100 sats \ 3 replies \ @justin_shocknet OP 24 Apr \ parent \ on: "Federated" is nomenclature used by scammers to mislead the non-technical bitcoin
The point of Fedimint is to obfuscate trust point, it's still a client-server relationship.
Server being singular.
No one argues that these shitcoins are trusted, my point is that you're trusting 1 party, not many.
Are you really claiming that Liquid/Shitmints are Trustless? 🍿
You can't prove how many key holders there are, it's a trusted attestation
Are you really claiming that Liquid/Shitmints are Trustless?
Not trustless, but m-of-n trusted under assumptions that the wallets work as intended. Fedimint gateways are trustless only under assumption that you trust the federation itself.
You can't prove how many key holders there are, it's a trusted attestation
Indeed I have not independently verified that the 15 functionaries of Liquid are not the same person. For example, maybe the photos on https://liquid.net of the Nym guy are AI-generated and Nym is actually run by Blockstream. However, the m-of-n trust model is by definition broken if more than n-m parties are evil, and such a case does include the possibility that n-m+1 parties are actually one and the same. Users that worry about this possibility should either use fedimints run by their friends or investigate the Liquid federation more thoroughly than I did.
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I think we're in agreement then that the purpose of a federation can only be to obfuscate the trusted party.