I am a fedi / fedimint fan, and do support the community use cases they discuss, but what is understated to a fault is the custodial nature of ecash.
A bank is a group of people that jointly control other people’s money. Federated ecash is a technical way to put together a group of people that jointly control other people’s money.
The idea of fully collateralized bitcoin banks is great, but fedimints do not do anything more to bring that future to light. They just simplify the process of giving your bitcoin to someone else and trusting them fully with it.
It’s a useful abstraction layer for people who want to spin up their own banks.
nick / Nick Slaney
npub18ps…v73m
2024-01-30 16:40:10
Author Public Key
npub18psflzah8gjq54t4zyjhezghzg9pvpjhm894f4yex9wpl79t3uxq03v73mPublished at
2024-01-30 16:40:10Event JSON
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"pubkey": "38609f8bb73a240a557511257c8917120a160657d9cb54d499315c1ff8ab8f0c",
"created_at": 1706629210,
"kind": 1,
"tags": [],
"content": "I am a fedi / fedimint fan, and do support the community use cases they discuss, but what is understated to a fault is the custodial nature of ecash.\n\nA bank is a group of people that jointly control other people’s money. Federated ecash is a technical way to put together a group of people that jointly control other people’s money.\n\nThe idea of fully collateralized bitcoin banks is great, but fedimints do not do anything more to bring that future to light. They just simplify the process of giving your bitcoin to someone else and trusting them fully with it.\n\nIt’s a useful abstraction layer for people who want to spin up their own banks.",
"sig": "577b4c2f8854ae6f54482678ca5f41b448ffc070fb7ebf334fa9972469897b45b314c44aaf77db82a9de44985bd90fd755fcd6cff1d0079101493c0a213b6dbf"
}