405 sats \ 2 replies \ @machuPikacchu 31 May \ parent \ on: Ecash - Bullish or Bearish? bitcoin
Given there's no unilateral exit and the ecash is strictly an IOU redeemable for bitcoin I think it's fair to not label it as sats.
In the future when several popular mints rug their users newcomers will think bitcoin is unsafe to use because their wallets are drained. Having an explicit distinction can be useful to mitigate that perception risk.
Maybe a better term would be "bitcash" so it's clear it's not a digital dollar or euro or peso but it's also not the true, trust-minimized bitcoin.
I dunno... I guess I'm thinking further out in the future.
There have been so many rug-pulls from banks and financial institutions in the past, yet no one was blaming the money. They blamed the banks.
The dollars in a bank are just numbers in a computer. They are literally just database entries. Yet, they are displayed in our banking apps as "real" dollars. I'm suggesting we do the same with mints.
Ecash is a database of sorts. Similar to my banking example above. It's just the database. And it should be treated as such, not as a new crypto.... we should drop the "ecash" term entirely.
When people get rugged by a Mint, it's not ecash's fault.... it's not the database's fault.
All apps abstract technical details from users and display what the users want to see. This is what makes a good app. Ecash is a technical detail that should be abstracted away.
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This is kinda where I'm at
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