Maxi's finally starting to admit the current and future - custodial state of the Lightning Network
Matt Odell knows he should not say anythng bad about Lightning publicly as shown by this comment
Matt Odell: Keto is a friend that when we're angry at lightning together we reach out to each other we express our frustrations at the current state of things while loving it at the same time using it all the f'n time but you know sometimes you just can't talk about these things as publicly and I was excited to have them on because that's exactly what we're gonna f'n do link
A bit later the part that the above comment refers to
Ketominer: Well I've actually just listened to last week's before we started and one thing I hear a lot of of times is like when fees go up use lightning okay but to use lighting first you need the wallet and channels and all that crap so I think this high-fee situations will just drive people to custodial lightning wallets because that's basically the only way you can make lightning transactions without dealing with your with your liquidity
nvk: I have a maybe a controversial opinion for most people for most needs I'm okay with custodial lightning wallets like that's what I use.
Ketominer: well full disclosure I'm using Wallet of Satoshi as my main wallet there you go link
And yet they go on about how Bitcoin mustn't be centralized and be your own bank, which is fine if you are relatively wealthy and can afford on chain fees to store most of your wealth, but for the rest of the World, not so much.
When asked what is the minimum one should open a LN channel with Ketominer replies with 500k - 1Million Sats (currently $175 to $350) Matt replies that he thinks even 1Million Sats might be too low
Yeah people in the Third World are going ba able to afford that, and this is just the current state of affairs. Wait until Gold 2.0 comes to pass normal people in the US will be in this bucket.
These Maxi's don't care about Money For The World, they are either stupid or complicit, make your own mind up
On whether these Custodial Lightning Hubs can be shut down
Ketominer: well also as someone mentioned in the in the chat I think that ultimately when the regulators decide to to shut down any lightning custodial service they will come at the hosted nodes too because if you have another cloud instance you're managing your lnd but at the end of the day we have physical access to the server and by complicated ways we can access your wallet so it's I think in front of a court or a regulator it can be proven that we are a custodian.... link
Matt Odell: I think most western jurisdictions would argue that you're not a custodian.... link
Ketominer: As an IT expert I would say we are link
Matt Odell: right yeah no I mean I 100 agree with that i wasn't going to bring that up on air but here we are link
Matt's final comment is telling
other parts of the podcast are quite interesting things like Virtual Machines with Encrypted Memory so even the host machine cannot access it link
raw youtube transcript ttps://pastebin.com/raw/Qb7jqaFN