100 sats \ 3 replies \ @patrick 11 Sep 2022 \ on: Standard Sats against Fedimint Hype bitcoin
Standard Sats works exactly like that: the bitcoin-savvy uncle Jim deploys Core node, Eclair LN client, a couple of plugins maintained by Standard Sats: fiat channels plugin and hosted channels plugin, and a hedging service which uncle Jim links to his exchange account. Why he needs an exchange account? That's simple, for hedging bitcoins he receives into Fiat Channels of his brothers, sisters, and nephews.
The big deal here is the need to use the exchange.
Also, I'm not sure why you think fedimint is for stablecoins. That's definitely not the main use case I've heard Obi (or anyone else) talk about. They tend to talk about onboarding new users and scaling bitcoin on a new layer (and maybe adding some extra contracting functionality down the line).
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0 sats \ 2 replies \ @notgeld OP 11 Sep 2022
For that use case replace everything with Hosted Channels and sats on LN. It will be the same.
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100 sats \ 1 reply \ @patrick 11 Sep 2022
For which use case? Just the onboarding? Sure, hosted channels will be a nice way to onboard, but we'll be limited in our ability to extend functionality later to just what is available on lightning.
This knee-jerk reaction to anything new is generally a good thing but it can go too far.
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0 sats \ 0 replies \ @notgeld OP 12 Sep 2022
This knee-jerk reaction to anything new is generally a good thing but it can go too far.
It was reaction on pretty much hype around Fedimint while people actually describe properties of multiple projects Standard Sats, LnBits, LndHubx, Galoy software, while not considering that Fedimint is not ready at all and in addition has its own limitations.
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