goatmeal on Nostr: >decentralize control of the mint that's fedimint. but it doesn't really matter that ...
>decentralize control of the mint
that's fedimint. but it doesn't really matter that much. say you increase it to 15 entities instead of 1. you still need them all to be doxxed enough so that you can hold them accountable through the legal system if they rug the mint. and if that's the case, they are going to be vulnerable to government pressures.
mints can either be treated as an unlicensed money transmitter, or begin using the KYC feature that calle is working on right now. that's what the legal system expects. and the legal system already lets entities like this perform fractional reserve free and clear. the pressures will make mints look more and more like traditional banks over time. you'll see that sort of thing if a mint is controlled by just one entity or multiple entities. mints will always be a species of bank.
this is the whole point of bitcoin. it was invented after ecash was invented and it overcomes these pitfalls. miners can't just print more notes than they are supposed to and rug me. it's an invalid transaction. the protocol stops them from doing this. and they are spread out all over the world and they are all protecting all of the money. I don't need to know who they are and I don't need the legal system if a few of them do something bad. the trick is to provide scalable self-custody and privacy without shapeshifting into a different species.
that's fedimint. but it doesn't really matter that much. say you increase it to 15 entities instead of 1. you still need them all to be doxxed enough so that you can hold them accountable through the legal system if they rug the mint. and if that's the case, they are going to be vulnerable to government pressures.
mints can either be treated as an unlicensed money transmitter, or begin using the KYC feature that calle is working on right now. that's what the legal system expects. and the legal system already lets entities like this perform fractional reserve free and clear. the pressures will make mints look more and more like traditional banks over time. you'll see that sort of thing if a mint is controlled by just one entity or multiple entities. mints will always be a species of bank.
this is the whole point of bitcoin. it was invented after ecash was invented and it overcomes these pitfalls. miners can't just print more notes than they are supposed to and rug me. it's an invalid transaction. the protocol stops them from doing this. and they are spread out all over the world and they are all protecting all of the money. I don't need to know who they are and I don't need the legal system if a few of them do something bad. the trick is to provide scalable self-custody and privacy without shapeshifting into a different species.