Starting a Family Or Local Federation? \ stacker news ~ecash

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3803 sats \ 33 comments \ @siggy47 22 Jan ecash freebie

Has anyone actually set up a family or local federation? I'm wondering if these animals actually exist in the wild. I did find some YouTube how-two guides. I'm wondering what would be the best path to choose.

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847 sats \ 10 replies \ @Fabs 22 Jan

For a pretty long split-second, I thought that OP wanted to know if anyone of us Plebs has actually managed to create a family, with a wife, kids and that sorta bagage - and I don't think I'm the only one!

173 sats \ 3 replies \ @kr 22 Jan

i thought the same thing 😅

428 sats \ 2 replies \ @Fabs 22 Jan

You thought and found! Welcome to the club, we're two already!

286 sats \ 1 reply \ @0b1CoinObi 22 Jan

me too! and apparently there are some "how to guides on Youtube" of all places. Please drop the YT links in the reply box. I need to do some homework later myself.

286 sats \ 0 replies \ @Fabs 22 Jan

Yeah, true, the guides I've written myself don't seem to work, can't recommend.

0 sats \ 5 replies \ @siggy47 OP 22 Jan freebie

Yes, I can see how that would happen! I should have written local or family. While we're on the subject... So, are you married, kids?:)

413 sats \ 0 replies \ @kytt 22 Jan

I want to do this so badly. If you find any good guides, please share!

194 sats \ 2 replies \ @grayruby 22 Jan

No but I tried the Fedi app when it was available on test flight. I liked it but seemed mostly like a novelty for people to try for a couple days. I might try creating a family federation at some point.

50 sats \ 1 reply \ @siggy47 OP 22 Jan freebie

Maybe you're ahead of me on the curve here. Obviously self hosting is critical. It seems as if the actual federation must be set up through a URL. From my understanding, the most valuable benefit of the fediment protocol is the privacy of the transactions. For a family federation, won't that privacy be rendered more or less useless if you need to do it through a registered URL? Maybe there are alternative methods?

173 sats \ 0 replies \ @grayruby 22 Jan

Definitely not ahead of the curve at all. Agree. I was just testing Fedi out of curiosity, wasn't implying it was the best option to set up a family federation. Hopefully we will get some wonderful tutorials from the big brains on SN on best practices.

286 sats \ 0 replies \ @Krv 22 Jan

The creators of the Fedimint software have put their efforts on the 3rd world, as it's a much easier sell there where people literally have no means to store their wealth safely. In the West, it's far harder to convince people it's even necessary. It looks like unnecessary overhead, since, in most people's minds, the current payment system already works fine.

286 sats \ 0 replies \ @kepford 22 Jan

I haven't but I'm the uncle Jim in the family and I bet most stackers are as well. Federations make me hopeful for bitcoin's future for the less technical.

173 sats \ 15 replies \ @KLT 22 Jan

I’ve spent about 2 - 3 weeks figuring out how to setup my own lightning node, watching hours of BTC Sessions videos haha, in anticipation that the Fedi app would be ready to go so I can continue to uncle Jim family and friends but I don’t believe it’s ready yet for non devs, although I am looking forward to it!

0 sats \ 14 replies \ @siggy47 OP 22 Jan

I'm weighing the benefits of using my ln node Uncle Jim style v. fedi. I guess theoretical fedi benefits would be more reliable transactions and greater privacy.

286 sats \ 10 replies \ @ama 22 Jan

If you plan to be the only custodian for your family you don't need to build up a federation, and you could use Cashu instead of Fedimint, at least to get started for the time being. It's working already and integrated as a module of LNbits, so it should be easy to set up.

Perhaps later, when some of the people on your family get some interest and skills, you could move to a fedimint. :-)

286 sats \ 8 replies \ @KLT 22 Jan

If you plan to be the only custodian for your family you don't need to build up a federation, and you could use Cashu instead of Fedimint. It's working already and integrated as a module of LNbits, so it should be easy to set up.

Are there any tips to set this up for non dev folks that you could point to?

307 sats \ 7 replies \ @ama 22 Jan

Have a look at this article: https://bitcoinmagazine.com/print/how-to-guide-running-an-ecash-mint. From it:

"As a user, click on the extension and create a new Cashu mint. Enter the details for your mint and select the backend wallet that will be used for funding the mint. That’s it! You can copy the mint URL and use it with any Cashu wallet, such as Nutstash.app or Cashu.me."

It sounds easy, once you have your LN node and LNbits set up, that is.

286 sats \ 6 replies \ @KLT 22 Jan

Have a look at this article: https://bitcoinmagazine.com/print/how-to-guide-running-an-ecash-mint. From it:

"As a user, click on the extension and create a new Cashu mint. Enter the details for your mint and select the backend wallet that will be used for funding the mint. That’s it! You can copy the mint URL and use it with any Cashu wallet, such as Nutstash.app or Cashu.me."

It sounds easy, once you have your LN node and LNbits set up, that is.

Appreciate you sharing this. Going to give it a try now as I have an LN node setup via LND and just installed LN Bits

940 sats \ 5 replies \ @ama 22 Jan

https://www.reactiongifs.com/r/abdc.gif

Report back when you try, please. I'm interested as well, but I haven't set up my own LNbits yet... :-)

286 sats \ 0 replies \ @KLT 22 Jan

Just tried it with a small deposit of 5,000 sats from a custodial lightning wallet to my own mint and it worked! Pretty impressive!

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0 sats \ 3 replies \ @KLT 23 Jan

https://www.reactiongifs.com/r/abdc.gif

Report back when you try, please. I'm interested as well, but I haven't set up my own LNbits yet... :-)

Question. If I deposit 100k sats into my mint, I of course see the total mint balance as 100k sats.

If my wife joins my mint and she deposits 100k sats, does she see a total of 200k sats or she just sees what she herself deposited into the mint?

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0 sats \ 0 replies \ @siggy47 OP 22 Jan

Good idea.

286 sats \ 1 reply \ @megaptera 22 Jan

In a familiy setup its probably way easier to just use cashu.

286 sats \ 0 replies \ @KLT 22 Jan

In a familiy setup its probably way easier to just use cashu.

Hmmm, understandable. I think I got maybe 2 more wallets to offer my wife to try before she gives me a permanent eyeroll haha, so I’m looking forward to when Fedi and Cashu come out of Beta and is ready for prime time. I have enuts and Fedi the last few months testing them out.

286 sats \ 0 replies \ @KLT 22 Jan

I'm weighing the benefits of using my ln node Uncle Jim style v. fedi. I guess theoretical fedi benefits would be more reliable transactions and greater privacy.

I think both sound good to me. It’s good to run our own nodes for the education of learning how to do it and if one of the benefits is that we could Uncle Jim family and friends, then that’s a great bonus. As well as help the network too.