Oddbean new post about login | logout What? Why? When? Should I use this. https://image.nostr.build/513972d49568c151bd2773a5ede1aac1235e36019d4b6d782b9175b231d80baf.jpg
Glad to know I’m not alone
I'm so confused, lol
Lmk if you figure it out
I'll figure it out eventually. If you touch things enough they usually fall into place.
The SMS4SATS thing is pretty cool
I think the big piece is in theory the custodian being a fedimint is safer and more private than using a wallet like WoS or alby Time will tell if this theory plays out
Is it being applied socially in any meaningful way at the moment? Alby and WoS are being used on Nostr. But is Fedi being used in a similar way?
No idea, and not sure if there are any lightning addresses built on top. I know the vision behind fedi is like one hardcore bitcoiner can run the lightning node for their community instead of relying on a corporate custodian that may be compelled to freeze funds or share your transaction with governments and create giant honeypots
But wouldn't that require a personal trust. Like, you would have to ideally known that person, right ? Otherwise it's the same as what we have now with trusting X node runner? Is it fair to say that it's smaller circle trust based?
Yes I think that's fair. I'm just speculating too I don't have any insider information. But I think the theory is, you are less likely to rug your friends and family than a faceless corporation. We'll see though, not sure I'm fully sold.
It's interesting. I'm just trying to wrap my head around why I would use it or anyone else for that matter. Seems counter intuitive to being a bitcoiner in my honest opinion. It flips the script back to trust , not trustless. Strange right?
Well, most of us here on nostr trust custodians. You and I both use alby for zaps. If you're from a developing country and can only save modest amounts, you can't save with on chain Bitcoin or pay for your own lightning channel. Or if we want the whole world to hyperbitcoinze, there isn't enough block space. And so a trust trade off needs to be made to scale.
I think the original use case was for physical communities. The fedimint is multi-sig and would have 3 keys that are held by 3 different respected people in the community. Would mean that rugging is far less likely to happen. It allows a community to have their own circular economy while also allowing people to cash in or out. I don’t really see the point of them for online communities aside from privacy. Externally, all that gets seen I think is a lightning transaction IN to the fedimint and then the transaction back out is blind? Not 100% but the idea was that it was harder to analyse lightning transactions I think
I'd recommend listening to nostr:nprofile1qqs8spcgqfgzxkcnerak0t40xs8jfsecgkeywrnam3lvp4qvqp5zv3gpr4mhxue69uhkummnw3ezucnfw33k76twv4ezuum0vd5kzmp0ykzxyr episode with nostr:nprofile1qqstqlfpduhsgghvqffdmqdx2yac6zcv0mu99y0m7k59au3l3hmclfcprpmhxue69uhkv6tvw3jhytnwdaehgu3wwa5kuef08uzhpc if you want to hear the philosophy behind it. I think it's a great concept, but I don't think it's really targeted at westerners. It's supposed to be a custodial wallet that is used within smaller communities where you know the people that hold the keys.
