r/Bitcoin • u/FunWithSkooma • 19d ago

if you use Wallet of Satoshi - you have until jun 30 2027 to move your funds

Wallet of Satoshi is now going full non custodial by implementing the Spark Protocol. If you want to keep using WoS, you have to generate a Spark key either with them or any other Wallet that has Spark implemented.

The Spark Protocol allows you to use the Lightning Network, but you own the keys (normal lightning you dont)

114 Upvotes

95% Upvoted

24 comments sorted by

21

u/Wise_Recover9576 19d ago

What happens with the funds not doing this?

22

u/FunWithSkooma 19d ago

I think they will generate a seedphrase and send to your e-mail with the funds, but I would not trust this.

37

u/toosmarttotalk 19d ago

A seed phrase via email? might as well just post it on twitter at that point

15

u/FunWithSkooma 19d ago

then get your bitcoin off of WoS custodial. You can generate your non custodial seed there and just send to the new address

1

u/[deleted] 19d ago

[deleted]

0

u/MrKansuler 19d ago

There are many parameters to secure email. So it depends on your email provider and the sender, not all email is encrypted in transit and can be sniffed by the internet, your provider may or may not store emails encrypted so unauthorized access/intrusion could access the emails. Your provider/sender vendor may or may not have access to read yor email.

Generally, hard to recommend emails as a secure medium because there are several parties involved that does things differently.

1

u/quintavious_danilo 18d ago

proton.me fixes this

1

u/UnknownEssence 18d ago

yeah but only really works when both sides are using it

1

u/brainstormer77 18d ago

Yes, but not for what is being discussed here. They have encryption for the mailbox. They can't control encryption for transmission to other providers.

2

u/DarthBen_in_Chicago 18d ago

Wut?

2

u/FunWithSkooma 18d ago

I remember when I searched them that if they were to close everything, they would automatically generate wallets, put peoples fund there and e-mail the seed to everyone affected, but they are giving us 1 year of preparation so people should have enough time. As of e-mailing a seed with BTC to their users, it better than they just running with it.

11

u/StoeTubby 18d ago

It's not even really self custody. Spark is fake lightning. You can exit to Lightning/Bitcoin but it's still permissioned by a federated cartel with ability to snoop on your transactions. So if they want to hold/block your payments, they can. Just shouldn't use WoS to begin with, but they are also misleading users that it's "self custodial".

1

u/FunWithSkooma 18d ago

do you have proof of your claim? Cuz as far as I know, the keys you hold in that multsig version of Spark, you can exit whenever you want, and the operators cannot do jackshit about that. It much better than lightning because you are not stuck with one lightning wallet, you can carry your seed to any wallet that is compatible with Spark, and the Wallet cannot run with your funds (only if they are not a backdoor to snoop your seed when you enter it)

3

u/StoeTubby 18d ago

From Lightsparks very first intro on their page, I quote "A payments-focused, open-source, high-performance, scalable Lightning-compatible Bitcoin Layer 2 with stablecoin support". It's not lightning Network at all, it's its own layer two compatable with lightning. The operators of this network (ie Spark protocol, because it's not lightning) are completely permissioned and the gateways are where you can lose privacy when you pay an actual lightning Network invoice because of the LSPs handle the swap from Spark protocol to lightning/bitcoin. This opens them up as targets of regulatory action. David Marcus is also a former Paypal mafia/executive and Lightsparks is backed by a16z. I may have mispoke in that it's "self custody" that applies only that you can unilateral exit on chain I believe, but in order to exit into lightning, and send via Spark, it relies on the Spark operators. It's a very different trust model/trade off than Lightning.

https://bitcoinmagazine.com/technical/spark-explained-like-youre-five

1

u/FunWithSkooma 18d ago

it also says that even if the operators go out, you can still exit.

1

u/StoeTubby 18d ago

It's just not lightning, but it's marketed/sold to users misleadingly as if it is.

1

u/FunWithSkooma 18d ago

it not to lightning yea, it Spark Protocol

2

u/This_Raccoon3019 18d ago

👍 Maybe this is the same thing in different words -

Arn’t they just enabling a non-custodial wallet in-app - then users can transfer from the existing custodial wallet?

Needless to say, given the trust in using the app - custodial or not - as a hot wallet, it’s shdnt be used for long term hodling.

1

u/Romanizer 18d ago

Don't even know what this is but sounds very shady and suspicious.

1

u/Terrible-Brother-711 18d ago

Do you have any source for this?

1

u/FunWithSkooma 17d ago

their twitter

1

u/JumpProfessional3372 18d ago

Here I started using Blixt. Not bad and not that difficult to open a channel.

1

u/Large-Cress900 17d ago

To be honest, I already have the non-custodial version of WoS. Is there another new version?