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Show HN: Burner – A low cost wallet to gift crypto

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Re: Show HN: Burner – A low cost wallet to gift crypto

#22

Post by ccamrobertson »

bdcravens wrote: post #19

Any concern about conceptual namespace collision? The mobile app Burner is a completely different product (not to mention it fits in with the common definition of the term)

We considered this, but thus far I’ve only had someone ask me if I’m a Burning Man participant after seeing the logo.

Re: Show HN: Burner – A low cost wallet to gift crypto

#23

Post by ccamrobertson »

usbsea wrote: post #20

You avoid a seed phrase, but how? I thought it was "not your keys not your coin". My understanding is someone who wants secure crypto needs to cryptographically safely generate a seed phrase. For signigicant amounts of money you will want that backed up. I guess if this is like a $50 gift card people are treating it like that and might accept if it gets lost then shrug.

Burner comes with a pre-generated key or you can request that it generate a new key with entropy you supply (in part, it's hashed with entropy from multiple sources). In both cases you always need to trust the hardware, but this is true with any hardware wallet.

I would always recommend using a multisig for storing large amounts of funds regardless of the wallet vendor.

Re: Show HN: Burner – A low cost wallet to gift crypto

#24

Post by cnowacek »

ccamrobertson wrote: post #14
thebiglebrewski wrote: post #5

Interesting...the name of this makes it sound like criminals will be using it to transfer cash around the world, like with gift cards? Genuinely I'm curious, is there really a big market around gifting crypto, or is that market just sort of a front for criminal activity like why some retailers see a spike in gift card sales?

There is a massive trillion dollar market around gifting dollars on gift cards today, but you can typically only use them on Visa and Mastercard networks. We think gifting stablecoins is a better way to do that.

Gifting dollars on gift cards today is only supported by 99.9% of retailers. How many retailers accept USD II?

Re: Show HN: Burner – A low cost wallet to gift crypto

#27

Post by ccamrobertson »

brokensegue wrote: post #26

Why wouldn't I gift using a paper wallet?

Good question.

We’ve spoken to a lot of people who have done this, and more often than not the recipient in the midst of some life event doesn’t imbue a QR code with value (and loses it/throws it away).

Re: Show HN: Burner – A low cost wallet to gift crypto

#28

Post by brokensegue »

ccamrobertson wrote: post #27
brokensegue wrote: post #26

Why wouldn't I gift using a paper wallet?

Good question. We’ve spoken to a lot of people who have done this, and more often than not the recipient in the midst of some life event doesn’t imbue a QR code with value (and loses it/throws it away).

hmm. maybe give cash instead then

Re: Show HN: Burner – A low cost wallet to gift crypto

#30

Post by ccamrobertson »

cnowacek wrote: post #24
ccamrobertson wrote: post #14

Earlier quoted context omitted.

There is a massive trillion dollar market around gifting dollars on gift cards today, but you can typically only use them on Visa and Mastercard networks. We think gifting stablecoins is a better way to do that.

Gifting dollars on gift cards today is only supported by 99.9% of retailers. How many retailers accept USD II?

It turns out that many people don’t spend the gift cards designated for specific retailers, but rather trade or sell them for cash in their local market.
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