Oddbean new post about login | logout Wallet of Satoshi is an attack on lightning, even if they themselves don't know it.
Why ? I just installed this wallet couple a minutes ago 😅 I have a full-node in my home, but it's seems impossible to use lnbits without send fund first in a custodial wallet and then fund lnbits
LN-enabled node? With something like Alby, you have no need for WoS or intermediaries.
Isn't Alby also custodial like WoS? What makes it better than WoS?
Not entirely. It's also the high centralization. If everyone is using a custodial wallet, from someone playing around on Nostr to someone in Nigeria saving 5000 sats per day, then it becomes a closed network. Someone only has to pull the plug on WoS and all that bitcoin is gone.
That's going to be more common, when it becomes easy enough to run a LN node on your phone or spool up thin nodes in the next year or two. 'The only practical alternative'... is something that worries me. Why all of a sudden is there just ONE lightning wallet in existence in the entire world in people's minds? Imagine if the whole planet used a single fiat bank. You'd get rugged. As for now, anyone in a country with decent income levels and stable electricity grid who isn't running their own node, needs to take a good look at themselves.
Yes. Agreed. Some solutions coming are: - Lightweight nodes that can be spooled up in minutes on small devices. - Family, locally *distributed* (key word, opposite of Wos) custodial options like lnbits and fedi mints. - Education and off the shelf options