1 sat \ 1 reply \ @tolot 28 May \ parent \ on: Why can't you buy ecash from a Cashu mint? bitcoin
A gift card is not an "account", thus ecash is not an account. Analogy may be a bit too squeezed but that's the point.
The fact that
is just a dream of yours, even though I agree with it. People just trust institutions, people just trust big custodians. That's the reality.
We need to procede the innovation for non custodial tools, but understand that people will always ALSO use custodians. Again, we look at the world from our naive perspective...who is actually going to open an LN node and mess with liquidity and onchain fees and balancing? Very few. The others will use "self-custodial-trust-minimized" LN wallets, which means that they'll be trapped into the need of buying services from an LSP.
LSPs will be institutionalized. I don't like it, but that's the reality. LSPs are just companies that run a liquidity-provider business for sats, regulators are going to catch them...at least the big ones and anyone that will became big enough. If using Wasabi was a foolish error from LARPers because you consider it an honeypot, what do you thing will be the fate of LSPs? They have big targets on their backs.
All this rant is to say that our push for decentralization is a need that we have as a community to make bitcoin actually usable without breaking it's properties, but the majority of people will not accept some tradeoffs that we are willing to accept. If they want to use custodians that's their business and their money, but if we have a tool to make privacy for custodians slightly better, why shouldn't we?
These issues are still better than plain text transaction logs of users, that are what custodians can see as of now.
Free banking is basically having reserves of amount X and giving out banknotes/promises for the X amount. What's the difference between this system and, say, an ecash mint? In the past examples of free banking (all dating back decades ago) there were banknotes, now we don't have banknotes anymore. How are you going to substitute banknotes in the digital realm? I guess that ecash adds some particular benefits to that ancient cash-based model.
Yes. The best thing out there is Bitcoin and self custody. How is the public dealing with it? Leaving coins in centralized platforms. What can we do? Build better tools for self custody and, in the meantime, make the fools using custodians a bit more private (if a custodian is ever going to using it, btw).
A gift card is not an "account"
Yes it is
People just trust institutions
That doesnt justify affinity scamming ECash with Bitcoin, it doesnt even make better custodians... that narrative is just a scam
mess with liquidity and onchain fees and balancing
That's already automated even in shitwallet like mobile apps, also doesn't need to be everyone... a custodian of 100 or so extended family members is absolutely achievable
LSPs will be institutionalized
Wrong again, bootstrap peers will displace LSP's using nostr as a social graph and marketplace
Also your projection has nothing to do with whether or not ECash is a scam. Cope harder
still better than plain text transaction logs of users
In your imagination, but they are effectively the exact same. The cryptographic theater doesn't change the fact a custodian has countless ways, both known and unknown, to gain insights
By portraying ECash as better, you're lying yourself right into another trap... ECash is the real rat poison
What's the difference between this system and, say, an ecash mint?
An ECash mint can be used in free banking, that does not mean it's inherently free banking
banknotes
ECash is exactly like banknotes, that's the scam... it'll be used by the US Treasury and capture Bitcoin just like the central banks used notes to capture Gold
Centralization will always trend this way, hense decentralization is paramount above all else.. and that ain't aligned with ECash
What can we do? Build better tools for self custody
Yea, not ECash
ECASH IS LESS PRIVATE NOT MORE
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