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100 sats \ 3 replies \ @dingding541 3 Feb \ on: Paywally - cashu powered paywall paywalling a link to its own source code bitcoin
Seth wrote: Ecash finds itself between a rock and a hard place. For users to trust the mint, they need to know that the people behind the mint are trustworthy. If the people running the mint reveal their identities, they're a target for regulators and law enforcement as it's clear a mint is an MSB.
Probably a bad take, but in the future if a mint operator is a regulated accredited MSB, the public would trust it, although we go back to square one with getting rugged and self custody is the only way
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30 sats \ 2 replies \ @k00b OP 3 Feb
I'm sympathetic to both sides. For ecash to provide kyc-free custodial UX, it requires hundreds or thousands of unregulated banks to be run. It requires a mass protest (which is awesome).
So imo ecash can win the way it's currently being marketed if and only if the software is really good and it's profitable enough for the mint runners that they'll take such risks.
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50 sats \ 1 reply \ @dingding541 3 Feb
I guess we could see people holding their real wealth self custodially and perhaps using a mint/bank for weekly/monthly spending
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30 sats \ 0 replies \ @k00b OP 3 Feb
I think that could work if the audit schemes they’re flirting with materialize and funds are distributed across many mints.
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