Explain to me why it's ok to call a Bitcoin wallet "non-custodial" if it's based on Liquid but not ok if it's based on Ecash?
Hint: it's not ok.
Discussion
GM 😘
Called woke up and chose violence today 😄
Is liquid by its nature more redundant?
If your ecash mint goes down then you are kind of fucked right?
Correct. Liquid is also a custodial shitcoin.
Yes but they pretend they're not.
Facts
I see it in terms of degrees.
ecash, I'm willing to stomach the mint rug pull risk up to a certain (very limited) amount in exchange for the low fees, the easy onboarding and the extra privacy.
Liquid, I'm willing to stomach the rug pull risk up to a higher amount in exchange for the same advantages.
So I see it like :
1. ecash for very low amounts,
2. liquid for small amounts,
3. mainnet for the real stuff.
The rug pull risk on liquid is lower because of the reputational damage that would befall the bad actors, and many would have to collude or be forced to be bad actors by a government. So the risk is real but manageable for low amounts.
And for really small amounts, I love ecash for the extra privacy.
For onboarding a new user, both ecash and liquid are wonderful. It's just important to let them know, from the beginning, how to go back to mainnet as soon as it hits a higher threshold.
#liquid #ecash #cashu
I think that’s reasonable. I have no problem with people choosing different options along the custody spectrum. Every option comes with a different tradeoff between difficulty, privacy, rug risk, and fucked-it-up risk.
Tools of the future will probably navigate some of this fluidly, automatically, which will be good for users. Advanced users can make their own tradeoffs more explicitly.
I'd love to have a wallet that can do it all and can automate some of the transfers between those solutions. For example, up to 50$ = ecash, more than that up to 500$ = liquid, and then more than that = back to onchain. Something like that.
Coinos.io is fully custodial but they have a setting where they can *automatically* send anywhere you want if you hit a certain threshold amount, while keeping in the wallet however much you want. Very convenient.
Check out blitz wallet, it does exactly that.
Because blockstream psyop to make it that way
Ops 🤦♂️ i don’t no 🤷♂️
I think it's because liquid wallets also have onchain which is non custodial and it's easy to swap between them, I like ecash but someone is more likely to lose funds on ecash compared to liquid because of the trust in the mints, liquid wallets should be called hybrid wallets I guess
Wanna come to our ̶p̶o̶d̶c̶a̶s̶t̶ study group? We just had this discussion (Liquid, Fedimint, Cashu & Lightning Auditor mentioned). Would love to go a bit deeper with you on the loop!
https://www.youtube.com/live/WZATyYXJ3l8?si=2KHBegZpca_1kmFN&t=5889
Study group!
Liquid is just liquid diahreea
liquid is a nice coinjoin app