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769 sats \ 10 replies \ @justin_shocknet 31 May \ on: Ecash - Bullish or Bearish? bitcoin
ECash is a server authentication scheme, not a currency
It doesn't make bitcoin more private
It doesn't make custodians more trustworthy
The new payment specs associated with it are an attack on Bitcoin, specifically the network effect of bolt11
It's astroturf for the new EDollar
It's a well-funded psyop pushed by spooks, scammers, and their useful idiots
It's astroturf for the new EDollar
🎯🎯🎯
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ECash is a server authentication scheme, not a currency
I see what you’re saying, bank notes in the old days were also “just an authentication scheme”. Were old-time trustworthy banks bad?
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Were old-time trustworthy banks bad?
Yes. That's how central banking came to be
May as well use gold if we want to go back to that nonsense
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Avoiding what happened to gold is a big enough goal
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Early merchant banks were not centralized. That's the kind of bank I'm talking about.
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So you are unable to extrapolate?
It's the existence of bank notes that lead to central banking
ECash is a digital bank note
To call them mints or coinage is too generous, a real mint stamps verifiable metals...
ECash is by nature unverifiable, just like the paper that preceded it
It benefits nobody but the banker
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We can avoid the pitfalls of the evolution of old banking by knowing about them and choosing to avoid them. If users demand good, local banks then ecash can be useful.
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We can avoid the pitfalls of the evolution of old banking by knowing about them and choosing to avoid them
It's called Bitcoin
If users demand good, local banks then ecash can be useful.
"seriously you guys its different this time" herp derp
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It can be different if people want it to be different. I grant that getting people to want the right thing can be hard…
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Yes. All banks committed fraud, that is if you believe you were depositing into the bank.
The problem with banks is that they are NOT deposits, but loans. You loan your money to the bank (that's why you get a although tiny interest rate).
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