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0 sats \ 3 replies \ @anon1 OP 5 Jun 2023 \ parent \ on: Discussion on Fedimint bitcoin
Interesting article. I agree that people have to become more self-sovereign to see why Bitcoin matters. Your point about how Bitcoin is something that will happen among the people and the governments of the world will have nothing to do with it is right on.
I meant my question from a technical background. How do you see 1 billion+ people using Bitcoin?
Trusted "Uncle Jim" + local communities = LN banks for people that don't know how to do all this stuff.
I run one of these LN banks myself, for a local community with merchants.
Is possible if you really want to do it.
https://darthcoin.substack.com/p/bitcoin-private-banks-over-lightning
https://github.com/Darth-Coin/Poncho-OBW-testing
See my substack for 70+ guides more.
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I like your node setup! Very robust. I need to add a UPS to my node.
Fedimint is trying to be a better "Uncle Jim" setup by eliminating single points of trust.
Imagine if in your community there were 5 people (including you) that were trusted community members (Uncle Jims) and you all created a 4 of 5 Federation. With this setup, the community would have to trust that 4 of the federation don't collude together to steal funds which I think is less likely than just 1 person deciding to stealing funds.
And since the LN gateway is separated from the core federation, you could use your already established lightning node to route payments for the federation.
For people using self-custodial lightning, Fedimint changes nothing, but for people using custodial lightning it provides a better trust model than what is currently available.
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Yes, for sure, not all communities will be able to do such a setup I did. Totally agree that some parts of the world would need some other solutions.
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