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73 sats \ 0 replies \ @kepford 13 Nov 2023 freebie \ on: Wallet of Satoshi will pay users for onboarding newbies bitcoin
We should ALWAYS be skeptical. I won't say this sounds fishy just yet but bitcoiners of all people should be highly skeptical and especially of things we recommend to newbies.
My initial thoughts.
- WoS is custodial so there is always a risk of rug pull. Not your keys not you coin
- What is commission? I'm guessing fees. Are there any privacy implications? My guess is it would be minimal. Like you know they are spending bitcoin. Routing fees aren't pinned to transaction amounts.
- What are the incentives here? The more transactions made on WoS the more fees they can collect. Nothing wrong with that
- WoS benefits from more transactions over their channels.
- WoS already has a pretty good footprint on the bitcoin wallet market. Not a great thing for a custodial app.
- If you do recommend WoS to a newbie or any custodial app you need to explain the risks and tradeoffs with privacy, security of funds, and rug pull potential.
- Does this require an account? IE an email address? If so that is a privacy issue to consider. I'm guessing it does require an account. You can use WoS without an email/account.
- WoS is one of the easiest apps to use and payment fail very rarely compared to many other apps.
Would love to hear from anyone that has tested this. Also, did I miss any things to consider?