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I just listened and Alex Gladstein talk on Swan Channel: https://youtu.be/OsLwHfCHkD4

They are epic as usual and felt thankful for Bitcoin to opened the way for me to find and listen to these guys.

But toward the end of the interview they started talking about Fedimint. It didn’t click with me. I try to read from their web site and still no progress. Why instead of self custody we prefer to participate in a pool and how it is private and safe while trusting another. Hearing two of them explaining it made me feel like I’m missing a huge point just staring into my face. Can anyone help with that?

#bitcoin #fedimint #grownostr #plenchain

#[4] #[5] #[6]

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Discussion

Korhag 2y ago

I somehow deleted Jeff Booth’s name from the first sentence while trying to tag his npub… goodwork 👏

Diego Valley 2y ago

You’re not the only one. I’ve watched a few interviews with the founder of Fedimint Obi and I really don’t get it 🤷‍♂️

Korhag 2y ago

That’s almost a relief to hear :))

armstrys 2y ago

I have found some of the descriptions of cashu more accessible. It’s a different implementation but the concepts are similar. Fedimint is like an on chain version of cashu but with multisig. If you can wrap your head around cashu they should both make more sense

Korhag 2y ago

Thanks for the answer. Cashu was also a little bit difficult for me to grasp. I mean it took me a long time to understand the Bitcoin as it is so I’m not surprised that these are also coming difficult for me :))

armstrys 2y ago

If you haven’t listened to any podcasts with Calle yet you should try that! These are complex topics though… I still only have a tenuous understanding at best.

https://fountain.fm/episode/14982736486

Korhag 2y ago

I listened this one and this was the first time I hear about some system other than just lightining. #[7] seems like another brilliant guy in the Bitcoin ecosystem. I feel almost proud because I’m somewhat a part of this community. I hope maybe one day my role will switch to a more active role than now.

Fernando 2y ago

Imagine if you were born in Africa, South America or Asia and you don’t know how to self custody and you also don’t have a bank account. Anyone that you trust in your family, your community or your tribe can start a “federation” fedi account to store sats so now you have a way to send and receive payments. I agree that it’s not the ideal way but in certain parts of the world that’s the best way for now. I live in Brasil and I see it can work pretty well here. That’s my point of view, hope that helped. Have a good one! #bitcoin #fedimimt

Korhag 2y ago

Thanks man. It’s not that I understood it and talking against it. I’m from Turkey so even with the language barrier some people can’t do self-custody so I can see there is a value for sure. I’m just having a difficult time understanding it, how it will work in practice etc. I hold some BTC for my mother for example in a separate account. But I wouldn’t do that for other people because in this case it is my self-custody and I just keep another account for her, hoping one day tools will be easy enough even for her to use. So I can see there will be use cases. But the way people talk about it signals that would be something even more grandiose and game changing. So we’ll how it will go :)

Fernando 2y ago

I really hope it can bring a way in to BTC for those who doesn’t know how to self storage. I will take a better look to it and see if I can run a fedi node. Let’s see.

gladstein 1y ago

Thanks!

Fedimint is NOT a replacement for self-custody. I tried to make that very clear

It is ecash — very private cheap digital money — that can be used in conjunction with bitcoin