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My Bitcoin Magazine article that I wrote on the massive Swan fuck up that cost customers 10% of their transactions (they were never made whole). https://bitcoinmagazine.com/markets/ftx-collapse-cause-huge-bitcoin-price-spike
Cory called me walking anti-signal on SN for posts a few months ago. Do I have a "personal bias" -- yes, I actually need bitcoin in a few people in developing nations do, I have been pissed off about incompetence in the fiat world all my life, and the incompetence in the late fiat "bitcoin world" pisses me off too, so yeah, you could say it's personal.
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Cory called me walking anti-signal on SN for posts a few months ago. Do I have a "personal bias" -- yes, I actually need bitcoin in a few people in developing nations do, I have been pissed off about incompetence in the fiat world all my life, and the incompetence in the late fiat "bitcoin world" pisses me off too, so yeah, you could say it's personal.
Zapping you 500 sats just for this alone. Thanks for fighting the good fight.
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Fighting the good fight!
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Do you mind sharing how you published a piece on Bitcoin Magazine? While we question many of their recent activities, we would still love to write a banger of a piece for them and their audience one day 🙂
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Is Cory on SN?
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Looks like they need to move to a new custodian again.
Fidelity and Blackrock licking their chops.
Sigh.
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Crazy how we even need custodians at all. Maybe they'll become a custody provider for bitcoin only companies themselves? That's really the only solution here since all other things involve an additional party.
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You don't need a custodian with Swan, but they must have some feature for normies who want Bitcoin in an account just like they with their other financial investment and savings activities.
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At the moment, you do need a custodian with Swan. Some people that are coming from the traditional financial space also seem to actually want a custodian because it is more similar to how they do things now. We all know that the best custody is self-custody but for the legacy people that might not work for them. Hopefully we can stack enough sats before those rich people and corporations learn about bitcoin and drive the price up.
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What I had meant (but in re-reading what I wrote, I see how i was unclear) was that you can buy from swan and withdraw the btc immediately. If there is a custodian there holding them for those 90 seconds, or whatever, then I guess yes, a custodian does temporarily hold your btc funds.
I suppose I also didn't consider the USD held, waiting for the deposit payment to clear, as funds held by a custodian, but I presume that in another instance of exposure to a custodian, with Swan, that you cannot avoid.
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Forgive my ignorance – why can't Swan implement this on their own? Is this a license thing?
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The guy you are replying to had a very weirdly phrased comment. Implementing things themselves would require at a minimum getting money transmission licenses in every state they want to operate.
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River did it just fine
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Did River ever describe how they did it?
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They have their own infrastructure and licenses. It’s a lot of work but they are builders
Interesting…. me thinks the maxi doth protest too much. Truth always comes out eventually
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Goodness gracious this is a dumpster fire.
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So why would anyone use Swan at this stage? They'll lose the Bitcoin puritan audience by directly enabling one of Bitcoin's larger antagonists ("Change The Code").
Peak comedy if Swan winds down before Binance.
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Yikes!
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It's a wake up call for Swan, what a irony
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God damn it I just signed up with Swan lol.
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You'll be fine. They are transitioning to in-house custody and will no long being at the mercy of a third-party. With the current situation, I read that Fortress does not have unilateral ability to access any of Swan's clients bitcoin. It is actually custodied at Bitgo.
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Swan and Bingo will be creating a Bitcoin-only trust company. #254145
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Swan sends you to a bank to get your fiat and then send you to a custodian to get your bitcoin while collecting 1% for facilitating that. Thank the lord 😆
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So much for "tRusTeD CusTodIaNs"
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So weird that they're not choosing to build out their own vertical infrastructure like River. This is a bad look.
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They'll actually be announcing their own solution to custody in-house in the next day or two. They will no longer require a third-party custodian.
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This is great news and more in-line with the ethos they're preaching. Happy to hear!
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I was glad to hear this too. First Prime Trust then Fortress. Crazy turn of events. I'm excited to see what they have in store. BTW, I'm a happy user of Swan but also use River, Coinbase, and Strike. I feel they all have their strengths. We're all in this together.
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100%, spot-on. A rising tide raises all boats and we all need to be rowing in the same direction. I'm gonna be taking a deeper dive into Strike. I'm an American Argentinian setting up Bitcoin education in Argentina and Strike apparently is operating in Argentina as well.
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What? Who is "we".
Companies fail. Companies are not bitcoin.
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I used "we" to refer to bitcoiners. Yes, companies fail and are corrupted. However, I do clump companies that are bitcoin-only into that "we" category too. The bitcoin-only companies should be following the same principals that you and I are. Everyone in the space is doing their part to educate and improve access to bitcoin. The companies that say they are bitcoin-only or act contrary to that thesis should be called out.
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So you should avoid Swan since that is a tool that is for LARPing and funding shitcoiners. 🤡
Use a non garbage product, and then take the thousands of dollars you save (plus or minus based on income/wealth) and donate to open source development that is actually useful. Or continuing LARPing and funding shitcoiners, your call
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What do you consider a non-garbage product? Bisq, Hodl Hodl, and Robosats?