Honestly, I don’t really blame Strike too much, they’re basically just a bank and it is the Australian regulators that are the problem, just as UK regulators are responsible for the horrific scree...
Because of custodial regulation all Lightning wallets are migrating to use Spark, which claims to be noncustodial.
But Spark is a central server that sees everything, can block anything and whose claims of "unilateral exit" are at best vastly oversold: https://xcancel.com/francispouliot_/status/2075284584489439668 (see how even at 1sat/vb and a small amount of users -- meaning small transaction trees -- you already lose 10% of your money, at 5sat/vb you lose 40% and so on).
In fact the situation is only getting worse. Before we had a dozen of different custodians spreaded throughout the globe, soon it will be a single proto-custodian controlled by a US corporation.
But Spark is a central server that sees everything, can block anything and whose claims of "unilateral exit" are at best vastly oversold: https://xcancel.com/francispouliot_/status/2075284584489439668 (see how even at 1sat/vb and a small amount of users -- meaning small transaction trees -- you already lose 10% of your money, at 5sat/vb you lose 40% and so on).
In fact the situation is only getting worse. Before we had a dozen of different custodians spreaded throughout the globe, soon it will be a single proto-custodian controlled by a US corporation.
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