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My journey to find the ideal Uncle Jim node
94.5k sats \ 1 comment \ @EarlRayTDW 10 Jul freebie

Desired Features:

  1. Simple Wallet Creation: Can create a simple send/receive wallet for friends and family using my node
  2. Secure Connections: Securely allow family to connect to my node
  3. Link to Services: My family members can link their wallet to things like
    • Stacker News [3a]
    • Nostr clients [3b]
    • Podcasting 2.0 podcast apps [3c]
  4. Static Payment Address: Family members get a static payment address (Lightning address, Bolt12 address, etc.) to receive payments
  5. Flexible Funding Sources: Ability to change the funding source without disruption to family members (e.g., starting with an LSP, then later switching to direct channel management)
  6. Channel Management: Ability to open channels from a hardware wallet so if they close, the balance goes back to cold storage

Contenders:

  • Shockwallet
  • Alby Hub
  • LNBits

Initial Experience with Shockwallet:

I tested out Shockwallet today. I wiped an old laptop, installed Ubuntu, and used the one-line deployment (https://github.com/shocknet/Lightning.Pub#readme). It was very easy. Shockwallet seems to address [1, 2, 5] already, with various pieces of [3, 4, 6] in development. Overall, Shockwallet seems very capable already with lots of features in development. Shockwallet uses Nostr to connect, achieving [2] without direct network exposure, which is a huge advantage.

Next, I plan to try out Alby Hub and LNBits to see how well they tackle these items.

My Understanding of Existing Features:

Shockwallet:

  • [1, 2, 5]

Alby Hub:

  • [1, 2*, 3a, 3b, 3c, 4, 5, 6**]

LNBits:

  • [1, 2*, 3a, 3b, 4, 5, 6**]

* Both Alby Hub and LNBits are very capable when it comes to connecting to external services. However, securely allowing family members to connect will require more effort. This is where Shockwallet really shined.

** Zeus can be used to connect to LND and open channels from a hardware wallet. This may be possible for all three node options eventually, assuming the funding source is ultimately LND under the hood.

Connection Options:

  • Wait for Start9 0.4.0 for more user-friendly clearnet options, run Alby Hub and/or LNBits on it
  • Use a domain with Cloudflare DNS hosting and a Cloudflare tunnel, though this involves different trust tradeoffs in Cloudflare
  • Set up a reverse proxy
  • Research VPS providers that accept Lightning payments to run Alby Hub or LNBits on it

VPS Providers That Allegedly Accept Lightning (needs confirmation):

224.6k sats \ 0 replies \ @EricClayton5JN 25 Jul freebie
The government's insurance makes you whole.

"check your financial privileges" as Gladstein would put it. First I guess those insurances are only in the US, for some amount. and to some extend Europe on lower amount.

The type of product develop here are really tailored to developing countries/the global south.

Important to keep in mind also that this insurance is the perfect concept of "Socialism for the rich and capitalism for the poor". banks make profit by lending too much, ie: overextending their fractional reserve power, and when something goes wrong, the FED have to step in and create new money to make the consumers whole. which society pays by inflation.

Now you hold USD in your custodial Galoy wallet.

one comment on this: Galoy is a software company. we help banks/wallets to run software we develop. we are not aiming at being custodian of any funds (similarly FIS/FISV,Jack Henry develop software for fiat banks, they don't operate the bank themselves)

Your USD is actually some derivative contraption which can depeg (can't it?).

How would it depeg? it's really a fully collateralized solution. Maybe the main risk would be an extended negative funding period, as shared in the risks on stablesats.com

The exchange can get bankrupt (many already did!)

yes that is one of the risk. but if you hold USD or stablecoin, you have similar counter risk.

I don't think companies are insured like physical persons.

that's why companies don't keep a lot of USD on bank account. they typically buy treasuries, because the risk of government going down is lower than the risk of a bank going down.

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