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Or doesn't it matter at that point, because you're off the hook?
Earlier quoted context omitted.
You do need to pay to both open and close a channel, so you'll incur two transaction fees in contrast to one with a regular exchange.
Sparkswap opens the channel to the user, so Sparkswap will incur the channel opening and closing fee.
Given that the average computer user is not very tech savvy, and is likely to succumb to malware and drive-by hacking attempts, what makes you think it's safer to encourage people to be their own custodians? Or doesn't it matter at that point, because you're off the hook?
I think that as this technology (Bitcoin and Lightning generally) matures, we'll get better tools to make it safer for average users (just as we've done on the web).
This isn't really new or interesting and has been shut down repeatedly before because most crypto companies can't handle the fraud mitgation, here's a clue, it's not cheap or easy and can't be automated at this small scale. Instant access to the coins has never really been a boon to anyone other than scammers. The loss of private keys is a huge setback to the consumer and to adoption, which is why Coinbase has been one of the most successful applications within the crypto space.
I don't mean to say that this isn't something idea and shouldn't be done, its just not really interesting or useful.
buuuuuuuuttttttt, then you had to go and say this: > a real product that solves a real problem and enhances the biggest proven use case in the cryptocurrency industry: buying Bitcoin.
the biggest proven use case in cryptocurrency is... buying crypto...?
I've been in crypto full time for the last 6.5 years and that statement actually makes me want to quit.
Great to see this, easy onboarding to Lightning Network is needed and this solves a real pain point with added benefits.
aka, buy bitcoin instantly once you've deposited your USD into some partner bank account which you don't have access to but Sparkswap absolutely does. This isn't really new or interesting and has been shut down repeatedly before because most crypto companies can't handle the fraud mitgation, here's a clue, it's not cheap or easy and can't be automated at this small scale. Instant access to the coins has never really…
Do you really believe the "coins of today" are going to stand the test of time as hardware gets more powerful in the next decade?
Where do you personally see crypto in 10 years in terms of real world usecases that aren't fraud / money laundering?
aka, buy bitcoin instantly once you've deposited your USD into some partner bank account which you don't have access to but Sparkswap absolutely does. This isn't really new or interesting and has been shut down repeatedly before because most crypto companies can't handle the fraud mitgation, here's a clue, it's not cheap or easy and can't be automated at this small scale. Instant access to the coins has never really…
> I've been in crypto full time for the last 6.5 years Do you really believe the "coins of today" are going to stand the test of time as hardware gets more powerful in the next decade? Where do you personally see crypto in 10 years in terms of real world usecases that aren't fraud / money laundering?
Bitcoin sure, because it actively gets less efficient as computers get more efficient. The only thing that'll stop it getting less efficient is a grey-goo like scenario where it consumes all the world's power. Or, I guess, if we run out of leading zeroes.
aka, buy bitcoin instantly once you've deposited your USD into some partner bank account which you don't have access to but Sparkswap absolutely does. This isn't really new or interesting and has been shut down repeatedly before because most crypto companies can't handle the fraud mitgation, here's a clue, it's not cheap or easy and can't be automated at this small scale. Instant access to the coins has never really…
Really? From your description it sounds like I would have to trust Sparkswap and some other unknown bank with my fiat.
> In just the first half of 2019, almost $500M^3 was stolen from custodial exchanges.
And why would you be immune to this?
> product that solves a real problem
What problem? To buy LN coins instead of Bitcoins?