Centralized?
Discussion
yea the guy who runs the cachu mint can at any time choose to shut down and run away with all the Bitcoin.
What does that have to do with what I asked? I asked what you mean by centralized?
I mean centralized as in 'single point of failure'. If the mint goes down your ecash is worthless.
But, that's not what centralized means though.
I guess you've never come across the concept of custodial wallets before.
Strike, Wallet of Satochi, Cash App, Alby, Primal, these are all custodial wallets that if they go down, or get seized by the government, your Bitcoin is gone
So, what exactly is the point you're trying to make? That custodial wallets run the risk of being rug pulled or seized?
You're a bit late to the party with your ground breaking news. That fact is well understood by everyone. Well, except you it seems. You don't even know what centralized means. Wallet of Satochi is centralized. Alby is centralized.
Liquid, Mutiny and CashU use a federated server model precisely so they are federated and not centralized like Alby, WoS, Strike etc. By using federated severs across many countries, it greatly diminishes the risk of rug pulls and government seizures.
Haha, if we are to nitpick over the wording some more, I would argue the word centralized/decentralized can be used to describe several aspects of a software system.
The aspect I were thinking about is how easy it is for the people behind the service to screw over their customers. And I'm asking how to make the mints more trustworthy.
A better word to use here may be trustless.
Cachu does not have a trustless setup and therefore I were asking how to mitigate the lack of trust.
You tell me that the Cachu use federated solutions. That's new info to me as you can guess since it was one of the solutions I proposed.
Back in the day I remember Calle telling me that Cachu does not use a federated setup. So good for them, if your information is correct and they have been coming around on that one.
Apart from pointing out the obvious risks with custodial wallets, do you have any original insights? Do you have anything at all to add that hasn't already been said a million times before?
Do you crusade against all custodial wallets? Do you warn people about the risks of using WoS or Alby? What about Primal building a custodial wallet in their nostr client that's on by default? You must have been outraged by that? Compared to people choosing to use a mint, having a custodial solution thrust upon them must enrage you?
I'm sure you've made hundreds of posts before warning people about all of the evil custodial wallet providers waiting to rug pull everyone that dares to use them.
Well, I'm advocating for people to use custodial wallets for money they are willing to loose. I'm also fan of making these solutions less prone to be rugged.
That's why I started this thread, in the hope to spur a good discussion on what we can do better in the future.
Due to the mocking nature of your posts, my patience with you is now up, and I will not chat with you any further.
Cashu is not federated Mints are by design centralized nostr:nprofile1qqs9pk20ctv9srrg9vr354p03v0rrgsqkpggh2u45va77zz4mu5p6ccpremhxue69uhkummnw3ez6ur4vgh8wetvd3hhyer9wghxuet59uq32amnwvaz7tmjv4kxz7fwv3sk6atn9e5k7tcppemhxue69uhkummn9ekx7mp069f2j4 can say more
Fedimints are though and got DNS attacked