0 sats \ 0 replies \ @dpc 31 May \ parent \ on: Summarizing my thoughts on ecash bitcoin
Minimal pruned bitcoind is OK. 12GB of storage currently required.
LN Gateway is not trusted and can provided by anyone. I envision that eventually there will be services that provide LN gateway to private Federations for routing fees, after some liquidity is provided. So Federation guardians just register for that service, give it some ecash to have in-Federation liquidity and that's it.
Unclear what you mean. The guardians don't need anything else. Users need something like a Fedi or Mutiny app.
The general process is hopefully well described in e.g. instruction: https://github.com/fedimint/nixos-deployment
Eventually it should become even simpler.
Guardians are the users themselves. That's how I think about it. You don't use random federations, or even reputable public federations, at least with any non-trivial amounts. You use a federation that you ideally run in part by yourself with other people you know and trust personally , along with your extended family, friends and close knitted community.
Ad 1. Run your own mint for your family, friends and communities. Setting up a federation will eventually be as easy as setting up a WiFi router at home.
Ad 2&5 If you "own" a house, but government can take it away if you stop paying taxes that they arbitrarily set, do you really own it? Or is it really in the custody of your government? So if most people are forced not to have self-sovereignty over the largest asset they own isn't that much bigger problem then some daily spending money?
The same person can have self-custody of their savings, and use a trusted mint for day to day transactions. I have 99 problems, and payments for my groceries not being fully self-custodial isn't one.
Ad 3.Make sure to check the social backup in Fedi app. Very nifty, IMO. There's lot of UX that can be done on top of pre-existing human connections, and we barely scratched the surface.
Ad 4. There's an incentive for the users to use ecash, especially Federated. It improves the UX, robustness, availability, cost, privacy... the list goes on.
Ad 6. If I wasn't working on Fedimint, I'd probably be working on some distributed databases in Rust. Other contributors would likely be doing something else, not necessarily Bitcoin related. Ecash does not take away from other solutions, and too many cooks spoils the broth. There's a lot of people arguing about opcodes on Bitcoin already. :D
Hey Murch! What's the funniest person you ever worked with and how big part of it is his Polish accent and bald head?
476 sats \ 0 replies \ @dpc 7 Nov 2022 freebie \ parent \ on: Standard Sats against Fedimint Hype bitcoin
The biggest flaw in the Fedimint narrative is that there will be all these community fedi mints. The underlying assumption is that users prefer a distributed, potentially anonymous federation over single centralized is just wishful thinking and has no bearning in reality.
Why would anyone NOT prefer a federated solution over a custodial one?
This whole critique paints Fedimints in most dis-favorable light, yet tries to compare it with a solution that is effectively worse on every single metric (HC), justifying it by Fedimints not being "perfect".
Yes Federations are not some golden bullet, and federated custody is a compromise comparing to a zero-custody solution, but in exchange the users gain: entirely anonymous and private off-chain solution, great scalability, great on chain anonymity set, possibility of amazing UX, and possibility of integrating of all sorts extra technologies and solutions.
I have nothing against HCs, and I find them useful and promising, and wish well open Standard Sats in all applications where they work well, but I think in this post and in some comments, not only authors have very narrow vision of possible use cases, but also commit serious logical errors.
I am one of Fedimint devs. I see plenty of possibilities for them, so I quit my previous job to work on them full time in August, and I honestly think they are the most promising and needed Bitcoin project right now. I think we have great documentation that is really honest about the tradeoffs. If you still have any questions, feel free to hit me up on Twitter (@dpc_pw) or join the Telegram group and talk it out. We're very busy building the project, so please be patient but we love to engage and educate with interested people.
GENESIS