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0 sats \ 4 replies \ @justin_shocknet 21 Apr \ parent \ on: Cashu vs Fedimint bitcoin
He already tried that gotchya, SoV vs. MoE... sub ETF for Wallet of Satoshi if you like.
A database is a database.
Even at that, at least ETF's open up the collateral use-case, I can spend from an ETF to a Lightning gateway ... which is all fake L2's do ... without without actually selling any claims to Bitcoin thanks to margin.
WoS could be rug-pulled by a single malicious developer or CEO.
In a Federation, potentially hundreds of well-known, local community members would have to collude to rug-pull the community's funds. No single person could. Not even 10 people colluding could if it's a 20/100 multi-sig.
These are very important nuances.
Look, I'm only trying to push back on your calling Federations outright "hoax/scams". If you think Federations are scams, WoS is 100x worse! Yet, you seem to think there is no difference between them.... no nuance at all. ETF's and centralized companies like WoS are very different from Federated Mints.
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Fedimints have already rugged people, by just a single member going down.
If WoS rugs you you know who to blame, mints exist to point fingers.
There's nothing that requires collusion, they have a single point of failure. Get that through your head, it's a scam, there's no protection via distribution. You've been lied to.
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I'm not aware of any large-scale, properly setup Fedimint to-date. So, of course there's been rugging with them.
But, from having a basic understanding of the technology, it's clear that it shouldn't be called a "scam". That's too harsh. It's a tool that scammers could use, but it can also be a powerful scaling tool.
Perhaps I have been "lied to" about how Fedimints work. I admitted earlier that I have not audited its code. But I am a software engineer by trade, and I understand Bitcoin/Lightning very well. If Fedimint doesn't work the way I think, I know for a fact that it wouldn't be difficult to create my version of how Fedimints have been pitched to me. It's not like I'm believing in magic. I've learned enough about them to understand the basics. Fedimints, the way I've learned they work, can be incredible tools, if used properly.
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large-scale, properly setup Fedimint to-date.
Liquid, also by Blockstream, is effectively the same thing. Liquid still relies on swaps, a single point of failure, and you still need COMPLETE AND TOTAL TRUST as to how many key holders there actually are.
the technology
There is no technology bro, THAT IS THE SCAM... "the technology" you speak of is a hoax.
create my version
Get to work then, because the sooner you do the sooner you'll discover it's not possible and move on to something not retarded.
If it were possible we wouldn't need Bitcoin and proof of work in the first place.
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