Read on Twitter
1/ makes me a little sad to think that if retail ever does truly adopt defi/eth, it will not be thru a self custody wallet like argent or rainbow and def not thru something like metamask
it takes a lot of extra work with no actual reward at the end to build a self custody wallet
it takes a lot of extra work with no actual reward at the end to build a self custody wallet
2/ self custody devs slave their asses off making contract or ui abstractions over defi protocols that make it easy to interact with them all while not touching your keys
but at the end of the day, retail won't care and if anything they will prefer a centralized alternative
but at the end of the day, retail won't care and if anything they will prefer a centralized alternative
3/ users are used to getting support when they have problems and are used to calling customer support when they lose money or get scammed
a CEX like coinbase can reimburse its users if a protocol they let users interact with is hacked (like what happened with COVER)
a CEX like coinbase can reimburse its users if a protocol they let users interact with is hacked (like what happened with COVER)
4/ a self hosted wallet run by a team of passionate devs won't be able to provide that level of support, especially since not controlling the user's private keys makes it difficult to provide remote support!
5/ a centralized exchange can benefit from not having to actually send transactions on chain to allocate their users funds.
a CEX like binance can just update a record in their DB that you traded your UNI for SUSHI which less confusing much cheaper for the end user
a CEX like binance can just update a record in their DB that you traded your UNI for SUSHI which less confusing much cheaper for the end user
6/ self hosted wallets also have to try to explain and convey to the user how gas works and why the fees are $90 to trade their $5 of eth
7/ and worst of all, THE DEVS GET NOTHING IN RETURN FOR BUILDING AN AWESOME SELF CUSTODY WALLET!
a CEX can lend out their users funds to earn yield passively or provide other services with it to earn themselves profit
a CEX can lend out their users funds to earn yield passively or provide other services with it to earn themselves profit
8/ self custody wallet devs have to open source their code (basically giving free intel to their competition) to even be trusted and they will get no praise from real (normie) users who don't understand what private keys even are
9/ all of you get for developing a great self custody wallet is a high five from the ethereum dev community
in return you have to trade away your ability to provide easy customer support/insurance and save your users money via off chain internal db updates like described above
in return you have to trade away your ability to provide easy customer support/insurance and save your users money via off chain internal db updates like described above
10/ worst of all, you and your users will face scrutiny from the government for not being able to track and control ever move your users make.
it's a lose lose situation and even tho i feel strongly about self hosting and decentralization, most users actually want the opposite
it's a lose lose situation and even tho i feel strongly about self hosting and decentralization, most users actually want the opposite
11/11
at the end of the day, the only people who will truly value decentralization over UX are: nerds like us and criminals
there's just no real reason to build a decentralized wallet for the masses when it's just so easy and profitable to do the exact opposite
at the end of the day, the only people who will truly value decentralization over UX are: nerds like us and criminals
there's just no real reason to build a decentralized wallet for the masses when it's just so easy and profitable to do the exact opposite
