pull down to refresh
10 sats \ 6 replies \ @nout 19 Feb 2022 \ parent \ on: "Okay So Your Bank Account Is Frozen" Starter Pack bitcoin
At least Muun doesn't have enough of keys to make transaction with your funds, you have to co-sign it.
When using Turbo channels in Muun there is some limited time during which you have to trust Muun to not execute a double spend. On the other hand Turbo channels can be disabled in the app. Otherwise Muun can't take your funds, they don't custody it.
Any mobile wallet can basically seize almost all user funds at any moment. They can push out an auto update with a new function that says "send all user funds on this device to address xyz." Phone wallets just aren't safe and should not hold big amounts of money. They are for your weekly spending money.
reply
Agreed with this.
As soon as the amounts get over thousands of USD, then it's definitely the best to get hardware wallet. Or is there any other reasonable option?
Maybe also worth considering something like Casa with multisig setup at that point.
reply
Once you get into the thousands of USD, a full node would even be better.
Your node your rules
reply
It's a step up for sure.
I still worry about:
- Their centralized lightning node being taken down
- Their submarine swap service being taken down
- Doxxing dissidents by seizing the logs about user metadata and user transactions (necessary for operating a centralized lightning node)
reply
When the lightning node or swap service goes down, you should be able to recover using the open source tool, no?
I agree with the last point - there is a risk with them being able to log user metadata.
reply
Depends on when was the latest submarine swap. Usually happens after doing a big tx where they can take fees to do that.
Best case scenario only 1% of funds haven't been swapped yet. Worse case scenario 100% of funds haven't been swapped yet.
Temporary trust is still trust.
reply