346 sats \ 11 replies \ @justin_shocknet 12 Mar \ on: Will fedimint send shitcoinery six feet under? 💀⚡ bitcoin
Fedimints are shitcoinery
They are not a Bitcoin project, they are unsecured liabilities tokens no more backed by Bitcoin than any other API token.
The very purpose of running a mint is to have people give you their Bitcoin in exchange for your shitcoin. This is the incentive creating countless fake "L2" projects this cycle.
Layer 2 is the new Blockchain... welcome to a new era of Bitcoin affinity scams.
L3 is around the corner…
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Millions of copies sold
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Do you really believe this?
To me, layer 3 is solving the “send over an ascii” channel problem of LN at layer 3. I cannot easily transmit arbitrary bearer token Bitcoin over LN with arbitrary ascii communication channels.
Bitcoin and LN both require direct process to remote process comms — TCP.
Ecash tokens are Bitcoin, as LN channel sats, which are as Bitcoin by merit of the HTLC.
Shitcoinery is the attempt to encode value into non-Bitcoin cryptocurrencies. I would argue that it is entirely the value of Bitcoin that can make chaumian ecash work in the 2020s.
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Lightning HTLCs are chain resolvable real Bitcoin.
ECash is not. It's an IOU. It's Credit.
Applications are not layers.
And if it's not Bitcoin, it's shitcoin.
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Ecash is resolvable to LN sats, which are resolvable to UTXOs.
I heard the same complains about LN 5 years ago too.
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To give you an example of real
World use cases, the grand shitcoin casino Coinbase wallet has a “pay to link” option where you can send (feeless, no less) USDC to Coinbase, where the possessor of the link can claim this USDC in their wallet. Coinbase forwards the USDC to the user claiming the link.
This is entirely centralized, proprietary bearer token “ecash”.
We can do much better in Bitcoin.
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None of that has anything to do with Bitcoin, you're talking nonsense.
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What I am getting is trying to solve the ascii comm channel problem + bearer token problem.
Do you have any suggestions on how to transmit value over a reduced character set like ascii with bearer-like creds?
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Literally a redemption code
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Yea. So how do we do redemption codes on Bitcoin in a decentralized way?
Ecash is but one flavor. I get it, you don’t like that it cannot be independently resolved without the mint. It’s a problem, and we can fix it. I don’t think we can ignore new ways to use Bitcoin