0 sats \ 1 reply \ @moel 21 Jan \ parent \ on: Awesome Cashu: A curated, collaborative list of awesome Cashu resources lightning
Has it occurred to you that you can just sell the festival visitor bitcoin, but call it “festival tokens” and then they just pay with the bitcoins in their Cashu wallets 😂 ?
Yes it has. Someone has to "front" those bitcoins to sell. A big festival can churn $300,000 in sales...whoever fronts that is now on the hook for exchange rate fluctuation.
These festivals can span 2 or 3 days. No vendor is going to agree to be exposed to exchange fluctuations. I'm not even talking about the risk of a massive dump during the 3 days, I'm saying that just normal 3% fluctuation (which could cost a big beer truck say $3000 over 3 days) is going to be a non-starter.
This is why it needs to be either (a) a dollar backed Cashu token, and/or a workaround is (b) Allowing admin of mint to modify 1:1 issuance ratio....so for instance you issue 10,000 Cashu tokens for 1 sat -- in this way the exchange rate issue is still a thing, but its negligible.
Makes sense?
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