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25 sats \ 20 replies \ @steakneggs 18 Aug \ parent \ on: Locked 1 BTC until 2030 bitcoin
What prevents piggy from stealing the balance and closing shop? The FAQ makes it sound like "trust me bro" unless I'm mistaken.
What prevents Piggy from stealing the balance is the same thing that prevents any business from doing it: regulation. Just like Binance, Coinbase, or OKX, it’s a custodial service that operates under rules. If they tried to run off with funds, that’s jail time.
And if you look at the product, you’ll see it’s not like other wallets. It’s a new approach with the latest tech. If the goal was to steal, Piggy would be a shitcoin, pump and dump, and disappear.
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Like ftx, celsius and the like? Be careful what you do with your coins.
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FTX was an exchange made by a shitcoiner, for shitcoiners. Piggy is Bitcoin only, and I like its vision, plus it’s actually cute.
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Why not just hold your own bitcoin yourself? Then you can decide if, or when you can access it or spend it? Why trust some sketchy service frankly none of the other stackers have even heard of?
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Before calling it sketchy, check the tech. Piggy runs multisig cold storage, proof of reserves with Merkle trees, passkeys, all top grade. It just launched, give it some time to breathe, you’ll end up with a piggy for yourself, I promise :) 🐷
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None of these things are as secure as self-custody.
Chances of getting the ₿1 stolen are actually deceptively high. Good luck OP.
It seems like you don't have an engineering background because you mention "security" feature that are actually not secure for storing something as vital as bitcoin, e.g. passkeys.
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And how did "regulations" protect Bernie Madoff's clients?
Not your keys, not your Bitcoin!
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There will always be bad guys and good guys. You never really know. But in the end we also get cool companies that do good work and solve people’s needs.
If we think like that, then Coinbase, Binance, or even CashApp wouldn’t exist either. Somebody has to start and go through the hard parts to make Bitcoin simple for regular people. Cypherpunks will always have their own tools and their place. But not everyone wants to live in terminals. Most folks just want an easy way to save without stressing about keys. Log in with passkeys, the most secure way for everybody, and you’re good to go.
I’m fully in. I’m for AI and for Bitcoin. That’s Piggy’s mission and vision. At the end of the day that’s what matters to me.
Let’s wait until MCP is on, then we’ll see some cool stuff goin on in dev society.
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This is all vibecoded isn’t it.
Run.
Fucking run.
This is totally unsafe for Bitcoin usage, you will lose everyone’s coins, and people will be very upset.
I do not believe you nor piggy should be anywhere near people’s sats.
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10 years and all you can come up with is a grok api call, some ugly Jpegs, an inscription scam and a custodial honeypot?
Delete it. You shopped you scam here, and the maxis of SN ripped it. Did you expect this response?
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What would you prefer we use our decade of experience for: shipping another Tor-only CLI wallet that a handful of geeks use to not trust anyone, or building an AI “piggy bank” that talks, teaches Bitcoin, and helps millions, kids included, save their spare change and gift sats in a fun way?
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I don’t believe you have been in this space for 10y. The ordinal NFT thing gives it away. It’s pure shitcoinery. No “10 year Bitcoiner” would give any credence to this scam. Someone who has been about would also think of Satoshis wise words “The problem with this solution is that the fate of the entire money system depends on the company running the mint, with every transaction having to go through them, just like a bank.”
You complain about potential of high fees, yet high fees have been caused by one thing in the last few years, NFT scammers and spammers.
You are part of the problem.
I would prefer you didn’t hold any funds for users. You pose a clear danger to Bitcoiners with your custodial honeypot. Your product is a menace, and you will lose your users funds. If you don’t lose them, the state will confiscate them for you being an unlicensed bank.
It’s just faulty by design, and the fact you refuse to acknowledge the issue is an indicator that you have malicious intent.
ok guys, I’ve gotta jump in. “Not your keys, not your bitcoin” is a great warning, but as a universal mandate it ignores reality:
• On-chain capacity isn’t infinite. If every human self-custodied and settled routinely on L1, fees would price out the majority. Global daily commerce can’t live on a scarce settlement layer.
• Most people aren’t opsec pros. Seed phrases get lost, mishandled, or stolen. For a lot of users, pure self-custody turns financial risk into personal security risk.
• Recovery & inheritance are hard. One mistake, one house fire, one memory lapse, and it’s gone. That brittleness doesn’t scale to billions.
• There’s a custody spectrum, not a binary. Multisig with trusted guardians, community/mini-custodians, hardware + social recovery, and regulated custodians with real audits and proof-of-reserves, these are pragmatic middle paths.
• Payments vs settlement. L1 should be for final settlement and high-value moves, everyday transactions belong on layers/rails designed for throughput.
Yes, bad custodians have blown up. The answer isn’t forcing grandma to be her own cold-storage CISO… it’s credible, transparent custody options plus easy exit ramps to self-custody when users want it.
So no, on-chain capacity alone isn’t enough for everyone to self-custody and transact. Treat “not your keys” as a north star and safety slogan, not a one-size-fits-all policy.
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“Blah blah give me your bitcoin.”
“Trust me bro.”
No. When will people learn?
Your not helping Bitcoin by recreating first and second cycle custodial scams.