Fedimint is the perfect trust tradeoff imo.
Instead of millions of people trusting one anon custodian (ie WoS) - just your close friends and family have to trust you.
Your incentives to rug are gone, in fact you stand to lose your friends and family, so you're even more incentivized to be honest.
Extremely bullish on this.
What if I don’t have any friends or family orange pilled yet?
I would really like the idea of some nostrich guardian
Typically, friends and family are the worst, when money, baggage, and emotions are involved.
Money and family don't mix; like two dicks and no chick's. -Biggie Smalls "Ten Crack Commandments"
Only in a fiat world. In real families you support each other with money.
I would trust my immediate family with money 100% of the time
"Rule #3: Never trust no body, your moms will set that ass up, properly gassed up, for that fast buck, hoodied and masked up, she be laying in the bushes to light that ass up" -The Notorious B I G
I'm here to increase my sovereignty and individual will, if you want to handcuff and limit yourself that's on you brother
Same here. But if the only way my parents feel comfortable using bitcoin is if I take care of the "hard stuff" for them and they can trust me with $200 of spending money, this is a great trade off.
My parents can trust me with this, and trust me with a lot more already.
I was under the impression that the ecash tokens created in a fedimint are only able to be spent inside the fedimint. I don't use money inside my family, we use social credits... ex. I change the oil on my grandma's car on Tuesday, she cooks me a nice diner on Sunday.
Apparently the ecash tokens can be spent anywhere over Lightning if so configured by the federation.
Is that the case? I conceived it as chuckle cheese tokens... sure I can try to give you a chuckle cheese token at the farmers market, but it is only redeemable at chuckle cheese
You can hear the details in this podcast…
https://podcasts.apple.com/us/podcast/tftc-a-bitcoin-podcast/id1292381204?i=1000621640199
More info here too…
https://bitcoinmagazine.com/technical/federeated-chaumian-mints-lightning
Sounds like what I was describing. But, why would I want to accept what is basically a receipt for a certain amount of bitcoin when I can just receive the underlying bitcoin itself
It’s your choice. You could receive a fedimint payment to your own federation, to your Lightning node, or you could swap from Lightning to base chain.
Why keep it in a fedimint?
You don’t have to manage a Lightning node.
You get more privacy than just using Lightning.
If you’re nontechnical, then a federation of trusted people can manage your keys for you (and potentially restore your access if you “forget your password”).
Like lightning, it will likely also be cheaper to use a fedimint than to transact on the base chain.
If you don't want to receive federated sats, you just present a regular LN invoice. The LSPs from the federation will accept the Fedi tokens & pay you in sats via lightning.
If you're paying someone in a federation, they present a federated lightning invoice. The LSPs send that user Fedi tokens when you pay the lightning invoice.
If you're a sovereign LN user, you're not impacted at all.
You are convoluting terms... no such thing as *federated satoshis* it is a receipt for a set amount of satoshis from a federation. Of course the problem with federations, side chains, drive chains, space chains, ect. Is always the pegging out back to actual satoshis. You are trusting entities to perform a function on your behalf in a timely manner. The only way that works is inside the same entity... I have zero trust for anyone who is not me. To my eyes the cost of introducing new counterparties and the complexity of fedimints is not worth the miniscule cost savings.
Why would you willingly sequester and limit the ability to spend your money?
(I do not believe lower fees are a legitimate answer as tech like lightning and channel splicing is already solving that)
Because there isn't enough space on L1 for all of us to have channels.
There is the possibility that a Fedimint would allow you better privacy by having your payments come from the mint instead of your personal lightning or legacy addresses.
It's going to have to be a very simple software and interface for normal people to feel comfortable essentially starting their own family/community bank.
Cool way to describe it. Had some trouble initially wrapping my head around Fedimint.
Yes
