Game changers thing 🫶

Does this mean damus will see regulatory risk like WoS?

Interesting

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2024 will be the year of e-cash… it’s needed, especially if fees stay high… great note Will!

Sounds great ✊

If we assume on-chain fees remain cheap and accessible, then all Fedimint really does is allow users to give up full self-sovereignty in exchange for easy onboarding. A decent trade-off for some, but not super game-changing. But if we assume on-chain fees are going to exponentially rise, Fedimint has a very strong use-case as a scaling solution. It's built to solve a problem that largely doesn't exist... yet.

Big if true 😁🤞

I think auto-sweep is a pretty cool idea, would that help with balancing channels too?

Maybe a better solution is other blockchains with faster transactions and privacy at the protocol level?

FWIW i would let you unilaterally rug me any day, Will 🫂

Finally, I’m a 1%er

I don't trust e cash mints because of the possibility of inflation without anyone noticing. Isn't that a possibility?

Now we talking

until lightning has hardware wallet support, I'll just use custodial for my coffee change and risk being rugpulled in exchange for the convenience of zapping plebs on nostr 😄

Running node is NOT too complicated for 99% of people.

Love that you’re thinking through the UX side of this. We need to always remember the 99% of users instead of just the 1% of super tech savvy users.

If we want #nostr to win it needs to be dead simple and a great experience for those who aren’t super tech savvy.

Initially I'm not a very big fan of fedimint, but I'm starting to get won over by use cases like this. Id have to run it myself to understand it. Mmmmm.

Doesn’t matter. Sometimes the best things are hard to do and if you really care about it and it’s valuable to you and your family, you learn it, you do it no matter what.

Yes. Let’s add a few more middle nodes and pay fees.

What an informative pose -- and wow. Eye opening.

this multiples across bitcoin native apps/businesses, niche circles of 'communities,'

well, damn !

Thank u

Fedimint... but you run all the nodes on your own hardware in geographically dispersed locations. You basically get a high availability lightning node. That's my use case.

The fedimint custodians cannot unilaterally rug you, but they CAN arbitrarily inflate the token supply unless the tokens have some kind of cryptographic claim on the sats held by the mint. When a fedimint becomes popular, there is no way to audit the issued tokens unless privacy is eliminated. The technology for cryptographic claims on lightning sats is imminent, and possible, just not designed yet. If it becomes feasible, the cashu mint model will provide sufficient guarantees of custody, relying on the lightning network enforcement mechanism, and a fedimint will be unnecessary and likely cumbersome.

Love the idea. Lyn talks about the fedi scaling all the time.

I need a Coles notes over wine pls

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Should #Nodestrich start a fedimint? Who would be interested in helping kick this idea off?

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The temporary Fedimint custody idea is genius.

My guess is that banks will eventually use something like Fedimint or Fedi itself. It seems like a good fit for how banks work from what I can tell. And I do think most people will gravitate toward custodialish solutions like that.

Wow the multi sig federation is really a good idea. Does liquid also work this way?

It's for the really dedicated plebs right now.

I was following the debate on this… and it seems like fedimint is the middle ground until something else comes along that’s non custodial and scalable… another layer maybe on top of lightning ?!

I'm looking to start contributing to something, and this is a really interesting idea. Can you point me to the relevant part of damus codebase to look at?

Fedimint is also custodial, no?

There is a fourth option: Mercurylayer + running an LSP for payments to the outside. Non-custodial and no risk of rugging.

thanks for this explanation- this helps me understand the use case for a fedimint

👍

Before using a custodial Fedimint, why not using a temporary custodial Lightning?

If in the end you'll end up taking the amount in LN, what's the advantage of changing the protocol in the middle?

Finally got my Lightning node set up! For the love of God don't stare at it too long. Can't afford to take another month off from work to get it operational again.

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For me the issue isn't even directly that it's too complicated - I have engineering and science degrees and an quite comfortable coding. I use both custodial and non-custodial wallets for different circumstance and I understand the trade-offs of both. I use a custodial lightning wallet primarily for zapping on Nostr and other small payments, and it almost never has more than $20 in it. Would it suck having that rugged? Sure, but its a minor nuisance. Do I wish it was non-custodial? Sure. The problem is, for me to invest the time and effort in setting up the Lightning Node for that purpose alone is disproportionate to the amount of loss I would incur. Having said that, I'm excited to see how fedimints bridge this gap.

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Yep... complete non-custodial lightning has been a pita.

Though, to be fair, once its configured, it just runs. Biggest problem is actually joining the network in terms of channels and stuff but thats a different topic.

I like the idea of a hybrid approach; it simplifies things, keeps the annoying parts to a minimum and does well for protecting the user.

One question though; Say the fedimint goes bust. Where does such a hybrid wallet connect to, then?

whilst Wallet of Satoshi is most definitely custodial it is KYC-free so actually good for privacy

I'll be damned excited to try it out.

This is a future I'm here for. 🤙

This is what I was talking about today at th BFF. Fedi will allow us to scale Lightning and Bitcoin adoption. I'm all for it and bullish as fuck on you building this out. 🔥🔥🔥

Fedi will scale Lightning to the masses. Let's go.

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this is great!

use case is my children who want SATs and cant afford setting up a lightning channel much less a node.

I would LOVE to see this integrated somehow with Nostr where npub unlocks access to the sats. making any nostr client able to also be a wallet in this custodial system.