, the uninformed (who don't know the difference between the wallets) will blame Bitcoin. If my concern is not well founded, then forgive me and just wish everyone the best. I wish for all people that they will use something like @ZEUS in the future and really be able to hold a seed phrase in self-custody. That would reassure me.
Self custody is expensive. Until we can figure out how to scale it to people who are making $50/month incomes, opening and balancing channels isn't feasible for the general public. For now, I trust custodial wallets more than I trust my bank.
Indeed, self-custody (for lightning) can be expensive, especially in the time to set it up and maintain and to have all the features desired (always on and etc.). I think this can change though.
Should we not do these charity initiatives at all until self custody is ready to scale? Should perfect be the enemy of good?
The introduction of custodial wallets as a temporary solution can be good for some, but it is important not to lose sight of the long-term goals. The pursuit of perfection is not the enemy, but the enabler of lasting change. The good can be the enemy of the perfect if it closes its eyes to the need for improvement. I am grateful for your campaign because it makes it clear where we developers should focus our attention. Namely to make Lightning Self-Custody possible for people with less income. Thank you for these impressions and the push.
I do think that phoenixd, or another with a similar set of features, can be a great low-maintenance wallet for self-custody. This is what I am using. As it's a server, it can be available for payments anytime and provide LN address, zap, NWC and other features. Channels, automatic backup and incoming liquidity is automatically handled (with a fee), thus minimizing maintenance and setup time. Also the hardware requirements are minimal.
Haven’t watched the film yet, will this week. Along the lines of this comment, @OpenSecret is an interesting solution for self custody that also scales.
I slept on it again tonight. My stance comes from the fact that I only accept the extreme form of 0% chance of a rugpull, for me personally. But I can't apply this 1:1 to other people. Just as I can't prevent people from going through a shitcoin phase, which I also had to do. But I can't avoid this attitude either. I wish that everyone could have the opportunity to open Lightning channels (also via LSP), which ideally would not be forced to close. My biggest concern is that nobody suddenly has a 0 on their wallet. Nevertheless, very nice documentary, super cuts and well done. I am European and we are used to a critical voice being heard in every documentary, even before the end. In this case something like: dear developers, we urgently need to make sure that everyone can afford self custody, because that's another point that needs to be critically noted here.