This is painful. Yes, there is risk to custodial bitcoin. But that is still bitcoin locked in a channel on the block chain. Ecash is a figment of someone’s creation and doesn’t need to be backed by anything.
Also if you’re trying to call me out for “using” CoinOS fine. But I know my threat/trust model. I keep less than 500 sats in CoinOS. And Adam has made every user whole if there was a problem. I have run my own node for over 5years.
I’m just not fooling myself in believing ecash is anything more than someone’s made up token. That they take your bitcoin for.
None of your balance on ANY custodian is necessarily "locked in a channel" on the blockchain. It is fundamentally no different than eCash.
I also run a Lightning node, and I host Lightning wallets for a few friends and family. I can add any amount of sats to their wallet that I want. I can zero out their balance entirely. All of it without any actual sats moving through a Lightning channel.
Indeed, I could close all my Lightning channels, sending the funds on-chain to my own cold-storage, and their wallet will not indicate that their balance changed whatsoever.
And no, my setup doesn't use eCash whatsoever.
I assure you that all custodians can do the same.
I wasn't calling you out for using Coinos. Use what you want. I was calling you out for not understanding that your wallet with Coinos is not a fundamentally different situation than someone who uses Minibits as their custodian.
