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Zero custody. You give up your bitcoin for a non-binding digital IOU from the mint.
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No ledger. The mint can print as many IOUs as they want and inflate the supply.
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100% centralized. Only the issuing mint can redeem your IOU, regardless of how many members it has.
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Impossible to audit. The mint can spend your bitcoin in secret and debase your IOU, and you will never know.
I thought we built bitcoin to get away from all this fiat nonsense. What the heck is going on?
p.s reposting here since this was removed from
/ecash
sub.
/ecash
is a claim that ecash is self-custodial./ecash
is a claim that ecash is self-custodial/ecash
? This is clearly a legit ecash discussion.