Is it just me or does anyone else think fedimint is just too complicated to actually work.
Good solutions are always elegant. And from what I’ve learned about it so far, fedimint doesn’t feel that way to me.
Am I missing something?
Discussion
federations are literal dogshit in any situation. i will die on this hill
😂 but tell us how you really feel.
I get you though, just feels like a step back to me too.
i’m new to learning about fedimint and I have no horse in the race.
are there other alternatives to custody assistance that you think offer similar tradeoffs and have more appropriate technology choices?
are there other alternatives to scaling bitcoin utxos to serve 8 billion people?
genuinely curious to learn more
at much energy as possible should be spent on self-custody, outside of that, if necessary, i believe the best solution is the simplest which is continuing to expand on services like cashapp, WoS, cashu, fintech.
but i’m confident self-custody will scale to support everyone
federations are the worst mix of everything
I’m also fairly new to it, hence the question. Lots of smart people seem genuinely excited but I’m not seeing it.
Re: scaling, I think lightning would get us to several billion no problem. Again, haven’t gotten deep enough into the technical weeds there to be sure but the concept certainly scales.
Custody assistance feels like a fake problem to me. Yeah, holding bitcoin safely is harder than putting your money in a bank account and trusting the government but it’s not that hard. I think we’d get a very long way with just better design and product thinking tbh. And that feels like a set of solutions that are cheaper, faster, and more likely to hiked results rather than layering on more confusing process to bitcoin.
Elegance is about removing as many moving parts not building more cool shit because we can.
All that said, I’ll be excited to learn I’m wrong for some reason.
Complexity sometimes gets a bad wrap.
Having a well in the center of the town is far simpler to implement than indoor plumbing, but I wouldn't argue against indoor plumbing.
Lightning network is much more complicated to explain than talking about increasing blocksize, block speed, etc., but I wouldn't argue against lightning.
On the other hand, just being complicated doesn't make something a good solution either.
So having said that, what specifically do you find too complicated to actually work?
I think it’s the combo of federations (I thought we were working to get rid of the requirement to trust) and e-cash (which has to be issued & backed by said federations, and needs to be tradable between federations - wait, that sounds familiar).
Just seems like a LOT more moving parts that require trust and feel very fiat to me and the only benefit I can see is a slight reduction in the need to learn to properly self-custody your bitcoin and a bit more privacy, as long as you can trust your federation.
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