dotstrange on Nostr: This was exactly my thought when I first heard about it. It feels fiat by definition ...
This was exactly my thought when I first heard about it. It feels fiat by definition and to be honest I had a very strong negative reaction to that. I slowed down and told myself there must be something I’m missing so I’ve been trying to learn as much as I can about it.
ODELL (npub1qny…95gx) MartyBent (npub1guh…6hjy) have been championing it so I figured there’s something to it, but what you’ve said here is accurate as far as I can see and that kind of makes me uneasy. In a “community bank” situation fedimints sound great, but from what I can see there’s nothing stopping someone from setting up a fractional reserve bank with a fedimint. The beauty of L1 bitcoin is that it to can’t be fractional and the monetary policy can’t be messed with. We seem to be giving this up too easily for some reason. It’s odd to me. But if I’m missing something here, please someone correct me. I want to learn and do recognize that we need something like fedimints / lightning for bitcoin to scale to 8 billion people.
Published at
2024-02-08 08:24:47Event JSON
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"content": "This was exactly my thought when I first heard about it. It feels fiat by definition and to be honest I had a very strong negative reaction to that. I slowed down and told myself there must be something I’m missing so I’ve been trying to learn as much as I can about it. nostr:npub1qny3tkh0acurzla8x3zy4nhrjz5zd8l9sy9jys09umwng00manysew95gx nostr:npub1guh5grefa7vkay4ps6udxg8lrqxg2kgr3qh9n4gduxut64nfxq0q9y6hjy have been championing it so I figured there’s something to it, but what you’ve said here is accurate as far as I can see and that kind of makes me uneasy. In a “community bank” situation fedimints sound great, but from what I can see there’s nothing stopping someone from setting up a fractional reserve bank with a fedimint. The beauty of L1 bitcoin is that it to can’t be fractional and the monetary policy can’t be messed with. We seem to be giving this up too easily for some reason. It’s odd to me. But if I’m missing something here, please someone correct me. I want to learn and do recognize that we need something like fedimints / lightning for bitcoin to scale to 8 billion people.",
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