1 sat \ 3 replies \ @shibe 18 Apr 2023 \ on: Custodial Lightning is Great bitcoin
I don't think they're all that great. The only good things going for them right now is that the majority of them don't require KYC and you don't have to pay any channel opening fees/manage liquidity.
I don't see the non-KYC part lasting tbh, and it's a risk if WalletofSatoshi/Kraken/etc end up becoming the most well-connected nodes on the network, since it'd be much easier to enact AML/KYC laws.
write
preview
0 sats \ 2 replies \ @notgeld OP 18 Apr 2023
Agree. But don't you see that KYC etc is part of larger process of expansion of nanny state and shrinking human rights as a result?!
reply
63 sats \ 1 reply \ @shibe 18 Apr 2023
Yeah which is why I believe we shouldn't rely on custodial solutions. I might be able to open an Alby/WoS account anytime now without providing any information, but there's no way the law won't eventually catch up to such services.
reply
0 sats \ 0 replies \ @notgeld OP 18 Apr 2023
Makes sense. That would mean people shouldn't use banks for p2p transactions either.
reply