Never imagined I'd move to the “land of the free” 🇺🇸 only to fear arrest for being a Bitcoin enthusiast or voicing against government!
Discussion
Is that why you turned off your zaps?
No. I will turned it back once none custodial solution is available
What’s wrong with mutiny?
It doesn’t work properly with Damus and I became skeptical about federations.
Why the skepticism on federations?
Skeptical because federations are also custodial, slightly better model but you can’t actually verify if the keys distributed across the different people or just one person can lie and hold all of the keys and rug
I think it's important to be clear that the Federation isn't custodial because it's not letting you deposit as much as it's selling you an ecash token. That token has no ties back to the original UTXO you paid. The federation also doesn't custody the ecash notes it creates, each individual owner custodes their own ecash.
You can go back to the federation to trade your ecash for sats but there's nothing there to force them to redeem.
I think people selling Fedimints as depository products are doing everyone a disservice to what's really happening under the hood. I also think we'll see much more transparent mints with public guardians as time goes on that should help to alleviate some of the concern but we still need to be more clear what these products are.
Federations are not a good long term solution for reasons of self custody yes. I have also had trouble getting mutiny to work with Damus. I just thought it was something I was doing wrong haha
Now you’ll find out why its also the “Home of the Brave. “
there is no land of the free on this planet