300 sats \ 12 replies \ @orangecrush 17 Jan \ on: Chaumian ecash is the patricians choice.... bitcoin
Before people yolo into playing with ecash. DYOR. Use tiny amounts. cashu mints are alpha level software. Counterparties are busy devs ant best or unknown at worst. DYOR. The lightning nodes associated with the mints are 100% under mint control and can rug you. Lost >1M sats on a failed redemption from 8333.space mint to a failed channel
open on mutiny. Both providers gave me the, “what happened, too bad 🤷”. But god knows the sats are sitting on one of their wallets.
LET ME REITERATE: USE TINY AMOUNTS
The lightning nodes associated with the mints are 100% under mint control and can rug you
This is false. The LN gateways in a fedimint are non trusted.
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The lightning nodes associated with the mints are 100% under mint control and can rug youThis is false. The LN gateways in a fedimint are non trusted.
I was speaking about Cashu mints, but will do my own research on fedimints
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Yeah I hate that what happened too bad I’m still out some sats from other apps including Munity
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A lot of people talk about liquid like it’s a shitcoin plague, but it works, which is a good starting point. Ecash is at least equivalent in its “not real bitcoin”ness to liquid.
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Haven’t lost a single sat (yet) testing out liquid applications
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Other people have.
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@TonyGiorgio it would be good, for our education as a community of Bitcoiners, for you to provide some reference to these incidents. I know bisq doesn’t play well with jade multisig wallets since the blinding key is inaccessible to the wallet user. But I want to know more.
I imagine your goal at Mutiny ultimately is to enable people to use Bitcoin safely, with an appropriately set expectation of success/failure. If you have something to share about the dangers of liquid, please do so.
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No dangers per say, though you can ask @petertodd why he experience loss of funds through Liquid.
Just saying that no early wallet is without risk. And to clarify @BlokchainB - In almost all cases, there was not actual loss of funds with mutiny that we were not able to assist with. Although some users consider funds lost if they had an "unexpected" on chain operation (like a force close), and I consider this to be FUD. There's a difference between on chain fees and "funds lost". Chain fees are a cost of doing business on Lightning, as is being self sovereign on chain normally.
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I know the difference between lost fees to miners and sats that are “gone” due to software bugs. I stopped using Munity because I’m not 100% certain I recovered everything I put in. I knew the risks and I am okay with the loss. I hope Munity becomes the best wallet on the market. The team was very helpful and responsive to my issue and I commend them for the path they are taking to bring self custody to the masses.
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Hmm? I haven't experienced a loss of funds with Liquid.
I did run into bad UI on AQUA wallet, where it didn't display an error message when it couldn't access the electrum servers it depends on due to a networking problem. But once I fixed that my funds showed up just fine and I was able to subsequently spend them all.
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Well you tweeted about it. Didn't see a follow up.