nostr:npub12g820dm4gettjvrdq8x6dp53vm427v3uws78txyyavm0rckjdydq2u22cf is posting the most interesting notes on nostr. don't miss out
The more important point, is that not everyone can own a utxo. So custodians will be necessary, not for you, but for small people.
You think they'd be better off keeping their money in the custody of a sister and some neighbors or in the custody of a sybill resistant, annonymous, incentive aligned, Bitcoin miners?
Exactly my original point. You, a technically competent fedimint enthusiast, don't see any problems because you can deposit onchain or over ln, do your business and get out, doesn't matter who the custodian is because most of your meaningful transactions happen non-custodially.
As we've already agreed, some form of custody will be necessary for most people in thw future (impossible for billions of people to own their own utxos).
Thw question then becomes what does the ideal custodian look like? Is it your uncle Jim and neighbor Johnny or is it a sybill resistant, annonymous, dynamic collection of parties deeply invested in the succees of Bitcoin as a money?
I think immunologists are too confident in their supposed understanding of immunity.
The simple story that a vaccine just needs to show the "immune system" an antigen and it takes care of the rest is only loosely true some of the time.
Vaccines work, sometimes, but I suspect that it's not for the reasons that immunologists tell themselves.
I am.
But I thought Hawala was for payments. Not a bank like fedimint. More akin to lightning.
It makes sense to me that having friends or family as intermediaries for a short duration could work since afterwards the relationship goes back to being unencumbered with financial concerns.
One reason I like Damus is because nostr:npub1xtscya34g58tk0z605fvr788k263gsu6cy9x0mhnm87echrgufzsevkk5s doesn’t call me a retard for using an iPhone
lol
If you use lnproxy it's nice to have a channel with their node
Glad we agree on so much but you're missing the point.
Friends and family are bad custodians. Bitcoin miners are better custodians (dynamic and annonymous so very hard for governments to pressure, incentive aligned with Bitcoin, etc. )
Privacy on a chaumian mint is comparable to a zcash sidechain but the zcash sidechain also protects users from the custodians ibflating the supply. So the sidechain is strictly better.
We have millions of dollars and tons of smart young people (fedimint bros) working on a worse tool and telling their followers that an opt-in softfork that enables a zcash drivechain is "dangerous" because "shitcoins on bitcoin" or "changes incentives". This is a problem.
That being said, I don't think working on fedimints is bad or anything, we should have as many solutions as we possibly can and let the best one win.
Thanks for the thoughtful reply, I'll respond to each paragraph:
1) Not to any particular part of the world, to most people generally. It's simple to see that this true, if you have money, you keep it in a safe place only you have access to or in a bank, not with your brother. I think this was true even in the days of gold and silver.
2) The main downside is that the custodians might collude and run away with your money. The other downsides are the politics involved in chosing the custodians, the day to day annoyances of running the mint (even if the software is great there will always be tech issues that will have to be dealt with), the politics of chosing a fair fee structure to compensate the custodians, etc. In addition, having your friends and family serve as custodians might be better in terms of decentralization but it also introduces drama into relationships that you wpuldn't otherwise have.
3) It could be any "coin", the point is that it is a mistake to think thay Bitcoin is invincible. Ethereum has a lot of network effect and if they get a scaling solution with less downsides it might be preferred by the billions of people that will need to be onboarded in the coming decades. More worringly, cbdc-esque "coins" will come with the threat of state violence to reinforce their network effect, of course they have their own downsides (lol) but the fewer downsides our scaling solutions have the better.
I think fedimint bros think that they'll be the one runnung the fedimint, so they never consider the downsides.
I wouldn't use a fedimint run by my family or friends because I prefer not to have money involved in those relationships. Most people feel this way.
May take years of pain to realize that a dynamic federation kept sybill resistant and annonymous through proof of work is a good scaling solution but it will happen. Let's hope the self delusion of fedimint bros doesn't retard this realization for so long that another coin gets more network effect.
You need both. They ban "nazis" on twitter (evrn if it would make them more money to have them) to win some warpped moral battle.
We must win morally AND economically
What do you do to buy stuff at the store in Canada? Prepaid visa?
