10 sats \ 5 replies \ @kepford 29 Apr \ on: SN's wallet plans meta
These fee credits sound a little like eCash tokens. Or like they could be. And aren't you going to be custodians of the fee credits? I'm sure you've talked to attorneys but man does this sound like the regulations of the state forcing weird work arounds.
It can be very ecash like in UX but with the ability to withdraw. I hope to see a fedimint integration at some point. There's a lot of complicated things going on here instead of just asking users to write down 12 words for a federated ecash balance. SN doesn't even need to run a mint, just let users select their own from bitcoinmints.com
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These fee credits sound a little like eCash tokens. Or like they could be. And aren't you going to be custodians of the fee credits?
They aren't money and can't be withdrawn. They can only be paid to us. Custody implies the thing in question has external value, that they'll leave the "closed loop," and these cannot. They are like Starbucks points.
I'm sure you've talked to attorneys but man does this sound like the regulations of the state forcing weird work arounds.
The weirdness is pretty intuitive here. We can't take custody of funds or take control of funds on transit from one person to another ... unless, we KYC AND spend millions of dollars and several years getting licenses.
We might eventually do something like Fountain or Primal and white label a licensed custodian offering a built-in custodial service on an opt-in basis. But, they can't serve most of the world, several US states, and have soft KYC and tons of monitoring. We're trying to do the bitcoin friendly thing here. I seem to have more faith in bitcoin than most people do though.