I am a fedi / fedimint fan, and do support the community use cases they discuss, but what is understated to a fault is the custodial nature of ecash.

A bank is a group of people that jointly control other people’s money. Federated ecash is a technical way to put together a group of people that jointly control other people’s money.

The idea of fully collateralized bitcoin banks is great, but fedimints do not do anything more to bring that future to light. They just simplify the process of giving your bitcoin to someone else and trusting them fully with it.

It’s a useful abstraction layer for people who want to spin up their own banks.