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5 sats \ 1 reply \ @fiatbad 21 Apr \ parent \ on: Cashu vs Fedimint bitcoin
I'm not aware of any large-scale, properly setup Fedimint to-date. So, of course there's been rugging with them.
But, from having a basic understanding of the technology, it's clear that it shouldn't be called a "scam". That's too harsh. It's a tool that scammers could use, but it can also be a powerful scaling tool.
Perhaps I have been "lied to" about how Fedimints work. I admitted earlier that I have not audited its code. But I am a software engineer by trade, and I understand Bitcoin/Lightning very well. If Fedimint doesn't work the way I think, I know for a fact that it wouldn't be difficult to create my version of how Fedimints have been pitched to me. It's not like I'm believing in magic. I've learned enough about them to understand the basics. Fedimints, the way I've learned they work, can be incredible tools, if used properly.
large-scale, properly setup Fedimint to-date.
Liquid, also by Blockstream, is effectively the same thing. Liquid still relies on swaps, a single point of failure, and you still need COMPLETE AND TOTAL TRUST as to how many key holders there actually are.
the technology
There is no technology bro, THAT IS THE SCAM... "the technology" you speak of is a hoax.
create my version
Get to work then, because the sooner you do the sooner you'll discover it's not possible and move on to something not retarded.
If it were possible we wouldn't need Bitcoin and proof of work in the first place.
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