Damus going Fedi? \ stacker news ~ecash

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14.2k sats \ 27 comments \ @go 18 Jan ecash

JB55: Running lightning nodes is too complicated for 99% of people

To do non-custodial lightning on your phone it needs to be online when you receive the payment and requires an initial onchain tx to receive.

This is terrible ux, so you are forced to use custodial solutions like wallet of satoshi, and privacy is terrible.

fedimint is a third option: the mint can provide a lightning address for receiving and sending out zaps even when you’re offline. This is private, temporary custody.

When the phone comes online it can choose to sweep fedimint funds into its non-custodial phone wallet (a future non-custodial ⚡️ wallet in damus as an example). In the UI this would be simplified as your custodied and non-custodied balanced summed to your total balance.

Damus’ fedimint would be federated with other guardians such as mutiny, so I can’t unilaterally rug the custodied balance. This is implemented as a multisig bitcoin wallet behind the scenes.

The use case is killing non-private lightning custodians who can unilaterally rug you. nostr:note12yd075f9un56nlmmh6dk6ehxnatjg5kf35wcevx8rwa8kstzt5rqkv8n9m

https://m.stacker.news/12832

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637 sats \ 1 reply \ @orthwyrm 18 Jan

https://m.stacker.news/12844

50 sats \ 0 replies \ @go OP 18 Jan

🔥

90 sats \ 0 replies \ @9 18 Jan

It could really change and decentralize things. I’m excited!

412 sats \ 0 replies \ @phatom 18 Jan

Sending zaps offline is a great way of getting users participation in region of network challenges

42 sats \ 0 replies \ @BitcoinIsTheFuture 18 Jan

Seems like an excellent use case given the situation. Let’s see what’s next!

33 sats \ 5 replies \ @premitive1 18 Jan

sounds like a brilliant idea. Does it start paying his bills? Maybe!

33 sats \ 4 replies \ @030a29f333 18 Jan

I believe a fedimint can charge fees (just rewatched Obi's most recent WBD interview) so you may actually be right!

13 sats \ 1 reply \ @go OP 18 Jan

That was the idea from inception, but it would probably be rare because of trust

0 sats \ 0 replies \ @030a29f333 18 Jan

What's stopping the operators from throwing in a few basis points onto each tx? Am I missing something?

21 sats \ 1 reply \ @premitive1 18 Jan

Isn't a point of Fedimints to be able to have your own ecosystem with your own rules?

0 sats \ 0 replies \ @Bitcoinisawesome 19 Jan

I think the point is simply to increase optionality for everyone.

31 sats \ 1 reply \ @JesseJames 18 Jan

Good idea IMHO, move in the right direction. Will knows his stuff, one of the few that cares.

46 sats \ 0 replies \ @go OP 18 Jan

High signal that Damus and Mutiny are going Fedi

31 sats \ 1 reply \ @freetx 18 Jan

Fedimints / eCash are a great solution for onboarding!

Its pretty funny since I recently heard a X/spaces regarding how Elon was thinking about adding a currency to his "everything app" (X). Predictably, he still seemed to be negative bitcoin. Most of his thinking seems stuck in 2015 Bitcoin-tech and he doesn't know about fedimints/ecash...

So maybe Elon may miss the boat on all of this and nostr could go for the win!

1 sat \ 0 replies \ @go OP 18 Jan

Yeah, it’s hard to be on the bleeding edge. I’d be super surprised if an app like X adopted ecash… lightning on the other hand…

21 sats \ 0 replies \ @ursuscamp 18 Jan

Hopefully being a money custodian and transmitter doesn't get him in jeopardy

21 sats \ 0 replies \ @riberet19 18 Jan

I love this idea, it can simplify things a lot and increase decentralization, I hope it continues to develop

21 sats \ 0 replies \ @cryotosensei 18 Jan

Anything to escape the ridiculously high network fees imposed by WoS is a winner in my book

21 sats \ 0 replies \ @joda 22 Jan

my experience with fedis is the transactions were slower than lightning. That was pretty early days though-- If it can't "zap" as quickly as lightning, it's not good for micropayments...

10 sats \ 1 reply \ @030a29f333 18 Jan

Would love to see other nostr clients go this route if it works. Never thought about it before but it's a great fit, especially since most zaps are done with custodial wallets anyways. Could help with generating income for the clients as well

0 sats \ 0 replies \ @go OP 18 Jan

Imagine opening a fedimint with the anons you banter with. Sounds fun.

10 sats \ 0 replies \ @joyepzion 18 Jan

This is a good way to Damus to recover and look strong

10 sats \ 0 replies \ @OriginalSize 18 Jan

This could be great, especially if the federation set gets to be more than a few entities. It would be neat to see layers to this such that high value amounts have plenty of members and relaxed time frames, while lower amounts can be like 2-of-3.

0 sats \ 1 reply \ @Rsync25 18 Jan

Why not Cashu?

63 sats \ 0 replies \ @_b_o_n_e_s_ 18 Jan

Cashu is not federated. The theory is federation lowers risk of a mint rugging their users

0 sats \ 0 replies \ @TheWildHustle 18 Jan

Cool stuff,

0 sats \ 0 replies \ @theinstagibbs 18 Jan

It's the obvious niche