0 sats \ 7 replies \ @030a29f333 31 May \ parent \ on: Summarizing my thoughts on ecash bitcoin
This was the weakest point IMO. Backing up tokens with a seed phrase isnt required to use ecash as the digital equivalent of pocket change. You can certainly do so (in this way it's actually easier to not lose than cash/coins), but it doesn't have to be a hurdle if used responsibly. As long as the wallet isnt deleted they're fine, and if it happens by accident then maybe they learn the importance of seed phrases in a low stakes environment.
If this is the way you view it, why not then just use a good self-custodial LN wallet like Phoenix or Zeus?
Users then only have the risk of lost funds on their end without risk of mint rugging (on purpose or on accident).
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Seth I like you and you have some good points in your post, but cmon.
Obtaining and managing a LN channel is not for everyone (I'd argue not for most people). Base chain fees won't allow for "pocket money" channels. Getting a channel presumes a decent amount of bitcoin to deploy in the first place.
Phoenix isnt available to everyone on their app store (wink). Zeus is cool but I had an unfortunate experience my first go around with them and regular people aren't gonna deal with force closes.
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So instead of advocating for improving Lightning or building better L2s because of bad experiences, you just give up on self-custody all together for payments?
Talk about throwing out the baby with the bathwater...
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Not at all. Trust minimized self-custody will always be the north star. I hope things like Hedgehog can enhance LN. If we get CTV in the next couple years then that opens a lot of interesting doors. Even if not, self-custody LN will continue to improve.
Ecash is just a net improvement for the custodial experience. There is a market for that, whether it is ideal or not, and I'm glad that low hanging fruit is being experimented with.
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I agree in principle with this take. I draw a distinction between on-chain HODL accounts with steel plates in cold storage, and hot wallets that can be used with pocket change for coffee around town. The two are not the same nor do they need to be protected exactly the same way, IMHO.
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Of course they don't need to be protected the same way, but we also don't have to sacrifice self-custody.
A much better middle-ground for the novice user is using Phoenix and saving the seed in a good password manager like Bitwarden. Once they get more advanced and have a good HWW they can use BIP 85 child seeds for their hot wallets and get the best of both worlds.
I see zero need to sacrifice self-custody at this point or any point for that matter.
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If it's not on-chain it's not self-custody.
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