It begins.
nostr:npub1uq70uqgas9pyhds2zt57kr9se8rg3s68ztphjnq82ts8rzeknmeql7u0c2 🧡
Discussion
Wow 😮
Weirdly suspicious that Mutiny got canceled the same day Fedi was released.
Life is full of coincidences.
Both funded by Ten31 VC, maybe didn't want to cannibalize. Jeff Booth was shilling it pretty hard to Saif. Not sure how they expect to outperform just holding bitcoin while in the monetization phase.
How does fedi make money enough for advertising and staff?
I assume they aren’t making any income in this phase. I don’t know what the revenue model is.
Well that makes you wonder doesn’t it
Not in a cynical way. I think once the community model is proven, they will probably make money from partnerships and bitcoin-as-a-service offerings. We all know that bitcoin companies have a harder time raising capital than shitcoin projects. If the tech and UX is the best in class, they have a good chance at success. I like the people who are getting behind them.
ELI5?
I downloaded the app today. I gotta spend some time there to see how it works.
Join a federation and send yourself a few sats over Lightning. I’m still figuring it out. I want to learn how to create a federation too.
Sats? I thought it was ecash? I’m confused about fedimint
What’s the confusion? Ecash for bitcoin is denominated in sats.
So sats from lightning network is the same as ecash? So when you deposit L1 BTC into a mint, you get sats to spend?
Yes, as far as what the user sees the payment flow looks exactly like any other Lightning wallet.
The difference is that under the hood you don’t have any Lightning channels so you can begin receiving payments immediately. It’s more like a custodial wallet experience, but instead of a single custodian, you have a decentralized network of ecash mints maintaining your balances and providing the infrastructure. You can switch between federations anytime or use more than one.
I’m still learning about it, it’s similar to what I’ve already experienced with Cashu and eNuts but a different approach.
Yes but not exactly. When you deposit bitcoin the mint will ‘mint’ ecash of the same value. This ecash can then be moved around (spent) within the mint with almost no friction. From my understanding if you want to send ecash to another mint that happens over lightning but I believe that is handled on the back end.