reply on: Samourai Indictment Is Bad News For The Lightning Network \ stacker news ~bitcoin

pull down to refresh

102 sats \ 6 replies \ @jgbtc 25 Apr \ on: Samourai Indictment Is Bad News For The Lightning Network bitcoin

Ironically the samurai guys are always talking negatively about lightning.

This is sad. The network keeps running however, there is at least one case in Canada when LN node was considered as money transmitter.

20 sats \ 4 replies \ @kristapsk 25 Apr

there is at least one case in Canada when LN node was considered as money transmitter.

Any more info / links on this?

10 sats \ 3 replies \ @notgeld 26 Apr

Found it. Nodeless case. May be not exactly LN router but very close to it.

https://satellite.earth/thread/faeba6839d204b98439fae3bb043ae2d3af2190013dee058a9af2c8b8689cff6

0 sats \ 2 replies \ @justin_shocknet 26 Apr

Not even remotely close, he was running a custodial API service

also what is with everyone's lack of understanding that a charge/investigation is not the same as a court ruling? there's no case law re: Lightning anywhere

0 sats \ 1 reply \ @notgeld 28 Apr

I have that understanding. But in places where I am from, getting into custody means that their job is done for 99%. And here I am pretty ready to expect very adversarial scenario.

0 sats \ 0 replies \ @justin_shocknet 28 Apr

Ignoring the law for a moment... as a business you should not want custody just because we're dealing with hot wallets... customer funds WILL be stolen or otherwise lost because software isn't perfect. WHEN (not if) that happens, it could end your business or worse, your reputation.

Custodial is in the end, and the only business in it is regulatory arbitrage based on faulty risk assumptions.

Everything about the service they were running was bad, he's probably lucky he was spooked off of it before something really bad happened.